Defendant Name: Suntrust Investment Services, Inc.

Defendant Type: Subsidiary of Public Company
Public Company Parent: SunTrust Banks, Inc.
SIC Code: 6021
CUSIP: 86791410

Initial Case Details

Legal Case Name In the Matter of Suntrust Investment Services, Inc.
First Document Date 14-Sep-2017
Initial Filing Format Administrative Action
File Number 3-18178
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

Sections 206(2), 206(4), 207 Advisers Act; Rule 206(4)-7 Advisers Act


First Resolution Date 14-Sep-2017
Headline Total Penalty and Disgorgement

See Related Documents

Related Documents:

34-81611 14-Sep-2017 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
According to the SEC: "Between at least December 27, 2011 and approximately June 30, 2015 (the "Relevant Period"), STIS breached its fiduciary duty to its advisory clients, made inadequate disclosures that failed to explain certain conflicts of interest, and had deficiencies in compliance policies and procedures in connection with its mutual fund share class selection processes. "
2017-165 14-Sep-2017 Press Release--Administrative Proceeding
SunTrust Charged With Improperly Recommending Higher-Fee Mutual Funds
"The Securities and Exchange Commission today charged the investment services subsidiary of SunTrust Banks with collecting more than $1.1 million in avoidable fees from clients by improperly recommending more expensive share classes of various mutual funds when cheaper shares of the same funds were available."