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This blog provides news and information for people interested in qui tam. On this site you can learn about the qui tam law and the process of bringing a case as well as read about the latest qui tam developments.

Getnick & Getnick is a law firm dedicated to business integrity and anti-fraud cases. Our qui tam cases have recovered more the $400 million for U.S. taxpayers.
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Monday, April 02, 2012

CFTC Files Suit Against Royal Bank of Canada

The Commodities and Future Trading Commission has sued the Royal Bank of Canada, alleging that the bank engaged in a wash trading scheme whereby RBC officials “coordinated with two subsidiaries on the purchase and sale of futures contracts that gave the right to sell stock later at certain prices.” Under the alleged scheme, the bank eliminated any possibility of losses, but locked in tax breaks on dividend payments.  The bank allegedly routed the transactions through OneChicago, an electronic futures-trading exchange, representing to the company that the trades were “arms length transactions” because the subsidiaries had “separate account controllers.” According to the CFTC, the scheme was organized at the company’s corporate level.

Read the entire article, “CFTC Alleges ‘Massive’ Trading Scheme by RBC"

Posted by eithurburn on 04/02 at 09:22 AM
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