SunTrust Pays SEC Over High-Fee Fund Recommendations

Law360, New York (September 14, 2017, 2:58 PM EDT) -- The U.S. Securities and Exchange Commission announced Thursday that a SunTrust Banks subsidiary agreed to pay a fine to settle allegations it improperly recommended more expensive share classes of certain mutual funds to customers, resulting in more than $1.1 million in avoidable fees.

SunTrust Investment Services Inc., the investment services subsidiary of SunTrust Banks, agreed to pay more than $1.1 million as a civil penalty without admitting or denying the SEC’s allegations it breached its fiduciary duties to clients by recommending they purchase mutual fund share...
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