StateTrust Investment Inc. was fined by FINRA for unfairly pricing customer bond transactions. FINRA alleged that from 2007 to 2010, 563 bond transactions had been unreasonably marked up or marked down. To remedy this wrongdoing, FINRA has required StateTrust to pay over $1 million in fines as well as $353,000 in restitution to its clients. According to the Wall Street Journal, Jose Turnes, the head trader for StateTrust has been suspended and been fined $75,00. Just last year, Jeffrey Cimbal, StateTrust's chief compliance officer, was fined "$20,000 and suspended him for five months in a principal capacity for failing to supervise Mr. Turnes." The firm and its employees neither admitted nor denied FINRA's charges.
If you have purchased bonds from StateTrust Investment Inc. or believe you have been victimized by securities fraud, financial malpractice, or theft by a FINRA registered broker, please call the securities attorneys of The Costello Law Group at (877) 418-0003 for a free consultation.
For more information on this Wall Street Journal report, please visit: http://online.wsj.com/article/BT-CO-20130626-706972.html?mod=googlenews_wsj