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SunTrust receives subpoena regarding potential embezzlement


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SunTrust receives subpoena regarding potential embezzlement

SunTrust Banks facing a U.S. attorney investigation into suspected embezzlement by an employeeof a SunTrust business client.

The company received a subpoena from the U.S. Attorney's Officefor the Northern District of Georgia on April 28. SunTrust disclosed in a quarterlyfiling that the subpoena requested information about its anti-money laundering andBank Secrecy Act compliance procedures for detecting this kind of crime by employeesof business clients. The company said it is cooperating with the investigation.

SunTrust also disclosed a putative class-action lawsuit filedagainst its mortgage unit on April 4. The lawsuit alleges that the mortgage unitfailed to use a proper FHA notice form when collecting interest on FHA loans atrepayment. The lawsuit alleges this breaches contracts and violates Georgia's usurylaw. SunTrust said it plans to defend itself against the allegations.