This week, a Financial Industry Regulatory Authority (FINRA) arbitration panel comprised of three arbitrators, ordered RBC Capital Markets, and its broker, Bruce Cameron, to pay a former client $723,000 for losses sustained. The client was an elderly woman, and her portfolio suffered losses because of an overconcentration of oil and gas master limited partnerships (MLP) which included:
Breitburn Energy Partners
Enable Mistream Partners
Enterprise Products
Farrellgas Partners
Gramercy Property Trust
JP Energy Partners
Mid Con Energy Partners
Southcross Energy Partners
Summit Midstream Partners
Tallgrass Energy Partners
CrossAmerica Partners
Enlink Midstream Partners
FINRA found RBC and Cameron liable on claims of negligence, negligent supervision and breach of fiduciary duty. These are all against securities laws. A brokerage firm such as RBC has a duty to reasonably supervise its brokers, in order to ensure that they do not break securities laws. A broker must take into account a client’s age, net worth, investment objectives and investment risk tolerance, among other factors, before recommending or selling any security. If he does not, his brokerage firm may be liable for losses. The aforementioned securities may not be suitable for all investors, because they are heavily concentrated in the energy, oil and gas sector.
If you have losses in your account that you believe are the result of negligent or improper advice of a broker, please call our securities law firm today at 312-332-4200. We are based in Chicago, Illinois. We may be able to help you bring a claim against RBC Capital Markets in the FINRA arbitration forum on a contingency fee basis, in order to help you recover your losses. We only make money if you recover so please call today for a no-cost, no-obligation consultation. Attorneys are standing by.
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