Securities Lawyers Blog
The law offices of Gana Weinstein LLP represents investors in investment disputes with their financial advisors or brokerage firms, such as Truist Securities, Inc.. Many investors do not recognize financial advisor misconduct when it happens, but there are steps that can be taken to recover investment losses. There are many different types of broker misconduct, including breach of fiduciary duty, failure to supervise, misrepresentation, and churning. The attorneys at Gana Weinstein LLP can analyze your investments to determine if there was actionable misconduct by the broker or brokerage firm.
Truist Securities is the corporate and investment banking arm of Truist Financial, providing strategic advisory, mergers and acquisitions, capital markets, corporate finance, and fixed income and equity sales, trading and research for corporate and institutional clients. Headquartered in Atlanta with offices across the United States, the firm began operating under its current name in August 2020 after combining SunTrust Robinson Humphrey and BB&T Capital Markets, and its parent is based in Charlotte, North Carolina.
Truist Securities, Inc. – By the Numbers:
- CRD #: 6271
- Regulatory Events: 22
- Arbitration Events: 1
- Broker Employees: 1,026
Truist Securities, Inc. – In the News:
FINRA v. Truist Securities, Inc. (Case #2015045039501) – From April 2013 through June 2015, in an effort to attract more investment banking business, certain traders at SunTrust engaged in trading designed to increase the firm’s trading volume in certain stocks. On occasion, the firm bought and sold certain stocks with other market participants in quick succession, trading in the open market to increase the firm’s trading volume. Certain traders at the firm also overstated their advertised trading volume to media sources that published trade rankings, representing that SunTrust had traded more stock that it actually had. Through these actions, SunTrust made it appear that it was more active in the stock of certain issuers that were either current or prospective clients. As a result, SunTrust violated FINRA Rules 5210 and 2010. From April 2013 through October 2017, the firm’s supervisory system was not reasonably designed to achieve compliance with Rule 5210. As a result, SunTrust violated NASD Rule 3010 and FINRA Rules 3110 and 2010.
FINRA v. Truist Securities, Inc. (Case #2018056299001) – From 2012 until November 2017, SunTrust failed to establish and maintain a supervisory system, including written procedures (WSPs), reasonably designed to achieve compliance with the firm’s obligation to review correspondence and internal communications. As a result, the firm failed to timely review approximately 950,000 electronic messages. Accordingly, the firm violated NASD Rule 3010 and FINRA Rules 3110 and 2010.
FINRA v. Truist Securities, Inc. (Case #2016050194501) – Beginning in 1998 and continuing to the present (the “Relevant Period”), the Firm failed to maintain approximately two million electronic records in non-erasable and non-rewritable format, known as WORM format, as required by Section 17(a) of the Exchange Act of 1934 (the “Exchange Act”), Rule 17a-4(f), NASD Rule 3110 and FINRA Rule 4511. WORM stands for “write once, read many,” and is intended to prevent the alteration or destruction of broker-dealer records stored electronically. Additionally, from January 2010 to June 2016, the Firm failed to retain approximately one million text messages sent using Firm-issued devices, in violation of Exchange Act Rule 17a-4(b), NASD Rule 3110 and FINRA Rule 4511. During the Relevant Period, the Firm also experienced related notice, audit and attestation deficiencies affecting its ability to adequately retain and preserve electronic records, in violation of Exchange Act Rule 17a-4(f), NASD Rule 3110 and FINRA Rule 4511. Finally, the Firm’s written supervisory procedures in effect during the Relevant Period failed to describe any supervisory process relating to the Firm’s compliance with WORM requirements, in violation of NASD Rule 3010 and FINRA Rule 3110.
Gana Weinstein LLP has successfully handled hundreds of customer investment disputes with their brokerage firms. Our attorneys can help you detect and uncover suspicious activity in your accounts. Our consultations are free and we welcome all inquiries.