RBC Accused By CFTC Of Largest Trading Scheme To Date
Just earlier today, the Royal Bank of Canada (ticker RY) found out they have a serious situation on their hands involving some of their trading practices. It appears the Commodity Futures Trading Commission (CFTC) is now claiming that RBC not only intentionally made a large number of fictitious trades to reap benefits from tax arbitrage, but they covered their tracks for the past five years. According to the NYTimes: “In a civil lawsuit filed in federal court in Manhattan, the trading commission accused the bank of creating “fictitious trades” between various arms of the firm. The trades, involving hundreds of … Read more