Posts belonging to Category SunTrust

Large Investors Who Have Sustained Losses on Auction Rate Securities Investments Need to Take Action


While many investors who lost money when the auction rate securities market collapsed in 2008 have now been made whole by regulatory settlements and redemptions, others have not been as fortunate and are still holding on to illiquid securities. Because regulatory settlements focused on the worst offenders in the industry, not all firms that sold […]

Proposed Changes to New York Law Would Make Wall Street More Accountable


Wall Street may face a wave of lawsuits under an expanded version of the Martin Act, New York’s securities anti-fraud statute, if the newly elected Governor of New York has his way, according to a Wall Street Journal Deal Journal blog entitled, “And the Next Mortal Threat to Wall Street Is’”.

Many Auction Rate Securities Investors Remain Left Out in the Cold


$130 billion of retail and institutional investor money is still being held in auction rate securities over two years after the $330 billion auction rate market failed and froze, according to Daisy Maxey in her Wall Street Journal article, “Still Frozen After All These Years.” But just as the Paul Simon song modulates from gloom […]

Georgia Court Upholds $4.1 Million Damage Award Against SunTrust Robinson Humphrey for Terminating and Defaming a Broker who Sold Auction Rate Securities


On July 30, 2010, Judge Michael D. Johnson of the Superior Court of Fulton County, Georgia, confirmed and upheld a December 2009 award issued by an Atlanta-based Financial Industry Regulatory Authority (FINRA) arbitration panel ordering SunTrust Robinson Humphrey, Inc. (SunTrust) to pay over $4.1 million in damages (including punitive damages, attorneys’ fees and costs) to […]

Wall Street Executives Get $1.6 Billion, Main Street America Picks Up the Tab


White House executive “pay czar” Kenneth Feinberg has decided not to negotiate with 17 Wall Street firms to rescind $1.6 billion in payments to executive that Feinberg himself described as “ill advised” and payments that “[t]hey should not have made,” according to articles in the Atlanta Journal Constitution (“Bank execs get to l]keep $1.6 billion” […]

SunTrust Burns Elderly Victims


The Financial Industry Regulatory Authority (FINRA) has ordered SunTrust Investment Services, Inc. of Atlanta, GA (“SunTrust”), to pay $1.44 million in fines and restitution for misconduct arising out of unsuitable recommendations and churning the accounts of 17 mostly elderly customers, according to an article by J. Scott Tinsley in the Atlanta Journal Constitution (“SunTrust unit […]

Is Your Financial Adviser Acting in Your Best Interest?


Brokerage firms’ advertising portrays brokers as trusted members of the family, writes Tara Siegel Bernard in her New York Times article, “Trusted Adviser or Stock Pusher? Finance Bill May Not Settle It.” Anyone who has tried to hold a broker to a fiduciary standard of conduct, however, hears a very different response: “We are mere […]

It’s Official – Most Americans Despise Wall Street


According to a recent Bloomberg National Poll, more than 50% of Americans despise Wall Street and favor punishment of the bankers who caused the worst financial crisis since the Great Depression. The majority of poll participants — 56 percent — say big financial companies are more interested in enriching themselves at the expense of ordinary […]

Page Perry’s Market Monitor – January 8, 2010


There have been various developments over the past several weeks which investors may consider relevant in allocating their resources or evaluating alternatives that are available to them. Some of the more significant developments include, but are not limited to, the following: The Dow Jones Industrial Average opened the year at 10,428 and, on Monday, the […]

SunTrust Hit with $4.1 Million Damage Award for Terminating and Defaming a Broker who Sold Auction Rate Securities


An Atlanta-based Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered SunTrust Robinson Humphrey, Inc. (SunTrust) to pay over $4.1 million in damages (including punitive damages, attorneys’ fees and costs) to a former registered representative based on a claim of wrongful termination and malicious defamation in annotating the claimant’s Form U-5 (a regulatory filing) to […]