Defendant Name:
Fifth Third Securities, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Fifth Third Bancorp
SIC Code:
6711
CUSIP:
31677310
Document Reference:
33-9941
Document Details
Legal Case Name
In the Matter of Fifth Third Securities, Inc.
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
30-Sep-2015
Document Format
Administrative Proceeding
Allegation Type
Municipal Securities & Public Pensions
Document Summary
On September 30, 2015, the SEC instituted settled administrative and cease-and-desist proceedings against Fifth Third Securities, Inc. According to the SEC: "This matter involves violations of an antifraud provision of the federal securities laws in connection with Respondent's underwriting of certain municipal securities offerings. Respondent, a registered broker-dealer, conducted inadequate due diligence in certain offerings and as a result, failed to form a reasonable basis for believing the truthfulness of certain material representations in official statements issued in connect with those offerings. This result in Respondent offering and selling municipal securities on the basis of materially misleading disclosure documents." The SEC's action was part of the Division of Enforcement's Municipalities Continuing Disclosure Cooperation Initiative.
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Compliance Related Independent Consultant
Various undertakings
Cooperation Before the Resolution
Self Reporting to SEC
Monetary Penalties:
Civil Penalty
Individual:
$20,000.00
Shared:
