Regulatory Alerts2024-04-29
Commonwealth of Pennsylvania Department of Banking and Securities v. RCL Capital Management
The Pennsylvania Department of Banking and Securities issued a Consent Agreement and Order against RCL Capital Management for violating the Pennsylvania Securities Act of 1972 by failing to timely file required audited balance sheets while holding custody of client funds. The firm agreed to pay an administrative assessment of $11,900 through eight quarterly installments ending in April 2026 without admitting or denying the allegations. RCL Capital Management waived its right to a hearing or appeal and is ordered to comply with state securities regulations, with the Department reserving the right to impose additional sanctions for future non-compliance.
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