Texas AG Candidate Fined For Violating State Securities Law
By Jeremy Heallen (May 5, 2014, 5:11 PM EDT) -- A leading contender for the Texas attorney general's office was sanctioned by state regulators Friday for illegally soliciting clients on behalf of an investment advisory firm and accepting a portion of management fees charged to the new customers.
The Texas State Securities Board slapped Sen. Ken Paxton, R-McKinney, with a $1,000 fine and a formal reprimand for signing up three clients for Mowery Capital Management LLC without having registered with the state as a representative of the company.
Paxton campaign spokesperson Anthony Holm said in a statement Monday that the lawmaker had made an "administrative oversight" and was pleased to have...
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