March is shaping to be a very unlucky month for Southwest Securities, to say the least.
The Dallas-based registered investment advisor and broker-dealer just incurred a $650,000 fine from the Financial Industry Regulatory Authority, over compliance stumbles in its clearing business. The oversights, or lack thereof, allowed Cutler Securities, one of its correspondent firms, to cause a $6.3 million loss through improper short sales in a single day, FINRA said in a statement on Tuesday.
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