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Regulators Looking At SunTrust?

Detective Krum

Detective Krum

Regulators Looking At SunTrust?

By: Detective Krum

First, I need to bring Bank of America in the picture to help lay some groundwork. As reported, “

Bank of America made misrepresentations to thousands of its customers when it told them that ARS {Auction-Rate Securities} were safe and highly liquid cash and money market alternative investments,” the SEC said in an official statement. As of August 6, Bank of America was the eighth-largest underwriter of the securities, according to Thomson Reuters. Why is this important? Last month, Bank of America settled with the Commonwealth of Massachusetts over its allegedly fraudulent marketing of now-frozen auction-rate securities (ARS), agreeing to begin buying back as much as $4.7 billion worth of the paper at par value. On Wednesday the Securities and Exchange Commission announced that the bank has agreed in principle to settle similar allegations with it and the New York attorney general’s office.

The settlement’s terms call for Bank of America to buy the securities back from retail and small business customers holding up to $10 million worth of them and from charitable organizations holding up to $25 million worth. The deal follows one struck by the bank two weeks ago in which it agreed to buy back $43 million of the securities from state and municipal agencies in Massachusetts.

As of, October 10, 2008 – 12 major market participant banks or brokerages have agreed in principle to buy back roughly $51 billion in the securities to settle allegations that they fraudulently marketed the paper as safe. State and SEC investigators are reportedly still looking into charges against E*Trade Financial Corporation, Raymond James Financial, Inc., Sun Trust Banks Inc., ( although SunTrust normally is one word, this may be one and the same) Oppenheimer Holdings Inc., and TD Ameritrade Holding Corporation. The New York Attorney General is also investigating charging scores of executives involved in the allegedly rigged auctions, the office announced Tuesday. There was a $6.5 million settlement with UBS Attorney General’s former general counsel, who was accused of selling his ARS holdings after he was informed that the market was going to collapse.

When we look at a 10 year stock chart for SunTrust and compare stock purchases or stock gifts to dates on the stock charts, one could imagine anything almost.

10 year SunTrust Chart

10 year SunTrust Chart

And looking at:

SunTrust Insider Transactions

 Looking at the charts  should  SunTrust be giving 50,000 + shares as a gift in August ? And October 2008  it has been reported SunTrust is now cutting about 2300 jobs.
SunTrust Chart

SunTrust Chart


October 11, 2008 - Posted by | 1, Victory 1 News | , , , , ,

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