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FINRA Fines RBC $1 Million, Orders $434,000 in Restitution for Reverse Convertible Failures

FINRA ordered RBC Capital Markets to pay over $1.4 million in fines and restitution to customers for a variety of supervisory failures that FINRA says resulted in several hundreds of sales of the complex and structured reverse convertible product that were unsuitable.

According to the findings, RBC's failure to establish supervisory systems in place to identify transactions for review led to approximately 364 unsuitable reverse convertible transactions in approximately 218 customer accounts, even in the wake of a February 2010 regulatory notice specific to reverse convertibles that emphasized to firms the importance of performing suitability analyses in connection with complex product sales.

The report claims that these supervisory failures and ensuing unsuitable transactions resulted in customer losses in excess of $1.1 million, leading to a class action lawsuit and FINRA's present decision to order restitution.

If you have invested with RBC Capital or with any firm whose brokers or representatives have sold structured or complex products such as reverse convertibles that were unsuitable given investment objectives, and such suitability violations have proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.

News Release: FINRA Orders RBC to Pay Fine and Restitution Totaling More Than $1.4 Million for Unsuitable Sales of Reverse Convertibles (FINRA)

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The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
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