Articles Tagged with SunTrust Investment Services

Inversionista Latinoamericano alega Abuso y Fraude Financiero contra Ancianos 

En una reclamación de arbitraje ante la Autoridad Reguladora de la Industria Financiera (FINRA) contra Truist Investment Services, Inc. (t/c/c SunTrust Investment Services, Inc.), un jubilado de América Latina reclama hasta $500 mil en daños. La reclamante sostiene que su corredora le recomendó inadecuadamente invertir dicha cantidad de dinero en Northstar Financial Services (Bermuda) Ltd. La compañía solicitó protección por quiebra el año pasado.

Truist es la unidad de corredores/agentes de bolsa de SunTrust Bank. La compañía está registrada con FINRA. Los agentes de ambas entidades promovieron fuertemente los productos de inversión y anualidades de renta fija y variable de Northstar Financial Services (Bermuda), los cuales pagaban comisiones, bonos y otros incentivos que eran mayores que los ofrecidos por los productos más típicos de SunTrust Bank.

Customers Claim That Northstar Financial Services Products Were Touted As Low Risk & Safe 

If you are an investor who suffered losses while investing in Northstar Financial Services products that were recommended to you by a SunTrust Investment Services stockbroker, please contact Shepherd Smith Edwards and Kantas (SSEK Law Firm today so that we can help you explore your legal options. 

Unfortunately, there are financial advisors who may have marketed Northstar Financial Services’ investments as stable, safe, low risk, and liquid – like a CD or a money market account – even when that has proven to be far from the case.  Now, Northstar Financial Services is in bankruptcy and undergoing liquidation proceedings. It is very likely that investors have lost most of, if not their entire, investment.  

FINRA Accuses SunTrust Investment Services of Failing to Properly Supervise Brokers

The Financial Industry Regulatory Authority (FINRA) has ordered SunTrust to pay $634K to settle charges accusing the broker-dealer of not properly supervising 17 of its brokers when they recommended that customers hold non-traditional exchange-traded funds (ETFs) for long periods–a practice that can lead to losses especially when there is market volatility. 

Of this settlement, $50K is a fine and $584,466 is restitution. SunTrust Investment Services, which is owned by Trust Bank, agreed to the sanctions but without denying or admitting to the self-regulatory organization’s (SRO’s) findings. 

SEC Charges SunTrust With Collecting Over $1.1M in Excess Mutual Fund Fees

The US Securities and Exchange Commission has filed charges accusing SunTrust Investment Services of collecting over $1.1M in unwarranted fees from mutual fund clients. The SunTrust Banks subsidiary will pay an over $1.1M penalty to resolve the regulator’s civil charges.

According to the regulator’s order, SunTrust Investment Services improperly recommended costlier mutual fund share classes to clients when less expensive shares of these funds were available. The SEC says this was a breach of the investment services firm’s fiduciary duty to take actions in the client’s best interests.

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