Updated on: October 20, 2021
National investor fraud law firm, KlaymanToskes, has commenced an investigation (“Luke Johnson Coastal Investment Advisors Investigation”) into former Coastal Equities, Inc. broker Luke Michael Johnson (CRD # 3257008) in light of pending customer disputes concerning alleged unsuitable investment recommendations, including GPB Capital.
Luke Johnson Coastal Investment Advisors Investigation
According to FINRA BrokerCheck, Luke Johnson has 6 pending customer dispute and 16 customer disputes that are final. Four notable pending customer disputes that are pending include:
- $500,000 in alleged damages relating to unsuitable investment recommendations from 2014 to 2017. The employing firm when activities occurred which led to the complaint was Coastal Equities, Inc. The product type is DPP and LP interests and a real estate security.
- $1,375,000 in alleged damages relating to unsuitable recommendations in 2018. The employing firm when activities occurred which led to the complaint was Coastal Equities and Coastal Investment Advisors. The product type is DPP and LP interests and a real estate security.
- $76,500 in alleged damages relating to unsuitable recommendations. The employing firm when activities occurred which led to the complaint was Coastal Equities. The product type is a real estate security.
- $200,000 in alleged damages relating to unsuitable recommendations to purchase alternative investments. The employing firm when activities occurred which led to the complaint was Coastal Equities and Coastal Investment Advisors, Inc. The product type is DPP and LP interests and a real estate security.
Ex-Coastal Equities Broker Luke Johnson and the 2019 Discharge
According to BrokerCheck, Coastal Investment Advisors and Coastal Equities, Inc. discharged Luke Johnson in November 2019. The discharge allegations relate to Luke Johnson’s failure to follow firm policy. The firm policy concerns failing to timely forward a customer complaint to his supervisor and compliance, and by inconsistently stating a customer’s liquid net worth on client disclosure documents.
Registration and Employment History of Luke Johnson
According to BrokerCheck, Luke Johnson’s registration history as a broker is as follows:
- Coastal Equities, Inc. (Scottsdale, AZ; April 2012 to December 2019)
- Summit Brokerage Services, Inc. (Scottsdale, AZ; September 2006 to March 2009)
- Carillon Investments, Inc. (Cincinnati, OH; June 2005 to April 2006)
- Northwestern Mutual Investment Services, LLC (Milwaukee, WI; November 2000 to March 2005)
Luke Johnson’s employment history includes:
- Prime Capital Investment Advisors, LLC (Overland Park, KS; December 2019 to Present)
- Legend Capital Group, Inc. (Scottsdale, AZ; April 2006 to Present)
- Coastal Investment Advisors (Wilmington, DE; January 2013 to December 2019)
- Coastal Equities (Wilmington, DE; March 2012 to December 2019)
Lose Money Investing with Luke Johnson (Scottsdale, AZ)?
Current and former customers of ex-Coastal Equities broker and ex-Coastal Investment Advisors financial advisor Luke Johnson with losses exceeding $100,000, and who may have information relating to the manner in which the broker handled their accounts, are encouraged to contact Lawrence L. Klayman, Esq., at (561) 542-5131.
About KlaymanToskes
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. KlaymanToskes has recovered more than $220 million for investors in FINRA arbitrations. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
Contact:
KlaymanToskes
Lawrence L. Klayman, Esq. (561) 542-5131
lklayman@klaymantoskes.com
www.klaymantoskes.com
