Defendant Name:
Suntrust Investment Services, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
SunTrust Banks, Inc.
SIC Code:
6021
CUSIP:
86791410
Document Reference:
34-81611
Document Details
Legal Case Name
In the Matter of Suntrust Investment Services, Inc.
Document Name
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
Document Date
14-Sep-2017
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
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. "
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
STIS will provide to the Commission staff an accounting of reimbursements of Outstanding Rebates to affected clients, the accuracy of which must be certified by the appropriate officer at STIS (the “Accounting”).
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
$34,560.93
Shared:
Civil Penalty
Individual:
$1,148,071.77
Shared:
Pre-Judgment Interest
Individual:
$4,950.66
Shared:
