Defendant Name: Suntrust Investment Services, Inc.

Defendant Type: Subsidiary of Public Company

Document Reference: 2017-165

Document Details

Legal Case Name n the Matter of Suntrust Investment Services, Inc.
Document Name SunTrust Charged With Improperly Recommending Higher-Fee Mutual Funds
Document Date 14-Sep-2017
Document Format Administrative Proceeding
File Number 3-18178
Allegation Type Investment Advisers/Investment Companies
Document Summary "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."

Disgorgement & Penalty Information

Resolutions
Censured

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. "