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 29-Sep-2023
Initial Filing Format Administrative Action
File Number 3-21765
Allegation Type Broker Dealer

Violations Alleged

Other
• Failure to supervise under Section 203(e)(6) Advisers Act

Resolutions

First Resolution Date 29-Sep-2023
Headline Total Penalty and Disgorgement $8,000,000

Related Documents:

34-98627 29-Sep-2023 Administrative Proceeding
Order Instituting Administrative Cease-and-Desist Proceedings, Pursuant to Sections 15(b) and 21C 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
On September 29, 2023, the SEC instituted settled administrative and cease-and-desist proceedings against Fifth Third Securities, Inc., stating: "These proceedings arise out of the widespread and longstanding failure of Fifth Third employees throughout the firm, including at senior levels, to adhere to certain of these essential requirements and Fifth Third’s own policies. Using their personal devices, these employees communicated both internally and externally by personal text messages (“off-channel communications”)."
2023-212_3-21765 29-Sep-2023 Press Release--Administrative Proceeding
SEC Charges 10 Firms with Widespread Recordkeeping Failures
On September 29, 2023, the SEC "announced charges against five broker-dealers, three dually registered broker-dealers and investment advisers, and two affiliated investment advisers for widespread and longstanding failures to maintain and preserve electronic communications. The firms admitted the facts set forth in their respective SEC orders and acknowledged that their conduct violated recordkeeping provisions of the federal securities laws. The firms agreed to pay combined penalties of $79 million as outlined below and have begun implementing improvements to their compliance policies and procedures to address these violations."