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Royal Bank of Canada used Cayman and Bahamas branches for 'massive fraud', claims U. S. regulator

April 03, 2012 by David Marchant

HIGHLIGHTS

  • RBC allegedly executed "fictitious trades" through its Caribbean branches and subsidiaries in Luxembourg and the UK to receive tax credits in Canada
  • Creator of alleged scheme is not named by CFTC but research by OffshoreAlert indicates it is Richard Tavoso, RBC's Head of Global Arbitrage and Trading
  • RBC has described complaint as "meritless" and "absurd"

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The Cayman Islands and Bahamas branches of Royal Bank of Canada were used by RBC to commit a "multi-hundred million dollar" fraud, according to the U. S. Commodity Futures Trading Commission. The alleged mastermind was not named in the CFTC's complaint but it seems to be Richard Tavoso, RBC's Head of Global Arbitrage and Trading.

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  • nr-xxx
    By nr-xxxon Tuesday, June 12, 2012 9:54:48 AM

    My guess is that with all the finacial troubles, the CFTC will require hedge funds to register with SEC ior CFTC and disclose an annual blance sheet a list of the principals of the fund. Big Broterh is watching

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