RBC Wealth Management to Pay $212,000 FINRA Award

RBC charged with Negligence and Elder Abuse

According to The Financial Industry Regulatory Authority, an all-public FINRA arbitration panel has awarded $212,000 to the estate of a former RBC Wealth Management client who had charged the firm with negligence and elder abuse.

The attorneys of the client, the late Hazel Kitzman, charged that RBC Wealth Management engaged in the unauthorized sale of shares in the client’s account and in the unauthorized transfer of funds from an account at another firm. The attorneys requested compensatory damages of at least $1.5 million, treble punitive damages and reimbursement of all legal costs, all of which the FINRA panel denied.

The panel also denied RBC’s counterclaim, in which it asked to be reimbursed for legal costs. RBC had denied the case’s allegations.

For FINRA’s full findings see FINRA Case # 15-01863.

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The foregoing information, which is publicly available on FINRA’s website, has been provided by The White Law Group.

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