Timothy K. Griffin resigned today as president and CEO of RT Capital, the asset management unit of Royal Bank of Canada, following his suspension from acting as a securities officer, which was part of RT Capitals settlement with the Ontario Securities Commission, according to press releases from the bank and the OSC.
Michael H. Wilson, who was vice chairman and director of RBC Dominion Securities, the corporate and investment banking arm of Royal Bank Financial Group, was appointed chairman and CEO of the firm.
The settlement with the OSC permanently barred Peter Larkin, head of equities at RT Capital, from working in the securities business. Gary Baker, vice president, was suspended for a period of three years. Patrick Shea and Marion Gillespie were suspended from securities trading for one year. All four employees resigned from RT Capital, effective today.
The OSC charged RT Capital and the four employees with stock manipulation by orchestrating high closings which raised the price of stocks at the close of trading. RT Capital also agreed to pay a $3 million fine.