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:
34-97937
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 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
Document Date
18-Jul-2023
Document Format
Administrative Proceeding
Allegation Type
Municipal Securities & Public Pensions
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
$442,465.59
Shared:
Civil Penalty
Individual:
$200,000.00
Shared:
Pre-Judgment Interest
Individual:
$67,506.09
Shared:
