RBC Unit To Pay SEC $863K Over Muni Bond 'Flippers' Claims
By Dean Seal (September 17, 2021, 5:41 PM EDT) -- RBC Capital Markets LLC has agreed to pay the U.S. Securities and Exchange Commission $863,000 to resolve claims related to its dealings with unregistered brokers known as "flippers" who resold municipal bonds at a profit, while two top traders also reached related settlements with the agency.
The SEC alleged Friday that while acting as the sole underwriter or senior syndicate manager for municipal bond offerings between 2014 and 2017, the American subsidiary of the Royal Bank of Canada improperly allocated bonds to flippers ahead of institutional customer or dealer orders.
RBC also, in three instances, prioritized flipper orders over retail customer...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!