Defendant Name:
Truist Securities, Inc.
Defendant Type:
Subsidiary of Public Company
Document Reference:
34-102352
Document Details
Legal Case Name
In the Matter of Truist Securities, Inc.; Truist Investment Services, Inc.; and Truist Advisory Services, Inc.
Document Name
Order Granting Extension of Time
Document Date
05-Feb-2025
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
The Commission ordered that: "the Division shall file its response to the respondents' motion by February 13, 2025."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
The Commission ordered that: "the Division shall file its response to the respondents’ motion by February 13, 2025."
Related Documents:
34-100703
14-Aug-2024
Administrative Proceeding
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
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”)."
Twenty-Six Firms to Pay More Than $390 Million Combined to Settle SEC's Charges for Widespread Recordkeeping Failures
On August 14, 2024, the SEC "announced charges against 26 broker-dealers, investment advisers, and dually-registered broker-dealers and investment advisers for widespread and longstanding failures by the firms and their personnel to maintain and preserve electronic communications."
Order Denying Motions to Modify or Amend and Stay Settled Orders
The Commission stated that Respondents "signed offers of settlement, in which Respondents admitted to certain violations related to their employees' communications on personal devices." "Respondents now seek to (1) modify their Settled Orders . . . and (2) stay the effectiveness of their undertakings" in order to "'equalize' certain undertakings . . . with those contained in more recent Commission settlements." However, the Commission "den[ied] Respondents' motions."
Other Defendants in Action:
