“Royal Bank of Canada was accused by U.S. regulators of hundreds of millions of dollars in illegal futures trades with itself in order to reap tax benefits.
In a federal-court lawsuit filed Monday in New York, the Commodity Futures Trading Commission alleged a “wash trading scheme of massive proportion” by Canada’s largest bank. From 2007 to 2010, officials at RBC coordinated with two subsidiaries on the purchase and sale of futures contracts that gave the right to sell stock later at certain prices, the CFTC alleged….”
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