Coastal Equities Customer Files Arbitration Alleging Unsuitable Recommendations

Luke Michael Johnson, broker at Coastal Equities, disclosed a customer investment related arbitration alleging forgery of signatures.
By: Soreide Law Group PLLC
 
POMPANO BEACH, Fla. - Aug. 16, 2018 - PRLog -- Luke Michael Johnson (CRD #3257008, Scottsdale, Arizona), who has been a registered representative of Coastal Equities, Inc. since April 3, 2012, disclosed via FINRA BrokerCheck that his sales practices are the subject of a customer's investment-related arbitration dated June 28, 2018. The customer has alleged that during the time Johnson was employed by Coastal Equities, Inc., he made unsuitable investment recommendations regarding real estate securities and direct investments. The customer has requested that $300,000.00 in damages be paid to the customer as a result of being placed in inappropriate securities. (FINRA Arbitration Case #18-02266).

Johnson has also disclosed that his activities are the subject of another customer's investment-related complaint dated August 28, 2017. The customer alleged that on or around 2015, Johnson made inappropriate recommendations of real estate securities as well as either direct participation programs or limited partnership interests. Johnson was employed with Coastal Equities at the time. The customer made a demand for $56,000.00 in damages as a result of the unsuitable investments that the customer invested in as a result of the recommendations made by Johnson.

Prior to his employment with Coastal Equities, Inc., Johnson was employed by Northwestern Mutual Investment Services, LLC in Milwaukee, Wisconsin. Northwestern Mutual Investment Services terminated Johnson on February 18, 2015, citing allegations of Johnson forging signatures on four applications for life insurance policies. Apparently, Johnson signed the name of his supervisor on documentation to portray his supervisor's position that the policies were suitable for customers. Johnson's activities were the subject of the company's internal investigation, and he later admitted to his misconduct.

Investors who suffered losses as a result of Luke Michael Johnson or another registered representative's unsuitable recommendations are encouraged to call Soreide Law Group at (888) 760-6552 and consult with counsel regarding the possible recovery of investment losses. We represent clients nationwide against brokers and brokerage firms. You are only assessed a fee if we are successful in recovering your losses.  Please visit https://www.securitieslawyer.com for more information.

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Source:Soreide Law Group PLLC
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Tags:Luke Michael Johnson, Finra Arbitration, Coastal Equities
Industry:Financial
Location:Pompano Beach - Florida - United States
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