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Wednesday, October 23, 2019

Securities settlement steered by N.J. AG worth nearly $50K

By Bryan Cohen | Jan 8, 2014

NEWARK, N.J. (Legal Newsline) - New Jersey Acting Attorney General John Hoffman announced a $48,690.17 settlement on Monday with RBC Capital Markets LLC to resolve allegations of Uniform Securities Law violations.

RBC allegedly allowed unregistered personnel to accept unsolicited orders for the purchase and sale of securities. The company allegedly used client associates who accepted orders from clients without being registered with the New Jersey Bureau of Securities. RBC also allegedly failed to adequately monitor the registration status of the client associates who accepted orders from clients.

Under the terms of the settlement, RBC will pay $48,690.17 in civil penalties to the bureau to resolve the allegations.

"RBC's conduct violated the state's Uniform Securities Law, as only personnel registered with our Bureau of Securities can legally accept client orders," Hoffman said. "RBC cooperated with the bureau and has since implemented enhancements to its supervisory system to ensure future violations do not occur."

In 2009, the North American Securities Administrators Association coordinated a multi-state inquiry into RBC's securities practices. RBC agreed to a multi-state settlement that required the company to pay up to $2.8 million in civil monetary penalties among the 50 states, the U.S. Virgin Islands, Puerto Rico and the District of Columbia.

As part of the agreement, RBC neither admitted nor denied the findings of fact and conclusions of law.

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