Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on February 1, 2019 indicate that former Indiana-based RBC Capital Markets broker Thomas Johnson, currently an investment adviser with Royal Capital Wealth Management, has been named in a pending FINRA complaint. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Johnson (CRD# 1215434).
Thomas Johnson has spent 34 years in the securities industry and was most recently registered as a broker with RBC Capital Markets in Indianapolis, Indiana (2009-2017). Previous registrations include Citigroup Global Markets in Indianapolis, Indiana (1993-2009); Lehman Brothers in New York, New York (1992-1993); and Dean Witter Reynolds in Purchase, New York (1983-1992). He has been registered as an investment adviser with Royal Capital Wealth Management in Carmel, Indiana since January 2018. He has passed five securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on February 24, 2012; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on November 30, 1983; SIE (Securities Industry Essentials Examination), which he obtained on December 26, 2017; Series 7 (General Securities Representative Examination), which he obtained on November 19, 1983; and Series 3 (National Commodity Futures Examination), which he obtained on October 12, 1983. He is currently not registered as a broker with any state or firm.
According to his BrokerCheck report, Thomas Johnson has been named in a pending FINRA complaint.
In January 2019 he was named respondent in a FINRA complaint alleging he converted funds belonging to his member firm when he transferred a total of $1,059,544.98 from his account at the firm to his personal bank account “for his own use and benefit, when he knew he had received the funds in error and that he had no right to possess the funds.” According to FINRA’s complaint, the funds were deposited by the firm into his firm account after it liquidated his shares and warrants in a South Korean company called Doosan Heavy Industries & Construction Company, however, a system error resulted in the firm erroneously pricing his holdings in South Korean currency rather than US currency, causing him to received $1,059,544.98 from the sale rather than $951.01. FINRA states that “Because Johnson monitored his account with the firm on a daily basis, he knew the actual value of his Doosan holdings and that he had received the $1,059,544.98 in error. Rather than notify the firm of the error, Johnson wrote a check made payable to himself for $1,059,544.98 and drawn on his firm account and deposited the check in his bank account that he held away from the firm.” He allegedly intended to distribute the proceeds, after taxes, to himself and his siblings, but the firm canceled the liquidation and re-billed it at the correct price, after which Mr. Johnson “obtained a cashier’s check for $1,060,000 from his personal bank and deposited the check into his firm account.” He also allegedly provided incorrect and misleading information in a written response to a request for information and an on-the-record interview. The complaint remains pending.
If you or someone you know has a complaint regarding Thomas Johnson, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup lost funds. Fitapelli Kurta accepts every case on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.