Did you suffer investment losses with SunTrust Investment Services (CRD# 17499) (SEC# 801-56443, 8-35355)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with SunTrust Investment Services. If you suffered losses investing with SunTrust Investment Services, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of May 5, 2020, SunTrust Investment Services’s FINRA BrokerCheck Report contains the following:
12 Regulatory Event Disclosures
12 Arbitration Disclosures
2 Bond Disclosures
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
UPDATE 7/25/2020: According to FINRA’s July 2020 Disciplinary Actions: “SunTrust Investment Services, Inc. (CRD #17499, Atlanta, Georgia) May 18, 2020 – An AWC was issued in which the firm was censured, fined $50,000 and ordered to pay $584,466.13 in restitution to customers. The firm has already voluntarily paid full restitution to these customers. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to establish, maintain and enforce a supervisory system or WSPs reasonably designed to achieve compliance with FINRA’s suitability rule as it relates to non-traditional exchange traded funds (NT-ETFs), particularly in connection with certain of the unique features and risks associated with these funds, including the risks associated with holding them for extended periods. The findings stated that the firm did not have reasonable procedures or guidance to representatives or supervisors regarding how to determine whether an NT-ETF was suitable for customers given the unique features and risks of those products. The firm did not have any systems in place, such as an alert or exception report, to assist in monitoring the holding periods for NT-ETFs. There is also no evidence that anyone atthe firm conducted a customer-specific suitability analysis for NT-ETF positions held for periods longer than one day, nor did the WSPs require such an analysis. Although the firm required its representatives to complete an online training course prior to recommending transactions involving NT-ETFs, the training did not describe how to monitor ongoing holding periods and the related impact on suitability. As a result, certain firm customers held positions in NT-ETFs for extended periods of time. The firm executed solicited NT-ETF transactions in retail customer accounts totaling over $2.8 million in principal amount and the supervisory failures resulted in losses of $584,466.13 in customer accounts. (FINRA Case #2018057530701)”
UPDATE 5/27/2020: On May 18, 2020, SunTrust Investment Services entered into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA, which included a censure, a $50,000 fine, and restitution of $584,466.13 to the affected customers, and within 60 days of the AWC. According to the AWC, from January 2015 until January 2018, SunTrust Investment Services failed to establish, maintain, and enforce a supervisory system, including written supervisory procedures that were reasonably designed to ensure compliance with FINRA Rule 2111 in relation to solicited sales of non-traditional exchange traded funds by its registered representatives. These supervisory failures resulted in losses, during the relevant period, of $584,466.13 in 95 customer accounts. As a result, SunTrust Investment Services violated FINRA Rule 3110(a), FINRA Rule 3110(b), and FINRA Rule 2010.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Main Office Location
303 PEACHTREE CENTER AVE
SUITE 140
ATLANTA, GA 30303
UNITED STATES
Mailing Address
303 PEACHTREE CENTER AVE
SUITE 140
ATLANTA, GA 30303
UNITED STATES
Business Telephone Number
404-813-5913
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
SunTrust Investment Services’s Direct Owners and Executive Officers
TRUIST FINANCIAL CORPORATION, HOLDING COMPANY
CARON, PAUL STEPHEN (CRD#:2451071), COMPLIANCE OFFICER
DOWHOWER, BRIAN SEAN (CRD#:4202574), DIRECTOR
GALE, MICHAEL ALAN (CRD#:871952), COMPLIANCE OFFICER
HECHTLINGER, SUSAN J (MI ONLY) (CRD#:2890466), DIRECTOR/CHIEF COMPLIANCE OFFICER
MCCALLUM, CHARLES FALCONER III (CRD#:2697260), SENIOR VICE CHAIRMAN/CHIEF OPERATING OFFICER/CORPORATE SECRETARY
MILLIGAN, JOHN HARRIS (CRD#:3206391), PRINCIPAL OPERATIONS OFFICER/ASSISTANT CORPORATE SECRETARY
NORMAN, ANNMARIE CARROLL (CRD#:2993726), COMPLIANCE OFFICER
PEARSON, MICHAEL EUGENE (CRD#:2751813), COMPLIANCE OFFICER
RICH, SARAH DODGE (CRD#:6037161), PRINCIPAL FINANCIAL OFFICER
RICHARDSON, CHRISTINA ADINIG (CRD#:4154128), COMPLIANCE OFFICER
SCOTT, CYNTHIA GRIFFIN (CRD#:1079668), EXECUTIVE VICE PRESIDENT
SOLIS, KENNETH RENE (CRD#:2400304), VICE CHAIRMAN/EXECUTIVE VICE PRESIDENT
SPEETJENS, FELICIA ANN (CRD#:3197366), DIRECTOR
THOMPSON, JOSEPH MARBERRY (CRD#:1995122), CHAIRMAN OF THE BOARD/PRESIDENT/CEO
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker-dealers to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Broker-Dealers that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with SunTrust Investment Services and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
Formerly Known As, Aliases, and Affiliates
ALEXANDER KEY, SUNTRUST BROKERAGE SERVICES, INC., SUNTRUST SECURITIES INC, SUNTRUST SECURITIES, INC., ALEXANDER KEY, SUNTRUST BROKERAGE SERVICES, INC., SUNTRUST SECURITIES INC, SUNTRUST SECURITIES, INC.
