BB&T agrees to return funds to traders to settle SEC expenses


WASHINGTON (Reuters) – The highest U.S. securities regulator mentioned on Tuesday that BB&T Securities has agreed to return greater than $5 million to retail traders and pay a $500,000 penalty to settle expenses {that a} agency it acquired misled purchasers about the price of advisory companies.

BB&T agreed to pay the quantities with out admitting or denying the findings, the Securities and Change Fee mentioned. The agency, Valley Forge Asset Administration, allegedly lied to prospects and supplied insufficient disclosures about its brokerage companies and costs to persuade prospects to decide on it over inexpensive choices that had been out there externally, in line with the SEC.

Reporting by Lisa Lambert;Modifying by Leslie Adler



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