In October 2017, a former client of RBC Capital Markets, LLC won an award in a FINRA arbitration for compensatory damages for $688,079 for losses sustained from losses suffered due to investments in oil and gas securities. The investors were clients of financial advisor Bruce Cameron (CRD# 38840).
According to the award, the causes of action included: negligence, negligent supervision and breach of duty/constructive fraud. The causes of action relate to Claimants’ investments in the following oil and gas securities:
- Brietburn Energy Partners, LP
- Enable Midstream Partners, LP
- Enterprise Products Partners, LP
- Ferrellgas Partners, LP
- Gramercy Property Trust
- JP Energy Partners, LP
- Mid Con Energy Partners, LP
- Southcross Energy Partners, LP
- Summit Midstream Partners, LP
- Tallgrass Energy Partners, LP
- CrossAmerica Partners, LP
- Enlink Midstream Partners, LP
The FINRA arbitration hearing was conducted in Tampa, Florida. In the Statement of Claim, the claimants requested compensatory damages in excess of $500,000.00; interest; disgorgement of all commissions and other income paid to or received by RBC Capital Markets, LLC; costs, including attorneys’ fees, filing fees, expert witness fees, arbitrator fees and all other costs.
The panel found RBC Capital Markets, LLC and Cameron to be jointly and severally liable on the claims of negligence, negligent supervision and breach of fiduciary, and shall pay to the claimants the sum of $688,079 in compensatory damages, plus interest and $35,275.76 in costs. Cameron’s request for expungement of all references to this matter from his CRD records was denied.
Cameron has been registered with RBC Capital Markets, LLC in Norwell, Massachusetts since 2002. He has no other customer disputes on his CRD.
In addition, pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, RBC Capital Markets, LLC may be liable for investment or other losses suffered by Cameron’s customers.
Erez Law can help you recover losses you suffered investments losses as a result of RBC Capital Markets, LLC financial advisor Bruce Cameron regarding unsuitable recommendations in oil and gas securities. If you were a client of RBC Capital Markets, LLC and have experienced investment losses or financial irregularities, please call us at 888-840-1571 or complete our contact form. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies.
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