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The firm will be returning more than $5 million to retail investors and will pay a $500,000 penalty to settle charges.
BB&T Securities and the SEC have settled charges that a firm acquired by BB&T’s parent company allegedly misinformed advisory clients that they were getting discounted full-service brokerage services internally “while significantly less expensive options were available externally,” according to the SEC. Ultimately, the agreement requires BB&T Securities to return “more than $5 million to retail...
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