RBC Capital Markets has signed a consent order with Massachusetts securities regulators, accepting a censure and a $200,000 fine for failing to supervise former broker Bruce Cameron, who over-concentrated the portfolios of senior citizens in energy sector master limited partnerships.
Cameron, a 50-year veteran of the securities industry, left the firm and dropped his securities registrations last November after being censured by the state.
In addition to the fine, RBC was ordered to provide offers of reimbursement to the affected investors.
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
Reshuffle provides strong indication of where the regulator's priorities now lie.
Goldman Sachs Asset Management report reveals sharpened focus on annuities.
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Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
