{"id":6859,"date":"2019-03-08T11:44:51","date_gmt":"2019-03-08T17:44:51","guid":{"rendered":"https:\/\/www.investorlawyers.com\/?p=6859"},"modified":"2019-03-08T11:44:51","modified_gmt":"2019-03-08T17:44:51","slug":"bbt-securities-to-give-back-over-5m-to-retail-investors","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/bbt-securities-to-give-back-over-5m-to-retail-investors\/","title":{"rendered":"BB&T Securities To Give Back Over $5M To Retail Investors"},"content":{"rendered":"

\t\t\t\tBrokerage firm and investment adviser BB&T Securities has agreed to give back over $5M to retail investors, as well as pay the US Securities and Exchange Commission (SEC) <\/a>a $500K penalty, to resolve charges that Valley Forge Asset Management misled advisory clients into thinking they were getting complete \u201cfull-service brokerage services in-house\u201d at an up to 70% reduced rate, even as less costly alternatives were available. BB&T Corp. previously acquired Valley Forge, now a subsidiary called Sterling Advisors.<\/p>\n

The regulator contends in its order <\/a>that Valley Forge, which was registered as a broker and investment advisor, made \u201cmisleading statements and inadequate disclosures\u201d about these services and their prices to persuade customers to retain their in-house services. Meantime, Valley Forge purportedly failed to give these advisory clients more services than what they provided to their other advisory clients who had selected other brokerage options. These options charged substantially lower commissions\u2014about 4.5 times less than what the firm charged for its full-service in-house broker services. This, even as those who had chosen the in-house broker services were led to believe they would be getting a \u201chigh level of service at a low cost\u201d and beyond what the other clients were getting from the firm.<\/p>\n

The SEC is accusing Valley Forge of placing its own interests before that of its advisory clients, costing them money in higher commissions so that the firm could profit. The regulator noted that it was the firm\u2019s duty to fully disclose any material facts to its advisory clients that could impact their relationship, including conflicts of interest. Such disclosures are important so that a client is able to give their informed consent (or not) to these conflicts.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Brokerage firm and investment adviser BB&T Securities has agreed to give back over $5M to retail investors, as well as pay the US Securities and Exchange Commission (SEC) a $500K penalty, to resolve charges that Valley Forge Asset Management misled advisory clients into thinking they were getting complete \u201cfull-service brokerage services in-house\u201d at an up […]<\/p>\n","protected":false},"author":2,"featured_media":6622,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3773,3781,3760],"tags":[3316,3317],"class_list":["post-6859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-broker-fraud","category-investment-advisers","category-sec-enforcement","tag-bb-t-securities","tag-valley-forge-asset-management"],"yoast_head":"\nBB&T Securities To Give Back Over $5M | Investor Lawyers Blog<\/title>\n<meta name=\"description\" content=\"BB&T Securities to give back over $5M to retail investors who were overcharged for brokerage services as well as pay a penalty to the SEC.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/bbt-securities-to-give-back-over-5m-to-retail-investors\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BB&T Securities To Give Back Over $5M | Investor Lawyers Blog\" \/>\n<meta name=\"twitter:description\" content=\"BB&T Securities to give back over $5M to retail investors who were overcharged for brokerage services as well as pay a penalty to the SEC.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/10\/10.18.18.jpeg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"BB&T Securities To Give Back Over $5M | Investor Lawyers Blog","description":"BB&T Securities to give back over $5M to retail investors who were overcharged for brokerage services as well as pay a penalty to the SEC.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/bbt-securities-to-give-back-over-5m-to-retail-investors\/","twitter_card":"summary_large_image","twitter_title":"BB&T Securities To Give Back Over $5M | Investor Lawyers Blog","twitter_description":"BB&T Securities to give back over $5M to retail investors who were overcharged for brokerage services as well as pay a penalty to the SEC.","twitter_image":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/10\/10.18.18.jpeg","twitter_misc":{"Written by":"Shepherd Smith Edwards & Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/bbt-securities-to-give-back-over-5m-to-retail-investors\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/bbt-securities-to-give-back-over-5m-to-retail-investors\/"},"author":{"name":"Shepherd Smith Edwards & Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"BB&T Securities To Give Back Over $5M To Retail Investors","datePublished":"2019-03-08T17:44:51+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/bbt-securities-to-give-back-over-5m-to-retail-investors\/"},"wordCount":410,"image":{"@id":"https:\/\/www.investorlawyers.com\/blog\/bbt-securities-to-give-back-over-5m-to-retail-investors\/#primaryimage"},"thumbnailUrl":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/10\/10.18.18.jpeg","keywords":["BB & T Securities","Valley Forge Asset Management"],"articleSection":["Broker Fraud","Investment Advisers","SEC Enforcement"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/bbt-securities-to-give-back-over-5m-to-retail-investors\/","url":"https:\/\/www.investorlawyers.com\/blog\/bbt-securities-to-give-back-over-5m-to-retail-investors\/","name":"BB&T Securities To Give Back Over $5M | Investor Lawyers Blog","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/bbt-securities-to-give-back-over-5m-to-retail-investors\/#primaryimage"},"image":{"@id":"https:\/\/www.investorlawyers.com\/blog\/bbt-securities-to-give-back-over-5m-to-retail-investors\/#primaryimage"},"thumbnailUrl":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/10\/10.18.18.jpeg","datePublished":"2019-03-08T17:44:51+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"BB&T Securities to give back over $5M to retail investors who were overcharged for brokerage services as well as pay a penalty to the SEC.","breadcrumb":{"@id":"https:\/\/www.investorlawyers.com\/blog\/bbt-securities-to-give-back-over-5m-to-retail-investors\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.investorlawyers.com\/blog\/bbt-securities-to-give-back-over-5m-to-retail-investors\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.investorlawyers.com\/blog\/bbt-securities-to-give-back-over-5m-to-retail-investors\/#primaryimage","url":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/10\/10.18.18.jpeg","contentUrl":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/10\/10.18.18.jpeg","width":2250,"height":1500,"caption":""},{"@type":"BreadcrumbList","@id":"https:\/\/www.investorlawyers.com\/blog\/bbt-securities-to-give-back-over-5m-to-retail-investors\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.investorlawyers.com\/blog\/"},{"@type":"ListItem","position":2,"name":"BB&T Securities To Give Back Over $5M To Retail Investors"}]},{"@type":"WebSite","@id":"https:\/\/www.investorlawyers.com\/blog\/#website","url":"https:\/\/www.investorlawyers.com\/blog\/","name":"Investor Lawyers Blog","description":"Published By Investment Fraud Attorneys \u2014 Shepherd Smith Edwards & Kantas, LLP","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.investorlawyers.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431","name":"Shepherd Smith Edwards & Kantas, LLP","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","caption":"Shepherd Smith Edwards & Kantas, LLP"},"sameAs":["https:\/\/www.investorlawyers.com\/"]}]}},"jetpack_featured_media_url":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/10\/10.18.18.jpeg","jetpack_shortlink":"https:\/\/wp.me\/pedX9K-1MD","_links":{"self":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/6859","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/comments?post=6859"}],"version-history":[{"count":0,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/6859\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/media\/6622"}],"wp:attachment":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/media?parent=6859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/categories?post=6859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/tags?post=6859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}