“The Panel finds that he did not act voluntarily, as the correction generated a deficit in his RBC account and quickly would have triggered a margin call had Johnson not returned the funds immediately. As he testified, Johnson would not have returned the money on his own had RBC not caught its error.”
The panel further said, Johnson's misconduct demonstrates that he lacks the commitment to the high fiduciary standards demanded by the securities industry.
“Accordingly, after weighing aggravating factors and considering potentially mitigating factors, the panel finds that a bar is the only appropriately remedial sanction.”
In addition to barring Johnson from working at a U.S. broker-dealer, he was ordered to pay the hearing costs of $3,818.30, consisting of a $750 administrative fee and $3,068.30 for the cost of the transcript.