On March 7th, FINRA announced that it has fined Southwest Securities, Inc. $500,000 for using paid consultants to solicit municipal securities business and for violations of other Municipal Securities Rulemaking Board rules. In settling the matter, Southwest neither admitted nor denied the charges, but consented to the entry of FINRA's findings. FINRA Press Release. Reuters reported that FINRA is also investigating reports that municipal bond underwriters have been entertaining credit rating agency executives and public officials. The underwriters then reimburse themselves from the proceeds of the bond issue. FINRA Investigation.