AUSTIN (KXAN) — The McKinney Police Association formally withdrew its endorsement of Ken Paxton for Attorney General on Monday following a reprimand from the Texas State Securities Board.
The securities board fined Paxton for failing to register as an investment adviser representative during three securities transactions. He was subsequently fined $1,000 and issued a formal reprimand. The board found that Paxton was paid for investment advising at times between 2004 and 2012 but did so without registering with the state.
The McKinney Police Association, from Paxton’s hometown, said in a statement they released on Monday this is a criminal offense which could be tried by the District Attorney or the Office of the US Attorney General and given the Attorney General is the chief law enforcement officer in the State of Texas, they can no longer support Ken Paxton for this position.
Paxton spokesman Anthony Holm blamed the problem on an administrative oversight and said the fine has been paid.