RBC Capital Markets Settlement With FINRA Includes a Fine and Restitution RBC Capital Markets has reached an agreement with FINRA in which the broker-dealer will pay $1M to resolve allegations of overconcentration in customers’ accounts involving high-yield bonds. Without denying or admitting to the self-regulatory organization’s (SRO’s) findings, RBC consented…
New York Investment Advisor Has Several Customer Disputes on His BrokerCheck Record Brian Wurdemann, an RBC Capital Markets registered representative, is named in a still-pending customer dispute in which the customer is seeking $1M in damages. The claimant contends that Wurdemann misrepresented three mutual funds, first while he was a…
Connecticut Investment Advisor is Also Part of RBC Team Chu, Philipps, and Associates Joseph Ijong Chu, an RBC Capital Markets stockbroker, has been named in a number of customer disputes this year. Chu is also a registered investment advisor with the broker-dealer. He is part of the RBC team known…
The Financial Industry Regulatory Authority is ordering RBC Capital Markets to pay restitution to customers for supervisory failures that allowed for the sale of reverse convertibles that were unsuitable for them. The firm must pay them about $434,000 plus a $1 million fine. According to the self-regulatory organization, RBC Capital…
The Financial Industry Regulatory Authority and the RBC Wealth Management-acquired Ferris, Baker Watts LLC have agreed to settle charges that the latter engaged in the unsuitable sales of reverse convertibles to elderly clients in the 85 and over group, well as in the inadequate supervision of such notes to retail…
RBC Capital Markets Corp., Equity Station Inc., Fagenson & Co. Inc., Olympic Securities LLC, and Alpine Securities Corp. have consented to pay $385,000 to settle Financial Industry Regulatory Authority that they sold collectively over 7.5 billion in “unregistered” penny stock in Universal Express Inc. shares and made about $8.4 million…
The Financial Industry Regulatory Authority says that RBC Capital Markets Corp., Raymond James & Associates, Inc., and an RBCCMC head trader have settled charges over alleged broker misconduct connected to stock loan improprieties. RJF is to pay a $1 million fine, while RBC Capital Markets will pay $400,000. Meantime, RBCCMC…