Violation Tracker Individual Record

Company: 
SunTrust Investment Services, Inc.
Current Parent Company: 
Truist Financial
Penalty: 
$1,440,000
Year: 
2010
Date: 
July 22, 2010
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Violation Description: 

The Financial Industry Regulatory Authority ordered SunTrust Investment Services, Inc. of Atlanta, GA, to pay $1.44 million to resolve charges related to unsuitable unit investment trust (UIT), closed-end fund (CEF) and mutual fund transactions. Of that amount, $900,000 was a fine that included nearly $224,000 in disgorgement of commissions earned on the unsuitable trades. The remaining $540,000 represented restitution to 17 customers who incurred losses.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Financial Industry Regulatory Authority
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
North Carolina
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Notes: 

FINRA is a securities industry self-regulatory body authorized by the federal government.

Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.