RBC is based in Toronto and is one of Canada's biggest banks
Royal Bank of Canada (RBC), one of the country’s largest banks, has been accused of “multi-hundred million dollar” fraud over derivatives trading by a US regulator.
BBC, April 2, 2012
The Commodity Futures Trading Commission filed civil charges against RBC, saying the bank made “unlawful non-competitive trades” with itself.
Both sides of the so-called wash sales were controlled by RBC, the CFTC alleged.
RBC called the allegations “baseless”.
The Canadian bank said the trades had been vetted in advance by the CFTC and futures exchanges back in 2005 with no objections being lodged against them.
The trades in question are exchange-traded stock futures contracts.
The CFTC said that between June 2007 and May 2010, RBC traded hundreds of millions of dollars’ worth of narrow based stock index futures and single stock futures with two of its subsidiaries that RBC reported as “block” trades on electronic futures trading platform, OneChicago.
The regulator said that the trades were not negotiated “at arm’s length between the counter parties to the trades, as required by law”, but designed and controlled by a small group of senior RBC staff.
RBC said it would contest the charges in court.
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With so much love for all families connected to this story
With love, light and the highest of intentions for forgiveness, the banking story's time has come. Working for the RBC during the eighties, I remember thinking how odd it was that the ODWO room - the room where overdue debts written off were sealed- was twice the size of the cash vault. We were making money off of debt! The atmosphere, although exciting, was imbued with a strong sense of distrust - auditors appearing unexpectedly - sealing your desk drawers and giving you demerit slips, endless circular reading and learning of the smallest of detailed rules regarding proof of every transaction. The swooning of law and justice representatives was something you knew intuitively wasn't right. We the staff worked overtime almost every day without extra pay - sometimes 10 hours a day and always for the lowest of wages. Let the banking truths be told. Let all of the greatest of truths in the history of humankind be told ! We are free and this is our new world. Love & Light, Dawn.
Thank you dear Dawn...
Time is here, and thank you for being courageous to talk about money system that was our biggest prison... And it did not matter you were a guard working in this prison or you are the prisoner/customer...
This particular RBC bank at 20 King street, west in Ottawa was only 150 meters from one of my business on Sparks Street and still they hold my safety deposit box that I could not access it due to delayed payment of services...
I am so glad that banking system is going for biggest overhaul of all, where truth will guide all the employees who decide to stay and work for We the People..
We are coming in to the times where deceived will become filled with knowing, and where deceiver will become humble... and where deceived will forgive deceivers, stop playing role of victim and bring to self pure compassion in their hearts...
I am so honored to be here at these wondrous times of awakening of Humanity as one... Money symptoms are just one of our challenges where we will overcome them completely in near future, when we realize non-necessity of money as energy exchange... when we learn to give without asking anything in return...
Know that wondrous times are here, and that all is perfect in our Universe....
With all my Love, Predrag/Saint Germain