Published On: March 10, 2016

Last week, RBC Capital Markets wealth management division settled with the Financial Industry Regulatory Authority (FINRA) over an investigation the agency said revealed dozens of instances where the investment bank failed to update forms that disclose whether representatives have outstanding tax liens and civil judgments. Allegedly, the firm failed to update its reps Forms U4 in 41 instances over a two and a half year period beginning January 1, 2013. For this, RBC was censured and fined $300,000. Also, during the relevant period, RBC failed to establish and maintain a supervisory system and written supervisory procedures reasonably designed to ensure that it disclosed reportable unsatisfied judgments and liens, according to FINRA. The firm failed to consistently conduct a sufficient inquiry to determine if the underlying events should have been reported. RBC must certify its compliance procedures within 30 days to FINRA. Last year, the firm agreed to pay $1.4 million over supervisory failures in the sale of complex structured securities products that resulted in $1.1 million worth of investor losses spread across 218 customer accounts. It also settled with FINRA over allegations it failed to accurately report billions of order events last year.

Disclaimer

The posting on this site are mere OPINIONS and NOT statements of fact in any way whatsoever. The information should not be relied upon and there have been no findings made against the firms or individuals referenced on this site. In addition, this Blog is made available for educational purposes only and incorporates information from the web as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and Stoltmann Law Offices (161 N Clark Street 16th Floor Chicago, IL 60601). The Blog opinions should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

PLEASE NOTE THIS IS ADVERTISING AND IT IS NOT A NEWSPAPER ARTICLE OR POST FROM AN INDEPENDENT OR NON-BIASED, NEWS SITE, NEWS SOURCE OR NEWSPAPER.

Chicago Investment Fraud Attorneys Offering Nationwide Representation to Investors

If you have suffered financial losses because of the negligence or fraud of your financial advisor or broker through unsuitable investment recommendations, over-concentration, churning, misrepresenting risks, conversion or selling away, you have legal rights and options to pursue recovery of those losses.

Stoltman Law Securities and Investment Fraud Attorneys