Investigation – Brian Joseph Allen Sr. and RBC Capital Markets


We are currently investigating allegations made against Brian Joseph Allen, Sr.  Brian Joseph Allen, Sr. was a registered representative of RBC Capital Markets from March 2006 to May 2012 in RBC Capital Markets’ office in Conshohocken, Pennsylvania.  Brian Joseph Allen was fired by RBC Capital Markets after an internal review revealed that Mr. Allen admitted to borrowing money from 12 clients, which is against firm policy.  Allen was also recently suspended by FINRA (the Financial Industry Regulatory Authority), stemming from an investigation into similar conduct.  FINRA Rule 3240 generally provides that financial advisors may not borrow money from clients, with limited exceptions.

Customers have also made claims against RBC Capital Markets for Brian Joseph Allen’s conduct.  One client alleged that Allen misrepresented an annuity, while another customer alleged that Allen misrepresented the features of a CD.

Broker-dealers have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives.  Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies.  When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.  If you have lost money through Brian Joseph Allen, Sr. and want to investigate ALL your legal options, please call us at 720-599-3505.  Our consultations are always free.