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RBC Dain Rauscher, Inc.

RBC Dain Rauscher, Inc. (CRD #31194, Minneapolis, Minnesota) received a censure and fine of $10,000, ordered to pay $8,714.50, plus interest, in restitution to a public customer, and to update its written supervisory procedures as they relate to the determination of the fair market value of municipal securities bought or sold from a public customer. According to the findings, the firm purchased a municipal security position from a public customer for its own account and then sold the security at a nominal gain. Additionally, the regulators also found that the price paid to the customer, and received by the firm, was below the fair market value of the security. NASD also found that the firm failed to ensure that the transactions were executed at aggregate prices that were fair and reasonable. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #C05040068)

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