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FINRA Fines SunTrust Over Fee-Based Accounts

Law360 (October 15, 2008, 12:00 AM EDT) -- The Financial Industry Regulatory Authority has fined SunTrust Investment Services Inc. $700,000 for violations related to the supervision of the firm's fee-based brokerage business and allegedly excessive commissions on certain low-priced stocks.

In assessing the fine against the Atlanta-based financial company, FINRA said it took into account SunTrust's voluntary refunding of more than $713,000 in fees and interest to affected holders of its fee-based brokerage accounts, which the firm terminated on Dec. 30, 2006.

In settling the matter, SunTrust neither admitted nor denied the charges, but...
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