Costello Law Group
Representing Clients Nationwide – Free Initial Consultations
Local 410-832-8800 Toll Free 877-418-0003

StateTrust Investment Inc. Fined for Unfair Bond Prices

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:

No Comments

Leave a comment
Comment Information

Seek Legal Assistance

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

409 Washington Avenue Suite 410
Towson, MD 21204

Toll Free: 877-418-0003
Phone: 410-832-8800
Fax: 410-832-8807
Towson Law Office Map