William Thomas Johnson Jr. (CRD #1189117, Registered Representative,
North Palm Beach, Florida)
was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Johnson consented to the described sanction and to the entry of findings that he received approximately $47,000 from a customer after Johnson made the representation, which was false when made, that he was going to use the funds to purchase corporate bonds for the customer.
FINRA found that Johnson accepted these funds, deposited them into a bank account under his control and made improper use of the funds, which included payment of personal expenses, and never purchased the corporate bonds.
FINRA’s findings also stated that Johnson received approximately $53,000 from another customer after he made the representation, which was false when made, that he would use the funds to purchase a certificate of deposit (CD) for the customer. Johnson then accepted the funds, deposited them into a bank account under his control and made improper use of the funds, which included payment of personal expenses, and never purchased the CD.
FINRA found that Johnson’s misrepresentation to his customers and improper use and conversion of his customers’ funds constituted a failure in the conduct of his business to observe high standards of commercial honor and just and equitable principles of trade.
(FINRA Case #2011029514101)
This information was found on FINRA’s website under “Disciplinary and Other FINRA Actions, August, 2012.”
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