RBC Capital Markets, LLC (CRD #31194, New York, New York) recently submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $25,000.
Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that in Collateralized Mortgage Obligations (CMOs) transactions with mostly retail, non-institutional customers, it charged markups and markdowns that were as high as 16.9 percent.
The findings stated that these charges exceeded the firm’s own internal guidelines based on the type and maturity of each security. The firm’s internal guidelines were intended to ensure that charges were fair, reasonable and compliant with NASD Rule 2440
This information which is publicly available on FINRA’s website has been provided by The White Law Group, LLC.
If you have questions about investments you made with RBC Capital Markets, LLC, the securities attorneys of The White Law Group may be able to help. To speak with a securities attorney, please call the firm’s Chicago office at 312/238-9650.
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