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 Devlin H. Dwyer. [CRD: 6634140, Atlanta, Georgia], based on public information on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Dwyer worked for Patrick Capital Markets LLC from November 22, 2016, to March 9, 2026. See below to find out more about the disclosures involving this securities broker. Patrick Capital Investor […]
Investors have reportedly disputed the sales practices of securities broker Jennifer Lasser Eilers (also known as Jennifer Ann Costello and Jennifer Ann Lasser) [CRD: 2410129, Niles, Illinois], according to disclosures located on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Jennifer Eilers worked for BMO Harris Financial Advisors Inc. from February 19, 2021, to March 24, 2021, […]
Investors potentially experienced sales practice violations by securities broker Gabriel D. Candea (also known as Gabe Candea) [CRD: 5531840, Santee, California], given the publicly available information found on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Gabriel Candea worked for Emerson Equity LLC from January 14, 2022, to the present as a securities broker in Irvine, California, […]
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