ST. LOUIS -- A Chesterfield-based financial services firm has been fined $200,000 by securities regulators for giving away thousands of free sports tickets to school board members, superintendents and other government officials as an improper benefit for doing business with the company.
The St. Louis Post-Dispatch reports that municipal bond underwriter L.J. Hart & Company was fined by the Financial Industry Regulatory Authority for violating so-called “pay for play” rules designed to keep corruption out of the municipal bond business.
The company and the independent regulator declined to identify the ticket recipients. The company’s past clients include the Normandy, Lincoln County, Winfield, Warren County, Grandview, Windsor, Hillsboro and Festus school districts.
School officials received tickets to St. Louis Cardinals, Rams and Blues games, as well as pro contests in Kansas City.