`RBC`s clamp` is no big deal. For those who don`t know, RBC = The Royal Bank of Canada. We have a different system that our neighbors in the US do. Instead of having many independent banks, we have a max of 6 (is it 5 now?) chartered banks. Also called Schedule A banks. There are lots of Schedule B (foreign) banks here as well.
But, it is different in that the banking is done with less participants. This means that one of our biggest banks (like RBC) can compete with an American bank on the international stage. Remember, we are approximately 1/10 your size.
RBC is a fine upstanding institution. For anyone to suggest that they are somehow involved in collusion in schemes regarding the OTC is ridiculous. They don`t have time to be bothered.
4kids is referring to a poster that claimed that they could not do a JBII trade through RBC because there was some kind of Cease Trade Order.
That could simply be internal to RBC for any number of reasons. JBI has been ... the target of an investigation which resulted in a settlement in Ontario. That is enough of a reason. Plus the SEC thing. Or just the fact that they are an OTC stock. This can happen at a regional level as well. At a retail level. They have retail brokerage offices all over the country.
I myself have had issues trading OTC stocks. I know that one usually has to speak with a trader. Some time back that happened with a Pink Sheet stock of mine. It cannot be electronic. It has been this way since the crash of 2008. Prior to that it was all electronic. Recently I was rejected on an OTC stock trade, with the only reason given that they were looking out for my best interest. That means that if they think a stock is a scam, they can decide for themselves not to trade it. The OSC settlement is reason enough, as is the SEC settlement.
I don't trade with RBC, but I work with another Sched A bank.
I know from my contacts in NF that people at NF RBC were involved with the initial share distribution for JBI. That tells me that things can happen at local branches that may not be condoned by the higher-ups. This would have been locally-driven, for the benefit of the original distributors of shares (the company officers and IPO participants) and for the benefit of the retail brokers. It would not surprise me if some of RBC's policies were tested. That is all I know. It is certainly history at this point, except for the Selling of shares via the retail channel. My contacts also say that that has been difficult. And certainly they are not involved with any other financial institutions or MMs in some kind of weird collusion.
