RBC Capital Markets - Law Offices of Robert Wayne Pearce

Feb 1, 2019

RBC Stockbroker Suspended for Unauthorized Transactions

Cheryl A. George of East Aurora, New York submitted a Letter of Acceptance, Waiver, and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which George was fined $5,000 and suspended for allegedly participating in unauthorized transactions. In June 2009, George joined RBC Capital Markets LLC as an Investment Company Products Variable Contracts Representative and a General Securities Representative. According to FINRA, RBC suspended George for ten business days for failing to observe firm policies and procedures regarding the authentication of a wire transfer request. The findings stated that an email was sent to George requesting a $33,000 transfer to a third-party company, which was not from the customer but rather an imposter. FINRA found that George only never received verbal authorization from the customer to sell securities in the account totaling $42,980. FINRA further stated that Ms. George falsely attested that she did receive verbal authorization and mismarked the order tickets as unsolicited.

Oct 18, 2017

RBC Capital Representative Barred Amid Allegations of Unsuitable Recommendations

Paul Blum, a former registered representative with RBC Capital Markets, LLC (RBC Capital), submitted a Letter of Acceptance, Waiver and Consent in which he was barred by the Financial Industry Regulatory Authority (FINRA) for failing to appear for on-the-record testimony which was requested amid an investigation into customer complaints and arbitration claims alleging unsuitable recommendations and excessive trading. FINRA Rule 8210 requires registered representatives to appear for on-the-record testimony at any time. According to FINRA, Mr. Blum acknowledged that he received FINRA’s request for his testimony in conjunction with the investigation into customer complaints and arbitration claims, but he refused to appear. Mr. Blum’s BrokerCheck report notes that there are nine pending customer disputes and 11 settled disputes involving allegations of, among other things, unsuitable recommendations and excessive trading. Consequently, Paul Vincent Blum, of Jupiter, Florida, was barred from association with any FINRA member in any capacity.