October 2016-Dallas, Texas
The FINRA records of Hilltop Securities, a stock brokerage firm headquartered in Dallas, Texas, disclose 49 prior regulator events that are final and 22 prior customer arbitrations.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
The most recent regulatory matters include:
- November 2016-In November 2016, Hilltop Securities was censured and fined $10,000 to resolve allegations by FINRA that the firm failed to disclose material aspects of its relationship with its significant execution venues as it pertains to order flow arrangements in violation of SEC Rule 606 of regulation NMS.
- June 2016-The State of Mississippi found that the firm, through its agent John Alstadt, guaranteed that a client would receive shares of common stock in connection with the purchase of bonds and that the firm effected municipal bond transactions in amounts below the minimum denomination set for the bonds. The firm was fined $1,000 and paid restitution of $5,379.
- May 2016-FINRA censured Hilltop Securities and assessed a $40,000 fine to resolve allegations that the firm effected bond transactions in amounts below the minimum authorized level and did not have adequate supervisory procedures.
- February 2016- The Securities & Exchange Commission (SEC) issued an injunction against Hilltop Securities, a cease and desist order and assessed a fine of $360,000 in connection with inadequate due diligence and misleading disclosures related to municipal bond sales.
Hilltop Securities, headquartered in Dallas, Texas, is a full service retail brokerage firm with about 581 brokers in 64 branch offices. Hilltop Securities was created by the merger of FirstSouthwest and Southwest Securities.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
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