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Tuesday, February 28, 2017

The Mutual Fund Fuzz Eyes a Bank

News summary by MFWire's editors

Regulators are looking into a bank B-D's use of mutual funds.

Joe Thompson
SunTrust Investment Services
SunTrust reveals in its annual report that the SEC's division of enforcement is investigating whether SunTrust Investment Services (STIS) committed fraud under the '40 Act by buying its clients mutual fund shares that had built in 12b-1 fees when 12b-1-free shares of those funds existed. The size of the fees in question, STIS estimates, is "$5 million or less."

American Banker reported on the Atlanta-based bank's revelation.

"STIS is cooperating with the investigation and is in discussions with the SEC," SunTrust states in the report.

STIS is a broker-dealer and a state-registered insurance agency, offering both discount and full-service brokerage services. It is led by STIS CEO Joe Thompson, who is also head of private wealth management for SunTrust Banks.

SunTrust no longer has a proprietary mutual fund business, as it spun off RidgeWorth Investments in 2014. 

Edited by: Neil Anderson, Managing Editor

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