Last Updated: February 2025
As investor protection attorneys, we regularly analyze broker-dealer firms to help investors make informed decisions about their financial futures. Today, we’re examining Truist Investment Services, Inc. (CRD# 17499), a major broker-dealer with a concerning history of regulatory actions and customer complaints.
Understanding Truist Investment Services
Truist Investment Services, formerly known as SunTrust Investment Services, is headquartered in Atlanta, Georgia. The firm operates as both a broker-dealer and investment adviser, conducting 18 different types of business activities across 53 U.S. states and territories. As a subsidiary of Truist Financial Corporation, which owns more than 75% of the company, the firm maintains significant industry presence through its network of financial advisors and investment services.
Key Regulatory and Legal Issues
Recent regulatory actions paint a troubling picture of the firm’s compliance practices:
1. Off-Channel Communications Violations (2024)
- The SEC imposed a $5.5 million fine on Truist for failing to maintain and preserve employee communications
- The firm’s employees, including senior management, used unauthorized communication channels for business purposes
- This violation potentially impacted numerous regulatory investigations
2. Fee-Related Issues
- Multiple instances of overcharging clients through improper fee calculations
- Failed to provide eligible discounts to certain customers
- Required to pay significant restitution to affected clients
- History of inadequate supervision of financial advisors
- Failed to establish and maintain reasonable supervisory procedures
- Multiple FINRA violations related to supervision deficiencies
4. Investment Product Concerns
- Issues with unsuitable recommendations of various investment products
- Problems with short-term trading of UITs and other complex products
- Multiple customer arbitration cases involving misrepresentation and unsuitable investment recommendations
Customer Arbitration History
The firm’s FINRA BrokerCheck report reveals:
- 14 regulatory events
- 14 arbitration cases
- 2 bond events
- Multiple instances of significant monetary settlements with customers
Financial Advisor Complaints and Issues
We are investigating financial advisors with this firm and will shortly update with specific individuals who have been or are currently subject to customer complaints and regulatory scrutiny.
Troubling Trends and Red Flags
1. Repeated Compliance Issues
- Pattern of regulatory violations spanning multiple years
- Consistent issues with supervision and compliance procedures
- Recent violations suggest ongoing operational challenges
2. Customer Protection Concerns
- Multiple instances of customer harm through improper fees
- History of unsuitable investment recommendations
- Significant arbitration awards indicating serious customer disputes
3. Supervision Problems
- Recurring issues with proper oversight of financial advisors
- Failures to implement adequate supervisory systems
- Pattern of regulatory findings related to supervisory deficiencies
Next Steps for Investors
If you’ve invested with Truist Investment Services or any of its financial advisors and experienced losses, unauthorized trading, excessive fees, or unsuitable investment recommendations, you may have legal recourse to recover your losses. The investment fraud attorneys at Patil Law, P.C. specialize in representing investors who have suffered financial harm due to broker-dealer misconduct.
Our experienced legal team offers:
- Free, confidential case evaluations
- Contingency fee representation (no recovery, no fee)
- Comprehensive analysis of your investment accounts
- Dedicated advocacy for investor rights
Frequently Asked Questions About Truist Investment Services Claims
How do I know if I have a valid claim against Truist Investment Services?
You may have a valid claim if you’ve experienced any of the following:
- Significant unexpected investment losses
- Unauthorized trading in your account
- Recommendations for investments that didn’t match your risk tolerance
- Excessive fees or commissions
- Misrepresentations about investment products
- Concentration in unsuitable or high-risk investments
- Failure to receive disclosures about investment risks
What is the time limit for filing a claim against Truist Investment Services?
Most investment claims are subject to strict time limitations, typically:
- FINRA arbitration claims must generally be filed within 6 years of the event
- State securities laws may have different statutes of limitations
- The specific deadline depends on various factors unique to your case We recommend contacting our office promptly to ensure your claim is filed within all applicable deadlines.
How much does it cost to pursue a claim against Truist?
Our firm handles investment fraud cases on a contingency fee basis, meaning:
- No upfront costs to you
- We only get paid if we recover money for you
- Initial consultations are always free
- All case evaluations are confidential
What types of compensation can I recover?
Potential recoverable damages may include:
- Direct investment losses
- Lost opportunity costs
- Interest
- Account fees and commissions
- In some cases, punitive damages
- Attorney fees and costs (in certain circumstances)
How long does the recovery process typically take?
While each case is unique, typically:
- FINRA arbitration cases usually resolve within 12-18 months
- Some cases settle more quickly through negotiation
- Complex cases may take longer
- We work to resolve claims as efficiently as possible while maximizing recovery
Don’t wait to protect your financial interests. Contact Patil Law, P.C. today at 800-950-6553 to discuss your situation with our experienced investment fraud attorneys. Our team will help you understand your rights and options for recovery.
This post is intended solely for informational purposes and does not constitute legal advice. Every case is unique and should be evaluated individually by qualified legal counsel. For more brokerage firm investigations by Patil Law, please visit the Brokerage Firm Investigations page.