Our Investment Fraud Lawyers Fight on Your Behalf
Established in Dallas, Texas in 1972, Southwest Securities, Inc. is a subsidiary
of SWS Group, Inc. Southwest Securities is now a member firm of the New
York Stock Exchange and the largest Texas-based broker-dealer. As a full-service
brokerage firm, Southwest Securities sells insurance, securities, and
other investment products and services and provides managed accounts to
individual investors and small businesses.
Licensed by the Financial Industry Regulatory Authority (FINRA), Southwest
Securities is obligated to create systems of supervision and oversight
over their representatives. These systems ensure that Southwest brokers
are acting in their clients’ interests within the confines of the
law. When oversight fails and brokers violate regulations in ways that
cause damages to investor assets, firms can be held legally liable to
Southwest Securities unfortunately has a significant history of regulation
violation and abuse of trading laws. Their behavior of this kind often
results in massive losses or defrauding for clients. Some significant
disciplinary actions in Southwest Securities’ history includes illegal
activity and outright deception to both clients and legal authorities.
Not Disclosing Available Discounts
Some mutual funds have discounts available to investors, but many of these
discounts went unreported to clients at Southwest Securities, despite
their moral and legal obligation to act in the clients’ interests.
In an investigation of their accounts,
it was found that over 90% of Southwest Securities mutual fund investors
were entitled to discounts that they were never notified about.
The lack of discounts allowed brokers to receive higher commissions at
the expense of their customers. Southwest was forced to pay out to their
clients the amount they would have received under the discounts that were
hidden from them.
Illegal Late Trading
Trading after the markets close is known as “late trading,”
and it allows brokers to take advantage of end-of-day prices without reporting
any loss in shared value to investors. In short, brokers rob existing
investors in order to draw new ones in.
Southwest Securities paid $10 million in fines for deceptive late trading, in addition to fines levied against three
senior officers at Southwest Securities.
Meyer Wilson: Help for Investor Claims
Our investment fraud attorneys are prepared to step in on your behalf and
fight for your lost assets. We do not believe that investment firms should
be able to get away with profiting at your expense, and we do not let them.
our firm recovered over $350 million for our clients from
brokerage firms. Let our experienced, aggressive attorneys use our extensive resources
to fight for you. Our firm practices in all 50 states, representing clients
both here and abroad against U.S. investment firms. We conduct claims
in state and federal courts, as wells as in arbitration with FINRA and
the American Arbitration Association.
You don’t have to let investment giants get away with robbery. For
every Goliath, our firm provides a David. Contact our firm for a
free case evaluation.