WASHINGTON — Southwest Securities Inc. has agreed to pay $470,147 to settle charges with the Securities and Exchange Commission for violating an anti-pay-to-play rule by co-underwriting Massachusetts bond deals within two years after its former senior vice president made political contributions to state Treasurer Timothy Cahill.

The SEC also brought an administrative proceeding against former Southwest Securities official, John Kendrick, who was fired from his job last year. Kendrick, 65, worked in the firm’s Medfield, Mass., branch office between Dec. 1, 2000, and July 2009.

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