A FINRA arbitrator found that a broker at RBC Capital Markets offered misleading information about the investments made on behalf of an 80-year-old retired secretary and ordered the firm to pay $50,000, plus interest.
Woodbridge's former owner and directors of investments were arrested, accused of orchestrating a far-reaching Ponzi scheme that defrauded thousands of investors, most of whom were elderly.
A House committee is considering a half-dozen bills aimed at investor protection, including one that would prohibit firms from including arbitration-mandatory clauses in client agreements.