Were you the victim of stock losses due to recommendations by Vanderbilt Securities, LLC broker Joseph Johnson (CRD# 1312422)? He has been registered with Vanderbilt Securities, LLC in Woodbury, New York, since 2011 and with Vanderbilt Advisory Services in Woodbury, New York, since 2016. Previously, he was registered with the following firms:
- Princor Financial Services Corporation in Melville, New York, from 2007 to 2011 (terminated regarding “potential patterns of switching and/or excessive trading”)
- Granite Securities, LLC in Babylon, New York, from 2007 to 2011
- Raymond James Financial Services, Inc. in St. Petersburg, Florida, from 1991 to 2004 (terminated regarding “failure to follow industry and firm rules in regards to client suitability”)
In April 2013, FINRA sanctioned him to pay a $5,000 civil and administrative penalty and fine and suspended him for 30 days following allegations that he “engaged in unsuitable short-term trading and switching of municipal bond closed-ended funds in a joint brokerage account of customers.” FINRA found that he “recommended that the joint account purchase shares of closed-end municipal bond funds with long-term, conservative objectives and then sell the shares in a relatively short time frame… frequently switched them with other similar municipal bond closed-end funds. The products in question had no meaningful differences and the transactions yielded little to no profit and, in most cases, the joint account suffered losses of approximately $25,000 and was charged approximately $14,000 in commissions.” The complaint was regarding common and preferred stocks, and it took place while he was registered with Vanderbilt Securities, LLC.
Joseph Johnson Customer Complaints
He has been the subject of three customer complaints between 2003 and 2023, according to his CRD report. The most recent complaint was regarding:
May 2023. “Client claims unsuitable and excessive trading in brokerage account for the period of 2011-2022.” The customer is seeking $300,000 in damages, and the case is currently pending.
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, Vanderbilt Securities, LLC may be liable for investment or other losses suffered by Joseph Johnson’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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