State receives settlement involving securities violation
by MBJ Staff
Published: November 4,2013
Tags: Delbert Hosemann, investment, investor, law, lawsuit, North American Securities Adfministrators Association, RBC Capital, Secretary of State's Office, securities, settlement, state agency, state law
JACKSON — Mississippi has received $34,070 in settlement funds from a state securities violation.
Another multi-state investigation by the North American Securities Administrators Association (NASAA), of which includes Mississippi, found RBC Capital Market employees sold securities without properly registering with the Mississippi Secretary of State’s Office.
“Registering investment advisors provides confidence to Mississippi citizens when they purchase securities in Mississippi, their investment advisors have followed the proper rules and regulations required in the State,” says Secretary of State Delbert Hosemann. “RBC Capital has agreed to make the necessary changes in procedure to ensure they follow Mississippi’s security laws in the future.”
RBC Capital has agreed to establish a supervisory system to more thoroughly monitor the trade process. The company has also agreed to establish and maintain policies to ensure RBC employees are properly registered.
All 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands will receive a portion of the approximately $2.8-million settlement.
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