RBC Capital Markets Settlement Added; Arthur Espinoza Order Removed
Summary
The Wisconsin Division of Securities has added a new enforcement action — a settlement agreement with RBC Capital Markets, LLC concerning retail minimum commissions (Case S-251172 (LX)) issued on April 23, 2026. Simultaneously, the 2025 Arthur Espinoza Summary Order (Case S-248322) has been removed from the published listing. Both actions represent updates to the state's publicly posted enforcement administrative orders record.
“A new enforcement action has been added against RBC Capital Markets settlement regarding retail minimum commissions (Case S-251172 (LX)) dated April 23, 2026.”
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GovPing monitors Wisconsin Securities Enforcement for new securities & markets regulatory changes. Every update since tracking began is archived, classified, and available as free RSS or email alerts — 5 changes logged to date.
What changed
The Wisconsin Division of Securities updated its public Enforcement Administrative Orders page to include a new settlement with RBC Capital Markets, LLC (Case S-251172 (LX)) addressing retail minimum commissions, dated April 23, 2026. In the same update, the 2025 Arthur Espinoza Summary Order (Case S-248322) was removed from the listing.
Broker-dealers and registered securities professionals operating in Wisconsin should monitor this listing for additional enforcement actions. The addition of a settlement with a major firm like RBC Capital Markets may indicate continued regulatory focus on commission practices in retail accounts.
Archived snapshot
Apr 24, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
Page: Wisconsin Enforcement Administrative Orders
Change summary: A new enforcement action has been added against RBC Capital Markets settlement regarding retail minimum commissions (Case S-251172 (LX)) dated April 23, 2026. Simultaneously, the 2025 Arthur Espinoza Summary Order (Case S-248322) has been removed from the listing.
[INSERTS] New enforcement action added: RBC Capital Markets, LLC settlement regarding retail minimum commissions (Case S-251172 (LX)) dated 2026-04-23
Page context:
| Issuance Date | Respondent(s) | Case Number | Administrative Action | More Information |
| --- | --- | --- | --- | --- |
| 2026-04-23 | RBC Capital Markets, LLC - Retail Minimum Commissions | S-251172 (LX) | Settlement Agreement | More Info |
| 2026-04-14 | ElonMuskQuantumAIChristopher Robert | S-251864 (EX) | Summary Order | More Info |
| 2026-03-04 | Edward D. Jones & Co., L.P. | S-251169 (LX) | Settlement Agreement | More Info |
| 2026-02-26 | Watsans ExchangeSabrina Marlow | S-251911 (EX) | Summary Order | More Info |
| 2026-02-18 | LPL Financial LLC | S-251173 (LX) | Settlement Agreement | More Info |
| 2026-02-02 | TD Ameritrade, Inc. | S-251170 (LX) | Settlement Agreement | More Info |
| 2026-01-22 | Matthew McGonigleRetireCo Solutions, LLC | S-251362 (EX) | Consent Order | More Info |
| 2025-12-22 | Stifel, Nicolaus & Company, Inc. | S-251171 (LX) | Settlement Agreement | More Info |
| 2025-12-18 | SCA CommunityTitanXExchangeEvander EllisKatherine Monroe | S-251636 (EX) | Summary Order | More Info |
| 2025-12-18 | Global-Assets, Inc.Natasha Berkowitz | S-251708 (EX) | Summary Order | More Info |
| 2025-12-18 | OrionCapital.liveAIPCapitalMarkets.comPaul ThomasJeremiah Miracle OgboMitchell MaddisonTener Genek | S-251344 (EX) | Summary Order | More Info |
| 2025-12-17 | John Saviour aka Stephen J. Galvin aka Mr. Mario aka Raymond Cook | S-251220 (EX) | [Final Order](https://dfi.wi.gov/Documents/Securities/RegistrationOfProfessionals/EnforcementAdminis...
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