Defendant Name: Fifth Third Securities, Inc.

Defendant Type: Subsidiary of Public Company
Public Company Parent: Fifth Third Bancorp
SIC Code: 6711
CUSIP: 31677310

Initial Case Details

Legal Case Name In the Matter of Fifth Third Securities, Inc.
First Document Date 18-Jul-2023
Initial Filing Format Administrative Action
File Number 3-21531
Allegation Type Municipal Securities & Public Pensions

Violations Alleged

Other
• Section 15B(c)(1) Exchange Act; Rule 15c2-12 Exchange Act; Rule G-27 MSRB

Resolutions

First Resolution Date 18-Jul-2023
Headline Total Penalty and Disgorgement $709,972

Related Documents:

34-97937 18-Jul-2023 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 15(b), 15B(c) and 21C of the Securities Exchange Act of 1934 and Section 203(e) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On July 18, 2023, the SEC instituted settled administrative and cease-and-desist proceedings against Fifth Third Securities, Inc., stating: "These proceedings involve Fifth Third’s failure to comply with Exchange Act Rule 15c2-12 (“Rule 15c2-12” or the “Rule”) when participating as an underwriter in certain primary offerings of municipal securities. . . . From March 2018 to September 2022 (the “Relevant Period), Fifth Third, while serving as sole underwriter for 79 limited offerings, sold securities to broker-dealers and certain investment advisers without a reasonable belief that the broker-dealers and investment advisers were purchasing the securities for investment as required under Rule 15c2-12(d)(1)(i). Moreover, Fifth Third lacked policies and procedures reasonably designed to determine if purchasers satisfied the exemption’s requirements."
34-97937-s 18-Jul-2023 Administrative Summary
SEC Charges Fifth Third Securities, Inc. for Violating Municipal Bond Disclosure Law
On July 18, 2023, the SEC "announced that Fifth Third Securities, Inc. has agreed to settle charges that it failed to comply with municipal bond offering disclosure requirements under Rule15c2-12 of the Securities Exchange Act of 1934."