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SunTrust Investment Services Fined $1,148,000 by SEC

SunTrust Investment ServicesPublic records published by the Financial Industry Regulatory Authority (FINRA) and accessed on August 31, 2018 indicate that Georgia-based brokerage firm SunTrust Investment Services has received numerous customer disputes and regulatory sanctions. Fitapelli Kurta is interested in hearing from investors who have complaints regarding SunTrust Investment Services (CRD# 17499).

Established in Georgia in 1985, SunTrust Investment Services is headquartered in Atlanta, Georgia and registered with 52 US states and territories. According to its BrokerCheck report, it has received 11 regulatory events and 12 customer complaints that evolved into arbitration.

In 2017 the Securities and Exchange Commission sanctioned the firm in connection to allegations it breached its fiduciary duty to advisory clients, “made inadequate disclosures” by failing to explain conflicts of interests, and had various deficiencies concerning its “mutual fund share class selection processes.” The firm was censured and ordered to pay a fine exceeding $1,148,000.

In 2014 FINRA sanctioned the firm in connection to allegations it failed to establish, maintain and enforce a supervisory system that was adequately designed to monitor that certain investment advisory account fees were properly assessed. The firm was censured and issued a fine of $80,000.

In 2011 FINRA sanctioned the firm in connection to allegations that it used materials “that were not fair and balanced and did not provide a sound basis for evaluating the facts” when recommending auction rate securities purchases to its customers. The firm was censured and issued a fine of $400,000.

In 2010 FINRA sanctioned the firm following allegations that it participated, through certain former brokers, in unsuitable short term transactions of products including short-term UITs, CEFs, and mutual funds, which were recommended to customers including some who were “elderly and unsophisticated.” The firm was censured and issued a fine of $900,000.

In 2009 a customer alleged SunTrust Investment Services breached its fiduciary duty, misrepresented material facts, acted negligently, and executed unauthorized trades. The complaint resulted in an award to the customer of $464,296.

In 2004 a customer alleged SunTrust Investment Services misrepresented material facts, recommended unsuitable investments, failed in its supervisory duties, and acted negligently. The complaint resulted in an award to the customer of more than $200,000.

If you or someone you know has lost money investing with SunTrust Investment Services, call the experienced attorneys at Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.