Erez Law is investigating claims regarding Thomas Blair Johnston (CRD #4375657, Victoria, Minnesota). Johnson recently entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) in which he was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in any capacity for 45 days. See FINRA Case #2013037309201. Johnson was registered with Cetera Advisor Networks, LLC (August 2013-August 2014) and Thrivent Investment Management, Inc. (July 2002-June 2013). Thrivent is wholly owned subsidiary of Thrivent Financial Holdings Inc., which is a wholly owned subsidiary of Thrivent Financial for Lutherans Thrivent Financial fraternal benefit society.
During its investigation, FINRA found that from 2006 to 2012 Johnson participated in unapproved private securities transactions. The findings stated that Johnston purchased stock in a Minnesota biotechnology company, for which he failed to obtain the firm’s permission and then failed to disclose the purchase to the firm. Johnston also participated in firm customers’ purchase of stock in the company, which never was an approved product of the firm. In questionnaires completed in 2007, 2009, 2010 and 2012, Johnston failed to disclose these activities in response to questions asking whether all sales of proprietary and non-proprietary securities products and services had been conducted through, or approved by his firm. In 2012, Johnston also failed to disclose that he had owned shares of the company in response to a question asking if he currently owned any passive investments in outside businesses. In entering into the AWC, Johnson neither admitted nor denied FINRA’s findings.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Thrivent or Ceterea may be liable for investment or other losses suffered by Johnson’s customers.
If you were a client of Johnson, Thrivent, or Cetera, and have suffered investment losses or financial irregularities, please contact Erez Law to explore your legal options. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 888-840-1571 or complete our “contact form.”
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