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.
Investors apparently complained about securities broker Debra Dawn Mesle (also known as Debra Dawn Hanebrink and Debbie Mesle) [CRD: 849766, Chesterfield, Missouri], based on public information on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Mesle worked for Merrill Lynch from June 30, 2006, to January 2, 2026, and has worked for Huntleigh Securities Corporation and Huntleigh […]
Investors potentially experienced sales practice violations by securities broker Francis Stephen Zoracki, also known as Frank Zoracki [CRD: 1363103, Irwin, Pennsylvania], according to information disclosed through Financial Industry Regulatory Authority (FINRA) BrokerCheck. Zoracki has worked for Cambridge Investment Research Inc. since September 28, 2011; Cambridge Investment Research Advisors Inc. since September 28, 2011; and Duncan […]
Investors may have suffered financial harm by securities broker and investment adviser Loren James Grabau [CRD: 6984490, Santa Maria, California], given the public information found on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Grabau worked for Independent Financial Group LLC from April 8, 2019, to August 19, 2025. See below to discover more about Grabau’s disclosures. […]
Phone:
Fax: 1-954-760-6553
Email: info@securitieslawyer.com