Defendant Name:
Truist Securities, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Truist Financial Corporation
SIC Code:
6712
CUSIP:
89832Q10
Document Reference:
34-100703
Document Details
Legal Case Name
In the Matter of Truist Securities, Inc.; Truist Investment Services, Inc.; and Truist Advisory Services, Inc.
Document Name
Order Instituting Administrative and 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
Document Date
14-Aug-2024
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
On August 14, 2024, the SEC instituted administrative and cease-and-desist proceedings against Truist Securities, Inc., Truist Investment Services, Inc., and Truist Advisory Services, Inc., stating: "These proceedings arise out of Truist’s identification—and self-report—of widespread and longstanding failures of certain Truist employees, including at senior levels, to adhere to certain of these essential requirements and Truist’s own policies. Using their personal devices, these employees communicated both internally and externally by personal text messages or WhatsApp, which were not approved written communications platforms (“off-channel communications”)."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Other Compliance Related Undertaking
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Self Reporting to SEC
Monetary Penalties:
Civil Penalty
Individual:
Shared:
$5,500,000.00
Shared with: Truist Investment Services, Inc.; Truist Advisory Services, Inc.
Other Defendants in Action:
