Defendant Name: BB&T Securities, LLC

Defendant Type: Subsidiary of Public Company
Public Company Parent: BB&T Corporation
SIC Code: 6712
CUSIP: 05493710

Initial Case Details

Legal Case Name In the Matter of BB&T Securities, LLC, as successor-in-interest to Valley Forge Asset Management, LLC
First Document Date 05-Mar-2019
Initial Filing Format Administrative Action
File Number 3-19020
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

Other
• Sections 206(2), 207 Advisers Act

Resolutions

First Resolution Date 05-Mar-2019
Headline Total Penalty and Disgorgement $5,709,753

Related Documents:

34-85249 05-Mar-2019 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
The Commission stated: "These proceedings arise out of misleading statements and inadequate disclosures by Valley Forge Asset Management, LLC ("Valley Forge"), a formerly dually registered investment adviser and broker-dealer, and the predecessor in interest to Sterling Advisors, a division of BB&T Securities, relating to directed brokerage arrangements offered to Valley Forge's investment advisory clients."
2019-26 05-Mar-2019 Press Release--Administrative Proceeding
BB&T to Return More Than $5 Million to Retail Investors and Pay Penalty Relating to Directed Brokerage Arrangements
The SEC stated that: "BB&T Securities has agreed to return more than $5 million to retail investors and pay a $500,000 penalty to settle charges that a firm it acquired misled its advisory clients into believing they were receiving full service brokerage services in-house at a discount while significantly less expensive options were available externally."