A "wash trading scheme of massive proportions" is alleged by the CFTC against Royal Bank of...

|About: Royal Bank of Canada (RY)|By:, SA News Editor

A "wash trading scheme of massive proportions" is alleged by the CFTC against Royal Bank of Canada (RY). The CFTC says the bank engaged in stock futures trades with 2 foreign subsidiaries from 2007-10 that weren't "at arm's length," carried no market risk, and were designed to get Canadian tax credits on its stock holdings. Shares -2% AH.