The SEC has filed an action against an ex-broker for allegedly misappropriating at least $1 million from some of his clients, and apparently trying to hide his actions by transferring small sums to his personal account more than 100 times.
The agency alleges that between 2004 and 2014 advisor Eric William Johnson, 51, made approximately 115 wire transfers totaling about $1 million from client accounts to an account in his name. Since 1999, Johnson has been registered with RedRidge Securities, a Chicago-based broker-dealer, but was discharged in September, according to FINRA records.
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