luke michael johnson · 2020. 7. 31. · luke m. johnson crd# 3257008 this broker is not currently...

BrokerCheck Report

LUKE MICHAEL JOHNSON

Section Title

Report Summary

Broker Qualifications

Registration and Employment History

Disclosure Events

CRD# 3257008

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About BrokerCheck®

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CRD® and is a combination of: o information FINRA and/or the Securities and Exchange Commission (SEC) require brokers and

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· To check the background of an investment adviser firm or representative, you can search for the firm orindividual in BrokerCheck. If your search is successful, click on the link provided to view the available licensingand registration information in the SEC's Investment Adviser Public Disclosure (IAPD) website athttps://www.adviserinfo.sec.gov. In the alternative, you may search the IAPD website directly or contact your statesecurities regulator at http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/P455414.

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LUKE M. JOHNSON

CRD# 3257008

This broker is not currently registered.

Report Summary for this Broker

This report summary provides an overview of the broker's professional background and conduct. Additionalinformation can be found in the detailed report.

Disclosure Events

All individuals registered to sell securities or provideinvestment advice are required to disclose customercomplaints and arbitrations, regulatory actions,employment terminations, bankruptcy filings, andcriminal or civil judicial proceedings.

Are there events disclosed about this broker? Yes

The following types of disclosures have beenreported:

Type Count

Customer Dispute 19

Termination 3

Investment Adviser RepresentativeInformation

https://www.adviserinfo.sec.gov

The information below represents the individual'srecord as a broker. For details on this individual'srecord as an investment adviser representative,visit the SEC's Investment Adviser PublicDisclosure website at



This broker has passed:

1 Principal/Supervisory Exam

3 General Industry/Product Exams

2 State Securities Law Exams

Registration History

This broker was previously registered with thefollowing securities firm(s):

COASTAL EQUITIES, INC.CRD# 23769SCOTTSDALE, AZ04/2012 - 12/2019

B

SUMMIT BROKERAGE SERVICES, INC.CRD# 34643SCOTTSDALE, AZ09/2006 - 03/2009

B

CARILLON INVESTMENTS, INC.CRD# 14646CINCINNATI, OH06/2005 - 04/2006

B

www.finra.org/brokercheck User Guidance

1�2020 FINRA. All rights reserved. Report about LUKE M. JOHNSON.


https://adviserinfo.sec.gov/individual/summary/3257008

http://www.finra.org/brokercheck

http://www.finra.org/brokercheck_reports



Registrations

This section provides the self-regulatory organizations (SROs) and U.S. states/territories the broker is currently registered and licensed with, thecategory of each license, and the date on which it became effective. This section also provides, for every brokerage firm with which the broker iscurrently employed, the address of each branch where the broker works.








Industry Exams this Broker has Passed

This individual has passed 1 principal/supervisory exam, 3 general industry/product exams, and 2 state securities law exams.

This section includes all securities industry exams that the broker has passed. Under limited circumstances, a broker may attain a registrationafter receiving an exam waiver based on exams the broker has passed and/or qualifying work experience. Any exam waivers that the broker hasreceived are not included below.

Exam Category Date

Principal/Supervisory Exams

Investment Company Products/Variable Contracts Principal Examination 10/18/2007Series 26B

Exam Category Date

General Industry/Product Exams

Securities Industry Essentials Examination 10/01/2018SIEB

General Securities Representative Examination 04/02/2012Series 7B

Investment Company Products/Variable Contracts RepresentativeExamination

11/10/2000Series 6B

Exam Category Date

State Securities Law Exams

Uniform Combined State Law Examination 04/24/2012Series 66B IA

Uniform Securities Agent State Law Examination 03/13/2001Series 63B

Additional information about the above exams or other exams FINRA administers to brokers and other securities professionals can be found atwww.finra.org/brokerqualifications/registeredrep/.





www.finra.org/brokerqualifications/registeredrep/



Professional Designations

This section details that the representative has reported 0 professional designation(s).

No information reported.







Registration History

Registration Dates Firm Name CRD# Branch Location

The broker previously was registered with the following firms:

B 04/2012 - 12/2019 COASTAL EQUITIES, INC. 23769 SCOTTSDALE, AZ

B 09/2006 - 03/2009 SUMMIT BROKERAGE SERVICES, INC. 34643 SCOTTSDALE, AZ

B 06/2005 - 04/2006 CARILLON INVESTMENTS, INC. 14646 CINCINNATI, OH

B 11/2000 - 03/2005 NORTHWESTERN MUTUAL INVESTMENTSERVICES, LLC

2881 MILWAUKEE, WI

B 11/2000 - 01/2002 ROBERT W. BAIRD & CO. INCORPORATED 8158 MILWAUKEE, WI

Employment History

Employment Employer Name Investment RelatedPosition Employer Location

This section provides up to 10 years of an individual broker's employment history as reported by the individual broker on the most recently filedForm U4.

Please note that the broker is required to provide this information only while registered with FINRA or a national securities exchangeand the information is not updated via Form U4 after the broker ceases to be registered. Therefore, an employment end date of"Present" may not reflect the broker's current employment status.

12/2019 - Present Prime Capital Investment Advisors, LLC Investment AdvisorRepresentative

Y Overland Park, KS, UnitedStates

04/2006 - Present LEGEND CAPITAL GROUP, INC PRESIDENT/FINANCIAL ADVISOR

Y SCOTTSDALE, AZ, UnitedStates

01/2013 - 12/2019 COASTAL INVESTMENT ADVISORS IAR Y WILMINGTON, DE, UnitedStates

03/2012 - 12/2019 COASTAL EQUITIES, INC. REGISTEREDREPRESENTATIVE

Y WILMINGTON, DE, UnitedStates

Other Business Activities

This section includes information, if any, as provided by the broker regarding other business activities the broker is currently engaged in either asa proprietor, partner, officer, director, employee, trustee, agent or otherwise. This section does not include non-investment related activity that isexclusively charitable, civic, religious or fraternal and is recognized as tax exempt.

1)INSURANCE SALES. NON-INVESTMENT RELATED. 9195 N. 101ST ST. SCOTTSDALE, AZ 85258 . SALE AND SERVICE OF FIXEDINSURANCE PRODUCTS THROUGH VARIOUS VENDORS. INSURANCE AGENT, July 1999, 8 HOURS PER MONTH, 2 HOURS PERMONTH DURING TRADING HOURS. 20 % OF TOTAL INCOME COMES FROM SALE AND SERVICE OF FIXED INSURANCE PRODUCTSTHROUGH VARIOUS VENDORS.

2)LEGEND CAPITAL GROUP INC. INVESTMENT RELATED 9195 NORTH 101ST SCOTTSDALE AR 85258. OWNER. APRIL 2006, THIS ISSIMPLY MY DBA NAME.







Other Business Activities, continued1)INSURANCE SALES. NON-INVESTMENT RELATED. 9195 N. 101ST ST. SCOTTSDALE, AZ 85258 . SALE AND SERVICE OF FIXEDINSURANCE PRODUCTS THROUGH VARIOUS VENDORS. INSURANCE AGENT, July 1999, 8 HOURS PER MONTH, 2 HOURS PERMONTH DURING TRADING HOURS. 20 % OF TOTAL INCOME COMES FROM SALE AND SERVICE OF FIXED INSURANCE PRODUCTSTHROUGH VARIOUS VENDORS.

2)LEGEND CAPITAL GROUP INC. INVESTMENT RELATED 9195 NORTH 101ST SCOTTSDALE AR 85258. OWNER. APRIL 2006, THIS ISSIMPLY MY DBA NAME.






Disclosure Events

What you should know about reported disclosure events:

1. All individuals registered to sell securities or provide investment advice are required to disclose customer complaints and arbitrations,regulatory actions, employment terminations, bankruptcy filings, and criminal or civil judicial proceedings.

2. Certain thresholds must be met before an event is reported to CRD, for example: o A law enforcement agency must file formal charges before a broker is required to disclose a particular criminal event. o A customer dispute must involve allegations that a broker engaged in activity that violates certain rules or conduct governing the

industry and that the activity resulted in damages of at least $5,000. o

3. Disclosure events in BrokerCheck reports come from different sources: o As mentioned at the beginning of this report, information contained in BrokerCheck comes from brokers, brokerage firms and

regulators. When more than one of these sources reports information for the same disclosure event, all versions of the event willappear in the BrokerCheck report. The different versions will be separated by a solid line with the reporting source labeled.

o4. There are different statuses and dispositions for disclosure events:

o A disclosure event may have a status of pending, on appeal, or final.§ A "pending" event involves allegations that have not been proven or formally adjudicated.§ An event that is "on appeal" involves allegations that have been adjudicated but are currently being appealed.§ A "final" event has been concluded and its resolution is not subject to change.

o A final event generally has a disposition of adjudicated, settled or otherwise resolved.§ An "adjudicated" matter includes a disposition by (1) a court of law in a criminal or civil matter, or (2) an administrative

panel in an action brought by a regulator that is contested by the party charged with some alleged wrongdoing.§ A "settled" matter generally involves an agreement by the parties to resolve the matter. Please note that brokers and

brokerage firms may choose to settle customer disputes or regulatory matters for business or other reasons.§ A "resolved" matter usually involves no payment to the customer and no finding of wrongdoing on the part of the

individual broker. Such matters generally involve customer disputes.

For your convenience, below is a matrix of the number and status of disclosure events involving this broker. Further informationregarding these events can be found in the subsequent pages of this report. You also may wish to contact the broker to obtain furtherinformation regarding these events.

Final On AppealPending

Customer Dispute 13 6 N/A

Termination N/A 3 N/A






Disclosure Event Details

When evaluating this information, please keep in mind that a discloure event may be pending or involve allegations that are contested and havenot been resolved or proven. The matter may, in the end, be withdrawn, dismissed, resolved in favor of the broker, or concluded through anegotiated settlement for certain business reasons (e.g., to maintain customer relationships or to limit the litigation costs associated with disputingthe allegations) with no admission or finding of wrongdoing.

This report provides the information exactly as it was reported to CRD and therefore some of the specific data fields contained in the report maybe blank if the information was not provided to CRD.

Customer Dispute - Settled

This type of disclosure event involves a consumer-initiated, investment-related complaint, arbitration proceeding or civil suit containing allegationsof sale practice violations against the broker that resulted in a monetary settlement to the customer.

Disclosure 1 of 5

Reporting Source: Firm

Employing firm whenactivities occurred which ledto the complaint:

Allegations:

COASTAL EQUITIES, INC./COASTAL INVESTMENTS ADVISORS, INC.

CLIENT ALLEGES UNSUITABLE INVESTMENT RECOMMENDATIONS ANDBREACH OF FIDUCIARY DUTY.

Product Type: Direct Investment-DPP & LP Interests

Alleged Damages: $363,568.00

Date Complaint Received: 12/23/2019

Complaint Pending? No

Status:

Status Date: 04/07/2020

Settlement Amount: $22,000.00

Individual ContributionAmount:

$0.00

Customer Complaint Information

Settled

Is this an oral complaint? No

Is this a written complaint? Yes

Is this an arbitration/CFTCreparation or civil litigation?

No






Disclosure 2 of 5

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Allegations:

COASTAL EQUITIES, INC.

CLAIMANT ALLEGES UNSUITABLE SALES



Date Notice/Process Served: 10/17/2019

Arbitration Pending? No

Disposition: Settled

Disposition Date: 11/19/2020

Monetary CompensationAmount:

$390,000.00

Arbitration Information


$0.00

Arbitration/CFTC reparationclaim filed with (FINRA, AAA,CFTC, etc.):

FINRA Office of Dispute Resolution

Docket/Case #: 19-03074

iReporting Source: Broker


Allegations:

Coastal Equities, Inc./Coastal Investment Advisors, Inc.

Customers allege that the management of the portfolio was negligent and thatcertain investments made between January 2015 and the present were unsuitable.


Alleged Damages: $0.00

Alleged Damages AmountExplanation (if amount notexact):

No claim amount has been stated but the firm cannot make a good faithdetermination that damages from the alleged conduct would be less than $5000







Complaint Pending? Yes

Settlement Amount:


Broker Statement The allegations are denied. The investors represented to the firm that, amongother things, they were sophisticated and accredited investors and therefore theinvestments were suitable.



No claim amount has been stated but the firm cannot make a good faithdetermination that damages from the alleged conduct would be less than $5000




No

Disclosure 3 of 5

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Allegations:

Coastal Equities, Inc

Claimants allege that in 2017-2018, the firm made misrepresentations andomissions of fact to claimants in soliciting the sale of certain private placementinvestments. Claimants also allege that the firm was negligent in not rejecting theproduct for sale during its due diligence process. The advisor is not named as arespondent.




Is this a written complaint? No


Yes

FINRA








Status:


Settlement Amount: $150,000.00


$0.00


Settled

Arbitration/Reparation forumor court name and location:

FINRA


Filing date ofarbitration/CFTC reparationor civil litigation:

06/03/2019



Allegations:

Coastal Equities, Inc.

Claimants allege that in 2017-2018, the firm made misrepresentations andomissions of fact to claimants in soliciting the sale of certain private placementinvestments. Claimants also allege that the firm was negligent in not rejecting theproduct for sale during its due diligence process. The advisor is not named as arespondent.






Yes


FINRA









Settlement Amount:


Broker Statement Claimants' allegations are denied and are contradicted by the disclosuredocuments signed by the Claimants and the PPMs provided to Claimants prior tosale. Claimants have not realized a loss, and erroneously claim compensatorydamages for the full amount of the investments.




06/03/2019

Disclosure 4 of 5

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Reporting Source: Broker


Allegations:


Client's attorney alleges that the financial adviser's recommendations of alternativeinvestments were unsuitable. Client's attorney also alleges that three securities inthe client's advisory portfolio were unsuitable for the client. The account wasopened in 2013.

Product Type: Direct Investment-DPP & LP InterestsEquity Listed (Common & Preferred Stock)




The firm cannot make a good faith determination whether or not the allegeddamage amount would be less than $5,000.




No








Status:


Settlement Amount:







$225,000.00

Broker Statement The financial adviser denies that the investments were unsuitable. Over the life ofthe adviser relationship the client never articulated a need for liquidity and eachinvestment was discussed at length with the client (settlor of the trust) and herhusband prior to investing. The parties reached an agreement to settle the matterin order to avoid the costs and risks of arbitration. All liability is expressly denied byCoastal Equities, Inc and by Mr. Johnson.




$70,000.00

Evolved into Arbitration/CFTC reparation (the individual is a named party)


FINRA


Disclosure 5 of 5

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Allegations:







Allegations: Customer alleges that registered representative recommended unsuitablesecurities purchased in approximately 2015.

Product Type: Direct Investment-DPP & LP InterestsReal Estate Security







$140,000.00

Broker Statement The claim is without merit. The investment recommendation was suitable, basedon the customer's investment objectives, risk tolerance, and financial situation.The customer understood the characteristics of the investment, including the risksand potential benefits. The claimant authorized the investment purchase, signingall documents after being provided the prospectus and all related materials. Thefirm and the advisor categorically deny the allegations of the claim and anywrongdoing, however settled this matter as a business decision.



$70,000.00


FINRA







Customer Dispute - Closed-No Action / Withdrawn / Dismissed / Denied

This type of disclosure event involves (1) a consumer-initiated, investment-related arbitration or civil suit containing allegations of sales practiceviolations against the individual broker that was dismissed, withdrawn, or denied; or (2) a consumer-initiated, investment-related written complaintcontaining allegations that the broker engaged in sales practice violations resulting in compensatory damages of at least $5,000, forgery, theft, ormisappropriation, or conversion of funds or securities, which was closed without action, withdrawn, or denied.

Disclosure 1 of 1



Allegations:


Customer alleges that registered representative recommended unsuitablesecurities purchased in approximately 2015.





Status:


Settlement Amount:


Broker Statement The client's allegation is denied. The client was educated by the FA on the natureof the investments including the risks. The client executed all disclosuredocuments prior to purchasing the investments, including, among other things,initialing specific disclosures concerning illiquidity of the investments.The investments were discussed on several occasions with the client prior topurchase, and client conducted his own review of the investments as well.The client's complaint arose after the industry reporting requirements of sharevalue changed for non-traded REITS, thus causing his statements to reflect alower value per share.The client is a sophisticated investor and the investments at issue were suitable forthe client.


Closed/No Action




No






The client's allegation is denied. The client was educated by the FA on the natureof the investments including the risks. The client executed all disclosuredocuments prior to purchasing the investments, including, among other things,initialing specific disclosures concerning illiquidity of the investments.The investments were discussed on several occasions with the client prior topurchase, and client conducted his own review of the investments as well.The client's complaint arose after the industry reporting requirements of sharevalue changed for non-traded REITS, thus causing his statements to reflect alower value per share.The client is a sophisticated investor and the investments at issue were suitable forthe client.






Customer Dispute - Pending

This type of disclosure event involves (1) a pending consumer-initiated, investment-related arbitration or civil suit that contains allegations of salespractice violations against the broker; or (2) a pending, consumer-initiated, investment-related written complaint containing allegations that thebroker engaged in, sales practice violations resulting in compensatory damages of at least $5,000, forgery, theft, or misappropriation, orconversion of funds or securities.

Disclosure 1 of 13



Allegations:


Claimant alleges that from 2013-2017 the firm, through is agent Luke Johnson,made unsuitable recommendations to purchase alternative investments. Theclaimant also alleges that the firm failed to conduct adequate due diligence prior tooffering some of the alternative investments for sale.





Settlement Amount:






Yes


FINRA



11/09/2020

Disclosure 2 of 13

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Disclosure 2 of 13



Allegations:


Claimants allege that from 2012-2015, the firm, through its agent Luke Johnson,made unsuitable recommendations to purchase alternative investments. Theclaimants also allege that the firm failed to conduct adequate due diligence prior tooffering some of the alternative investments for sale.





Settlement Amount:






Yes


FINRA



10/13/2020

Disclosure 3 of 13

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Allegations: Claimants allege that an alternative product recommendation made in 2017 wasunsuitable.

Product Type: Real Estate Security




Settlement Amount:




Claimants estimate a loss between $50,000 and $100,000.




Yes


FINRA



05/20/2020

Disclosure 4 of 13

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Allegations:


Claimant alleges that two alternative product recommendations made in 2016 wereunsuitable.


$100,000.0019�2020 FINRA. All rights reserved. Report about LUKE M. JOHNSON.








Settlement Amount:




Claimant alleges damages between $50,000 and $100,000.




Yes


FINRA



06/29/2020

Disclosure 5 of 13

i



Allegations:


Claimant alleges unsuitable sales from December, 2016 to 2019.




Claimant alleges damages between $150,000.00 and $250,000.00.







Arbitration Pending? Yes





Disclosure 6 of 13

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Allegations:


Claimants allege that between March, 2014 and December, 2017 Coastal Equitiesfailed to conduct adequate due diligence on certain investments and throughCoastal's representative, Luke Johnson, made unsuitable investmentrecommendations to the claimants


Alleged Damages: $2,329,900.00


Complaint Pending?





Yes


FINRA



02/19/2020







Settlement Amount:


Disclosure 7 of 13

i



Allegations:


Claimants alleges unsuitable sales from August, 2016 to October, 2017.







Claimants allege compensatory damages between $500,000.00 - $1,000,000.00.


FINRA


Disclosure 8 of 13

i



Allegations:


Customer alleges unsuitable investment recommendations and misrepresentation


$0.00









Settlement Amount:




The firm cannot determine, in good faith, that the alleged damages would be lessthan $5,000.00




No

Disclosure 9 of 13

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Allegations:


Claimants allege that between June, 2017 and June, 2018 Coastal Equities failedto conduct adequate due diligence on certain investments and through Coastal'srepresentative, Luke Johnson, made unsuitable investment recommendations tothe claimants.


Alleged Damages: $1,900,000.00


Actual damages in an amount to be determined at the evidentiary hearing, butreasonably believed to be at least $1,900,000











Settlement Amount:




Yes





01/03/2020

Disclosure 10 of 13

i



Allegations:


Claimants allege the financial adviser's recommendations of alternativeinvestments were unsuitable. The accounts were opened in 2016.

















Disclosure 11 of 13

i



Allegations:


Claimant alleges the financial adviser's recommendations of alternativeinvestments were unsuitable. The accounts were opened in 2017.











Disclosure 12 of 13

i



Allegations:

Coastal Investment Advisors, LLC

Customer alleges unsuitable investment recommendations, misrepresentation, andbreach of fiduciary duty.




The firm cannot determine, in good faith, that the alleged damages would be lessthan $5,000.00.








Settlement Amount:




The firm cannot determine, in good faith, that the alleged damages would be lessthan $5,000.00.




No

iReporting Source: Firm


Allegations:


Customer alleges unsuitable investment recommendations, misrepresentation, andbreach of fiduciary duty.





Settlement Amount:







No






Settlement Amount:


Disclosure 13 of 13

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Allegations:


Claimants allege that Mr. Johnson made an unsuitable recommendation of oneproduct in approximately 2015.





Broker Statement The claimant's allegations are denied. Mr. Johnson denies the allegations, as theyare without merit.All appropriate sales and suitability documents were signed by the claimant andthe investments in question were suitable.



Claimants specify no damages, but the firm is unable to make a good faithdetermination the the amount in controversy is less that $5,000.


FINRA







Employment Separation After Allegations

This type of disclosure event involves a situation where the broker voluntarily resigned, was discharged, or was permitted to resign after beingaccused of (1) violating investment-related statutes, regulations, rules or industry standards of conduct; (2) fraud or the wrongful taking ofproperty; or (3) failure to supervise in connection with investment-related statutes, regulations, rules, or industry standards of conduct.

Disclosure 1 of 3


Employer Name: Coastal Investment Advisors, LLC

Termination Type: Discharged

Termination Date: 11/13/2019

Allegations: Registered Representative failed to follow firm policy by failing to timely forward acustomer complaint to his supervisor and compliance, and by inconsistently statinga customer's liquid net worth on client disclosure documents.

Product Type: No Product

Disclosure 2 of 3

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Employer Name: Coastal Equities, Inc.

Termination Type: Discharged


Allegations: Registered Representative failed to follow firm policy by failing to timely forward acustomer complaint to his supervisor and compliance, and by inconsistently statinga customer's liquid net worth on client disclosure documents.

Product Type: No Product

Disclosure 3 of 3

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Employer Name: NORTHWESTERN MUTUAL INVESTMENT SERVICES, LLC

Termination Type: Permitted to Resign


Allegations: THE REPRESENTATIVE WAS PERMITTED TO RESIGN WHEN ANINTERNAL REVIEW REVEALED, AND THE REPRESENTATIVE ADMITTED,THAT HE SIGNED THE NAME OF HIS OFFICE'S DESIGNATED SUPERVISORON FOUR VARIABLE LIFE INSURANCE APPLICATION FORMS. SIGNATUREON THESE FORMS INDICATES AN ACCEPTABLE SUITABILITY REVIEW BYTHE SUPERVISOR.






THE REPRESENTATIVE WAS PERMITTED TO RESIGN WHEN ANINTERNAL REVIEW REVEALED, AND THE REPRESENTATIVE ADMITTED,THAT HE SIGNED THE NAME OF HIS OFFICE'S DESIGNATED SUPERVISORON FOUR VARIABLE LIFE INSURANCE APPLICATION FORMS. SIGNATUREON THESE FORMS INDICATES AN ACCEPTABLE SUITABILITY REVIEW BYTHE SUPERVISOR.

Product Type: Insurance

Other Product Types:


Employer Name: NORTHWESTERN MUTUAL FINANCIAL NETWORK

Termination Type: Permitted to Resign


Allegations: I ADMITTED TO SIGNING MY SUPERVISOR'S NAME TO FOUR VARIABLE LIFEAPPLICATION SUPPLEMENTS IN ORDER TO EXPEDITE THE BUSINESS.THERE WAS NO MALICIOUS INTENT ON MY PART, JUST ATTEMPTING TOGET BUSINESS SUBMITTED BEFORE I LEFT ON VACATION.

Product Type: Insurance

Other Product Types: MUTUAL FUNDS, FIXED AND VARIABLE ANNUITIES

Broker Statement AGAIN, I MADE A MISTAKE AND WAS ONLY TRYING TO GET THIS SMALLPIECE OF BUSINESS TURNED IN BEFORE I LEFT THE COUNTRY FOR 10DAYS ON VACATION. I THEN SPOKE TO MY BOSS AND I DECIDED TOVOLUNTARILY RESIGN.






End of Report

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luke michael johnson · 2020. 7. 31. · luke m. johnson crd# 3257008 this broker is not currently...

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