RBC fined in U.S. over sale of reverse convertibles

April 23, 2015 5:12 PM

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April 23 (Reuters) - A U.S. regulator ordered a Royal Bank of Canada unit to pay $1.43 million to resolve charges it sold high-yielding securities known as reverse convertibles without properly assessing whether they were suitable for investors who bought them.

Thursday's settlement with RBC Capital Markets LLC calls for the payment of a $1 million fine and $434,000 of restitution. RBC neither admitted nor denied wrongdoing in agreeing to settle charges by the Financial Industry Regulatory Authority.

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