Have a complaint against your bank? You may face an uphill battle, watchdog report suggests Yu and her sister Donna Koh allege their mother was the victim of fraud perpetrated by her longtime financial planner at Royal Mutual Funds Inc. (RMFI), a mutual funds dealer and RBC subsidiary.
They allege the fraud and an unauthorized transfer of funds resulted in a loss of more than $120,000 according to an internal investigation by RMFI.
The family wonders how a financial institution affiliated with Canada’s largest bank failed to detect suspicious activity for months.Global News has agreed to keep Yu’s mother anonymous out of concern for her psychological well-being as the family alleges her advisor has repeatedly attempted to contact her.