Royal Bank of Canada (RBC), formed in Montreal in 1864, is the largest company in Canada. RBC Dain Rauscher, based in Minneapolis, is a subsidiary of RBC. RBC Dain Rauscher is a U.S.-based brokerage firm that was founded in 1909. In 2008, the company became RBC Wealth Management, a division of RBC Capital Markets, and now has over 2,000 financial consultants serving individual investors and businesses throughout the U.S.
Since RBC is licensed by the Financial Industry Regulatory Authority (FINRA), they are legally obligated to supervise each one of their brokers to ensure ethical care for each investor. If an unsupervised broker is allowed to conduct negligent trading, causing a client severe losses, then RBC may be held legally liable to repay any and all damages. However, while FINRA laws are designed to protect consumers, FINRA rarely demands repayment of losses – that’s where Meyer Wilson investment fraud lawyers can step in.
Failure to Report and Supervise
RBC Wealth Management has a poor history regarding reporting trades to the Securities and Exchange Commission. FINRA-licensed firms are required to report all trades through TRACE, or the Trade Reporting and Compliance Engine. Trading through TRACE makes all financial trades transparent to legal authorities.
RBC has failed to report thousands of trades, resulting in fines ranging between $100,000 and $150,000 from 2009-2013. Transparent trading is crucial towards accountability. A habitual refusal to abide by the regulations that create transparency can indicate a troubling corporate culture.
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Meyer Wilson refuses to let brokerage firms get away with costing you money wrongly. Wrongful losses caused by negligent brokers at RBC Wealth Management are the responsibility of the firm. We make sure your voice is heard as we fight to reclaim what is rightfully yours. Our firm practices nationwide at the state and federal level, as well as in arbitration (which is enforceable by law). Our resources allow us to go head-to-head with the nation’s largest firms, so we can represent you in any investment fraud case, no matter the size of your opponent.
