Financial Advisor Luke M. Johnson, Coastal Equities in Scottsdale, AZ
The White Law Group is continuing to investigate potential lawsuits regarding Luke Michael Johnson and the liability his former employers may have for failure to properly supervise him.
According to the Financial Industry Regulatory Authority (FINRA), since June 2019, Johnson has reportedly been the subject of 13 pending customer complaints for allegations of unsuitable investments.
In May and June of this year, two separate claims were reportedly filed alleging that alternative product recommendations were unsuitable. The damage amount requested in both complaints was $100,000, according to Johnson’s broker report.
On April 22, 2020, a customer reportedly filed a complaint seeking $150,000 in damages and alleging “unsuitable sales from December, 2016 to 2019.”
In January 2020 a customer filed suit seeking $1,900,000 in damages, alleging “that between June, 2017 and June, 2018 Coastal Equities failed to conduct adequate due diligence on certain investments and through Coastal’s representative, Luke Johnson, made unsuitable investment recommendations to the claimants.”
According to his FINRA BrokerCheck report, Johnson was reportedly affiliated with Coastal Equities in Scottsdale, AZ from 2012 until December 2019.
Filing a complaint against your Brokerage Firm
When brokers violate securities laws, such as making unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.
We represent investors in FINRA arbitration claims in all 50 states, including Arizona. Our attorneys have recovered tens of millions of dollars from a multitude of brokerage firms in the past.
If you are concerned about your investments with Luke Michael Johnson, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.