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[SOS] Indiana Secretary of State Connie Lawson receives over $36,000 in a settlement with RBC Capital Markets
Start Date: 12/11/2013 All Day
End Date: 12/11/2013
Entry Description

INDIANAPOLIS (December 11, 2013) – Indiana Secretary of State Connie Lawson announced today that Indiana has received $36,870 from RBC Capital Markets. The settlement is the result of a multi-state investigation conducted by the North American Securities Administrators Association. The investigation revealed that some RBC employees, who were not registered to sell securities, had been accepting orders.

 

“Ensuring that all securities professionals are properly licensed is critical for investor protection,” said Secretary Lawson. “My office must know who is selling investments and what they are selling in order to properly regulate the industry.

 

“I always tell investors one of the first signs an investment opportunity is a scam is the investment or the securities professional is not properly licensed. While that was not the situation here, this case is a reminder for all investors to check with my office before they invest or receive advice about investments.” 

RBC has agreed to require its staff to obtain the necessary licenses and comply with state registration requirements. It has also enhanced its computerized order entry system to automatically validate the person entering the order is properly registered to sell securities in the state where the client lives.

“RBC Capital Markets has agreed to comply with Indiana securities law,” said Indiana Securities Commissioner Carol Mihalik. “I appreciate them taking the necessary steps to alleviate future issues.”

All 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands will receive a portion of the approximately $2.8 million settlement.

RBC Capital Markets is part of the Royal Bank of Canada, the fifth largest bank in North America. It employs more than 6,700 people in 15 countries and provides financial services to corporations, institutional investors and governments around the world.

Contact Information:
Name: Valerie Kroeger
Phone: 317-233-8655
Email: vkroeger@sos.IN.gov
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