Chicago Broker Barred for Misappropriating Funds

Posted on December 18th, 2014 at 8:12 AM
Chicago Broker Barred for Misappropriating Funds

From the Desk of Jim Eccleston at Eccleston Law Offices:

FINRA has barred Illinois broker Eric William Johnson for illegally and unethically arranging for the transfer of funds from client accounts.

Between March, 1999 and September, 2014 Johnson was registered with RedRidge Securities, Inc. in Chicago, Illinois.  From December, 2006 to September, 2014, Johnson allegedly made a minimum of 60 wire transfers from the brokerage accounts of at least six customers of RedRidge Securities to his own personal bank accounts.  In order to process the wire transfers, he forged the signatures of RedRidge’s principal and notary public.  Furthermore, he refused to give on-the-record testimony.  In total, he allegedly bilked more than $1 million from clients.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services. 

Related Attorneys: James J. Eccleston

Tags: FINRA, Eric William Johnson, Eccleston Law Offices, RedRidge Securities, illegal funds transfer, wire transfers, brokerage accounts, personal bank account fraud

Return to Archive

TESTIMONIALS

Previous
Next

I just received this letter from the CFP Board. Thank you, Thank you, THANK YOU!

David Y

LATEST NEWS AND ARTICLES

October 27, 2021
Former LPL Advisor Suspended For Completing 22 Trades Absent Client Consent

The Financial Industry Regulatory Authority (FINRA) has suspended and fined a former LPL advisor who allegedly completed 22 trades on behalf of a client without obtaining written consent. FINRA has issued a $5,000 fine and has suspended Michael Hartlett for 10 days.

October 26, 2021
Former Advisor Fails To Reverse Bar After Alleged $1 Million Theft From RBC

A former RBC Wealth Management advisor lost his bid to reverse an industry bar, according to an appellate decision issued by the Financial Industry Regulatory Authority (FINRA).

October 25, 2021
Firms Walk Thin Regulatory Line In Referring Self-Directed Clients To Advisors

While online trading platforms have surged in popularity during the pandemic, brokerage firms view self-directed investors as a source of new clients.