The Financial Industry Regulatory Authority said Thursday that it ordered SunTrust Banks Inc. to pay $1.4 million to resolve charges related to transactions involving 17 mostly elderly or disabled customers.

Finra said that SunTrust, through two brokers in the firm's Maryland region, engaged in a pattern of "unsuitable" short-term unit investment trust, closed-end fund and mutual fund transactions for the customers. The brokers also allegedly engaged in unsuitable margin transactions in the accounts of 10 of those customers.

A SunTrust spokesman declined to comment.

As part of the settlement, the Atlanta regional bank must also review all UIT purchases and provide remediation to all eligible customers who didn't receive the maximum sales charge discount.

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