According to an article in the Financial Post, Henry Cole, a former financial advisor for RBC, the investment banking arm of the Royal Bank of Canada, has been sentenced to two and a half years in prison on fraud charges in Ontario, Canada.
Cole has reportedly “admitted to using deception and forged signatures to persuade RBC clients to transfer more than $2-million into what he described as a “pooled fund” of real estate properties.” In addition to heading to prison, Mr. Cole has been banned from the securities industry and agreed to a fine of $5 million from the Investment Industry Regulatory Organization of Canada (IIROC).
Regulatory filings reportedly indicate that there were multiple investors impacted by Henry Cole’s fraud and “the total amount of funds “misappropriated” was $5-million.” He began working for RBC in 2005 and was hired in spite of some previous issues with securities regulators. RBC reportedly became aware of Cole’s fraud in 2010 due to a customer complaint. An RBC spokesperson was quoted as saying that “We deeply regret the hiring of Mr. Cole and the impact of his conduct on some RBC clients.” RBC has also “repaid several members of a family and other investors who were caught up in the fraud perpetrated by Mr. Cole.”
Customers concerned about investment damages that they suffered as a result of working with Mr. Henry Cole while he was employed by RBC may still be able to recover their investment losses through securities arbitration. The White Law Group is dedicated to assisting investors attempt to recover investment losses through securities arbitration claims against the financial professionals and brokerage firms who recommended the investments to them. To speak to a securities attorney about investments you made with Henry Cole while he was employed RBC please call our Chicago office at 312-238-9650.
The White Law Group, LLC is a securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group, please visit our website at http://whitesecuritieslaw.com.
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