Phillip Johnson, formerly with SunTrust Investment Services, Suspended 3 Months
Have you lost money with financial advisor Phillip Johnson of Nashville, Tennessee? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Phillip Andrew Johnson. FINRA suspended Johnson from the securities industry for three months and fined him $5,000 regarding allegations he borrowed $528,000 from clients, which generally is not allowed in the securities industry. It was alleged that he did not have permission from his brokerage firm, SunTrust Investment Services, to borrow from these clients.
Phillip Johnson was a financial advisor and registered representative of SunTrust Investment Services from 2003 to May 2015. He worked at a branch office in Nashville, Tennessee. Phillip Johnson was also “permitted to resign” by SunTrust Investment Services for this conduct. Johnson’s BrokerCheck report discloses that the money may have been borrowed to invest in real estate.
Brokerage firms like SunTrust Investment Services have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors throughout Tennessee and throughout the Nashville area. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against SunTrust Investment Services.
Click to view: Johnson, Phillip FINRA AWC
Click to view: Johnson, Phillip BrokerCheck 2.27.18
If you lost money with Phillip Johnson or SunTrust Investment Services, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.