CFTC charges Royal Bank of Canada with massive fraud

CFTC alleges Royal Bank of Canada engaged in massive fraud.

Royal Bank of Canada is being sued by U.S. regulators over claims that the Toronto-based lender engaged in a series of illegal futures trades worth hundreds of millions of dollars to garner tax benefits tied to equities. Canada’s biggest bank made false and misleading statements about “wash trades” from 2007 to 2010 in which affiliates traded among themselves in a way that undermined competition and price discovery on the OneChicago LLC exchange, the Commodity Futures Trading Commission said in a statement today. The allegations will be laid out in a complaint set to be filed in U.S. District Court (1071L) (1071L) in New York, the CFTC said. Continue reading.

Here we go again. More fraud in the financial sector. It never ends. The most corrupt industry on earth, by far.