The Oklahoma Department of Transportation has defended the  history of $15 million in penalties and fines for its major bond provider by suggesting it was common for such firms to be involved in litigation.

ODOT, also speaking for the Oklahoma Turnpike Authority in  answering questions presented by OK Energy Today about the bond projects handled by Hilltop Securities Inc. stated, “It is fairly standard for large Wall Street firms to be in litigation on a variety of factors.”

The cost of doing business?

Brenda Perry Clark, with ODOT’s Strategic Communications replied to several questions raised by OK Energy Today regarding the bond projects handled for the state by Hilltop Securities.

As OK Energy Today reported last week, Hilltop Securities has a history of at least 54 alleged violations and subsequent $15 million in combined fines and penalties, some of the fines by the Securities and Exchange Commission. The firm was also used by the Oklahoma Development Finance Authority in issuing $3 billion to $4 billion in bonds to cover the 2021 Winter Storm Bond Securitization approved by the Oklahoma Corporation Commission.

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