According to reports, RBC Capital Markets LLC has agreed to pay $2.5-million for causing false and misleading disclosures in a proxy statement for the sale of ambulance company Rural/Metro Corp, the U.S. Securities and Exchange Commission said on Wednesday.

RBC was reportedly the lead financial adviser to Rural/Metro, a medical transportation services provider, and received a $500,000 fee for a fairness opinion presented to Rural/Metro’s board as it considered the sale. An SEC investigation found that RBC’s presentation allegedly contained materially false and misleading statements which made the bid look more attractive, and caused that information to be included in the proxy statement Rural/Metro filed in May 2011 to solicit shareholder approval for the sale.

RBC Capital Markets LCC, in settling the case, neither admitted nor denied the allegations, the SEC said. RBC did, however, agree to cease and desist from committing or causing further violations and to pay $500,000 in disgorgement, $77,759 in interest, and a $2 million penalty.

The foregoing information is being provided by The White Law Group. The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee. For more information on the firm and it’s representation of investors, visit http://whitesecuritieslaw.com.

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