Duncan-Williams, Inc. is a boutique investment banking firm that provides financial advisory services. Additionally, it offers brokerage services including sales, finance, and underwriting of fixed income securities to banks and other financial institutions. The firm focuses on securities such as U.S. treasury notes and bonds; federal agency securities; mortgage-backed securities; CMO’s; corporate bonds; municipal bonds; certificates of deposit; and mutual funds. Duncan-Williams, Inc. was founded in 1969 and is headquartered in Memphis, Tennessee with additional offices in Baton Rouge, Louisiana; Charlotte, North Carolina; Ridgeland, Mississippi, and Houston, Texas.
6750 Poplar Avenue
Memphis, TN 38138
Founded in 1969
The Securities and Exchange Commission Announces Enforcement Actions against 22 Municipal Underwriting Firms for Violations in Municipal Bond Offerings
Sep 30 15
The Securities and Exchange Commission announced enforcement actions against 22 municipal underwriting firms for violations in municipal bond offerings. The actions are the second round of filings against underwriters under the Municipalities Continuing Disclosure Cooperation (MCDC) Initiative, a voluntary selfreporting program targeting material misstatements and omissions in municipal bond offering documents. In present actions, the SEC found that between 2010 and 2014, the 22 underwriting firms violated federal securities laws by selling municipal bonds using offering documents that contained materially false statements or omissions about the bond issuers’ compliance with continuing disclosure obligations. The SEC also found that the underwriting firms failed to conduct adequate due diligence to identify the misstatements and omissions before offering and selling the bonds to their customers. The 22 firms, which did not admit or deny the findings, agreed to cease and desist from such violations in the future. Under the terms of the MCDC Initiative, they will pay civil penalties based on the number and size of the fraudulent offerings identified, up to a cap based on the size of the firm. The maximum penalty imposed is $500,000. In addition, each firm agreed to retain an independent consultant to review its policies and procedures on due diligence for municipal securities underwriting. The SEC's orders and penalty amounts are: Ameritas Investment Corp. – $200,000; BB&T Securities, LLC – $200,000; Comerica Securities, Inc. – $60,000; Commerce Bank Capital Markets Group – $40,000; Country Club Bank – $140,000; Crews & Associates, Inc. – $250,000; DuncanWilliams, Inc. – $250,000; Edward D. Jones & Co., L.P. – $100,000; Estrada Hinojosa & Company, Inc. – $40,000; Fifth Third Securities, Inc. – $20,000; The Frazer Lanier Company, Incorporated – $100,000; J.J.B. Hilliard, W.L. Lyons, LLC – $420,000; Joe Jolly & Co., Inc. – $100,000; Mesirow Financial, Inc. – $100,000; Northland Securities, Inc. – $220,000; NW Capital Markets Inc. – $100,000; PNC Capital Markets LLC – $500,000; Prager & Co., LLC – $100,000; Ross, Sinclaire & Associates, LLC – $220,000; UBS Financial Services, Inc. – $480,000; UMB Bank, N.A. Investment Banking Division – $420,000; and U.S. Bank Municipal Securities Group, a Division of U.S. Bank National Association –$60,000.