The Financial Industry Regulatory Authority (FINRA) fined the Royal Bank of Canada (RBC) $1-million and ordered RBC to pay approximately $434,000 in restitution for improper sales of structured investment products to more than 200 investors.
According to FINRA, from January of 2008 through December of 2010, RBC’s capital-markets unit failed to adequately supervise 99 of its financial advisors in the sale of 364 reverse convertible securities in 218 accounts that were unsuitable for those customers. The customers lost around $1.1 million combined.
Reverse convertibles are interest-bearing notes in which the repayment of principal is tied to the performance of an underlying asset, usually stocks. They offer high yields but it's easy for investors to lose if the value of the underlying stock falls below a certain level. FINRA has issued warnings to investors regarding these risky, complex products.
If you or a family member have sustained investment losses due to your stock broker or financial advisor’s recommendations regarding reverse convertible securities, or other complex products, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
Soreide Law Group has filed a FINRA arbitration on behalf of our clients (Claimants) against: GREAT POINT CAPITAL, LLC, (GREAT POINT) and their former registered representative, SUSAN JANE GITT (SUSAN J GITT, SUSAN JANE SCHULTZ) (Respondents). The Claimants are retired and live in Florida. The lawsuit states that the Claimants were looking for conservative income-generating […]
Soreide Law Group has filed a FINRA arbitration on behalf of our client (Claimant) against: TEXAKOMA FINANCIAL, INC. and their registered representative, SHEA PETER KENNEDY (SHEA P KENNEDY) (Repondents). The Claimant resides in Nevada, and according to the lawsuit, around August of 2023, SHEA P KENNEDY contacted the Claimant unsolicited, apparently after the Claimant had […]
Pending customer claims on BrokerCheck name Michael Graham (CRD 3263494) and list LPL Financial as the firm. Each claim is pending and unproven, and no arbitrator has ruled on any of them. The customers allege that Graham misrepresented guaranteed principal and returns on a secured loan related to a real estate deal.
Phone:
Fax: 1-954-760-6553
Email: [email protected]