WASHINGTON – First Winston Securities, Alton Securities Group, and MidAmerica Financial Services were ordered to pay a total of $115,000 in fines and restitution by the Financial Industry Regulatory Authority for violation of municipal securities rules.

FINRA also brought a complaint against Jay Kumar Chitnis, chief executive officer and president of Atlanta-based YieldQuest Securities, alleging he fraudulently obtained funds from his firm’s clearing firm in order to keep YieldQuest afloat and support his own lifestyle.

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