The commission says it will vigorously enforce such actions
The US Commodity Futures Trading
Commission (CFTC) has ordered the Royal Bank of Canada to pay a
civil monetary penalty of $35 million for engaging in more than
1,000 wash sales, fictitious sales, and non-competitive
transactions over a three-year period.
Judge Alvin Hellerstein of the US District
Court for the Southern District of New York entered a Consent
Order for Permanent Injunction and Civil Monetary Penalty
against the bank on Thursday which prohibits RBC from
committing future violations of the wash sale, fictitious sale,
and non-competitive transaction prohibitions of the Commodity
Exchange Act and the CFTC’s Regulations.
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