11-04-2014, 02:49 PM
I chose to post it here, since two out of the three sued are from Blumont executives. There are more lawsuits, after CAD probes...
(not vested)
RBC joins Goldman in suing clients after penny stock rout
SINGAPORE — Royal Bank of Canada (RBC) is suing three private wealth clients in Singapore, joining companies including Goldman Sachs in seeking at least US$210 million (S$262 million) owed by customers after a stock rout in October last year.
Blumont Group’s Executive Chairman Neo Kim Hock and Executive Director James Hong, as well as businessman Nelson Fernandez owe the Canadian bank a total of US$63.3 million (S$79 million), said lawsuits filed in the Singapore High Court.
The men refused to pay after shares in companies such as Blumont, Asiasons Capital and LionGold, held as security, tumbled in the October crash, the bank said in court papers. This brings the total banks and brokers are seeking to recover from the crash to at least US$210 million.
...
http://www.todayonline.com/business/rbc-...stock-rout
(not vested)
RBC joins Goldman in suing clients after penny stock rout
SINGAPORE — Royal Bank of Canada (RBC) is suing three private wealth clients in Singapore, joining companies including Goldman Sachs in seeking at least US$210 million (S$262 million) owed by customers after a stock rout in October last year.
Blumont Group’s Executive Chairman Neo Kim Hock and Executive Director James Hong, as well as businessman Nelson Fernandez owe the Canadian bank a total of US$63.3 million (S$79 million), said lawsuits filed in the Singapore High Court.
The men refused to pay after shares in companies such as Blumont, Asiasons Capital and LionGold, held as security, tumbled in the October crash, the bank said in court papers. This brings the total banks and brokers are seeking to recover from the crash to at least US$210 million.
...
http://www.todayonline.com/business/rbc-...stock-rout
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