RBC Unit Knowingly Aided $400M Ponzi Scheme, Suit Claims

Law360, Los Angeles (June 23, 2016, 2:48 PM EDT) -- The receiver for a sham ATM investment company that allegedly bilked investors of $400 million sued a Royal Bank of Canada subsidiary and a senior executive in a California court on Tuesday, accusing the financial institution of enabling the 15-year Ponzi scheme.

William J. Hoffman, the court appointed receiver for Nationwide Automatic Systems Inc. and affiliates, claims that City National Bank NA and its senior vice president and branch manager Patrick Brian Fitzwilliam are liable for aiding the scheme by now-imprisoned fraudsters Joel Gillis, 76, and Edward Wishner, 77. RBC acquired the Southern California bank in a $5 billion cash and stock...

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