It can get expensive for firms to buy municipal securities for customers during a primary offering disclosure period.  These two firms, for example, got dinged badly on transaction for customers in the municipal secondary market.  It pays to learn from others' mistakes. Alliant Securities, Inc. Turner, Nord, Kienbaum, based in Washington state, accepted FINRA's charges that it failed to deliver official statements by settlement date to customers who purchased new issue municipal securities during the primary offering disclosure period.  Lawson Financial Corporation, based in Phoenix, AZ, accepted identical FINRA charges. In each case, neither firm acted as an underwriter nor as part of the underwriting syndicate.  Regardless, Alliant Securities and Lawson Financial were required to deliver an official statement to each customer by settlement date.  Their WSP's did not adequately address or include procedures ensuring that such statements are delivered to customers purchasing new issue municipal securities in secondary market transactions. Alliant's violation cost the firm $15,000.  [AWC #2009018036601] Lawson's violations cost the firm $25,000.   [AWC #2009018036301] [FINRA Disciplinary Actions for September 2011]