SunTrust Investment Services Inc. Restitution Information

 

Who is eligible for restitution? 

There are two categories of customers who are eligible: 

• A small number of customers (17) who in aggregate suffered losses in the total amount of $539,371.28, which is the sum of the uncompensated losses incurred from 294 unsuitable short-term Unit Investment Trust (UIT), Closed-End Fund and mutual fund transactions, and margin interest incurred from unsuitable use of margin in 10 of the 17 customers’ accounts, plus interest. 
• All customers who, between February 2004 and November 2006, purchased UITs from SunTrust Investment Services Inc. and qualified for, but did not receive the applicable rollover or exchange discount.  For each customer who was overcharged on a UIT purchase, SunTrust Investment Services Inc. will determine the excess sales charge paid by the customer and calculate monies owed, plus interest.

 

How will eligible individuals be notified?

SunTrust Investment Services Inc. is required to notify customers and complete the remediation process for both categories of customers no later than February 1, 2011.  
 

What options are available to investors?

The remediation plan does not foreclose your ability to pursue arbitration or mediation if you believe you have suffered losses. You should consult an attorney as to your rights.

 

Additional questions or concerns

Contact:
Robert Turk
Senior Counsel
FINRA Department of Enforcement
1801 K Street, N.W., 8th Floor
Washington, D.C. 20006-1500
(202) 974-2865
Email