September 17, 2021

RBC Capital Markets LLC will pay $800,000 to resolve charges that it improperly allocated bonds intended for institutional customers and dealers to “flippers,” who then resold the bonds to other broker-dealers at a profit, despite customer instructions to place retail customer orders first.  RBC employees Kenneth G. Friedrich, who was the head of Municipal Sales, Trading and Syndication, and Jaime L. Durando, the head of RBC’s municipal syndicate desk, also settled charges and agreed to penalties of $30,000 and $25,000 respectively.  SEC

Tagged in: Financial and Investment Fraud, Regulatory Violations, Securities Fraud,