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Secretary of State William Galvin: RBC Capital Markets agrees to repay Mass. investors up to $2.9m

By Beth Healy

 |  Globe Staff  

  May 02, 2012

RBC Capital Markets has agreed to repay Massachusetts investors up to $2.9 million, plus a $250,000 fine, in a settlement with Secretary of State William F. Galvin. New York-based RBC, a unit of the Royal Bank of Canada, allegedly sold commonwealth investors a complex type of exchange-traded funds that used leverage and “inverse leverage.” These instruments look to provide returns that are linked to the daily performance of certain market indexes.

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