Articles Posted in RBC

Cowboy-bites
An ex RBC Broker has been accused of stealing $1.1 million that RBC Wealth Management-U.S. accidentally deposited into his brokerage account. The broker, Thomas Lee Johnson has been barred by the Financial Institutions Regulatory Authority (“FINRA”)  from working at a U.S. broker-dealer.

The FINRA Hearing panel determined on August 22, 2019 that the broker, Thomas Lee Johnson “acted knowingly” when he withdrew funds that RBC deposited into his account as a result of a foreign currency conversion error.

Instead of reporting the discrepancy, Johnson wired the money from his own brokerage account to a personal account outside of RBC. RBC picked up the mistake and restated the transaction at the correct price. When Johnson found out about the corrected transaction, he covered his tracks and withdrew $1,060,000 from his separate personal account re deposited the funds into his RBC account.