The Financial Industry Regulatory Authority (FINRA) has fined SunTrust Robinson Humphrey and SunTrust Investment Services a total of $5 million for failing to disclose the risks of auction-rate securities when underwriting and selling them.

FINRA fined SunTrust RH $4.6 million for not disclosing the increased risk that auctions could fail, for sharing material non-public information, and for using sales materials that did not disclose ARS risks.

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