Advisor Alert: Our Attorneys Are Investigating Luke Michael Johnson For Investment Fraud

Chetan Patil on February 23, 2024

Did You Lose Money Because of Luke Johnson?

Filed: February 21, 2024

Luke Johnson currently has four (4) pending customer complaints. Overall, he has been the subject of one (1) regulatory event, twenty-seven (27) customer complaints, and three (3) termination events. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.

Let’s begin our Patil Law Advisor Alert with a summary report on Luke Michael Johnson.

Who Is Luke Michael Johnson?

  • Advisor Name: Luke Michael Johnson
  • Aliases: Luke Johnson
  • CRD: 3257008
  • Location: Scottsdale, Arizona
  • Current Employer: Currently Not Registered
  • Previous Firms: Coastal Equities, Inc., Summit Brokerage Services, Inc., and Carillon Investments, Inc.
  • Number of Known Customer Complaints: 27
  • Number of Known Regulatory Events: 1
  • Number of Known Termination Events: 1
  • Can Luke Johnson Be Sued: Yes, in Private Arbitration
  • Can Luke Johnson’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
  • Highest Damages Allegation: $2,329,900
  • Highest Settlement: $601,939.78

If you have suffered investment losses by Luke Johnson, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a breach of fiduciary duty lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.

Customer Complaints Filed Against Luke Johnson For Broker Misconduct

As of this publication date, Luke Johnson has been the subject of 27 customer disputes, 1 regulatory event, and 3 termination events. Let’s review them below.

In October 2023, a FINRA arbitration was filed against or in reference to Luke Johnson by a customer of Coastal Equities, Inc. alleging unsuitable recommendations. Per the customer, he/she lost over $225,000 because of Mr. Johnson’s actions. As of this publication date, this claim remains pending.

In July 2023, FINRA initiated a regulatory action against or in reference to Luke Johnson for allegedly making unsuitable recommendations to customers to purchase more than $2.35 million in illiquid alternative investments.

In June 2023, a FINRA arbitration was filed against or in reference to Luke Johnson by multiple customers of Coastal Equities, Inc. alleging unsuitable investments. Per the customers, they lost over $117,922.90 because of Mr. Johnson’s actions. As of this publication date, this claim remains pending.

In April 2023, a FINRA arbitration was filed against or in reference to Luke Johnson by multiple customers of Coastal Equities, Inc. alleging unsuitable investments. Per the customers, they lost over $190,000 because of Mr. Johnson’s actions. As of this publication date, this claim remains pending.

In March 2022, a FINRA arbitration was filed against or in reference to Luke Johnson by a customer of Coastal Equities, Inc. alleging unsuitable recommendations. Per the customer, he/she lost over $345,000 because of Mr. Johnson’s actions. On August 1, 2023, Mr. Johnson settled the claim for $30,000, and some or all of this amount may have been paid by Mr. Johnson’s employer and/or insurance carrier.

In December 2021, a FINRA arbitration was filed against or in reference to Luke Johnson by a customer of Coastal Equities, Inc. alleging unsuitable sales. Per the customer, he/she lost over $300,000 because of Mr. Johnson’s actions. As of this publication date, this claim remains pending.

In August 2021, a FINRA arbitration was filed against or in reference to Luke Johnson by a customer of Coastal Equities, Inc. alleging unsuitable investment recommendations and misrepresentation. Per the customer, he/she lost over $50,000 because of Mr. Johnson’s actions. On March 1, 2022, Mr. Johnson settled the claim for $25,000, and some or all of this amount may have been paid by Mr. Johnson’s employer and/or insurance carrier.

In June 2021, a FINRA arbitration was filed against or in reference to Luke Johnson by a customer of Coastal Equities, Inc. alleging that unsuitable investment recommendations were made to him from approximately 2014 – 2017. Per the customer, he lost over $500,000 because of Mr. Johnson’s actions. On August 22, 2022, Mr. Johnson settled the claim for $100,425, and some or all of this amount may have been paid by Mr. Johnson’s employer and/or insurance carrier.

In June 2021, a FINRA arbitration was filed against or in reference to Luke Johnson by multiple customers of Coastal Equities, Inc. and Coastal Investments Advisors, Inc. alleging that Mr. Johnson made unsuitable recommendations of securities to the claimants in 2018. Per the customers, they lost over $1,375,000 because of Mr. Johnson’s actions. On October 17, 2022, Mr. Johnson settled the claim for $275,000, and some or all of this amount may have been paid by Mr. Johnson’s employer and/or insurance carrier.

In December 2020, a FINRA arbitration was filed against or in reference to Luke Johnson by multiple customers of Coastal Equities, Inc. alleging that Mr. Johnson made unsuitable recommendations of securities to the claimants. Per the customers, they lost over $76,500 because of Mr. Johnson’s actions. On May 9, 2022, Mr. Johnson settled the claim for $22,500, and some or all of this amount may have been paid by Mr. Johnson’s employer and/or insurance carrier.

In November 2020, a FINRA arbitration was filed against or in reference to Luke Johnson by a customer of Coastal Equities, Inc. and Coastal Investments Advisors, Inc. alleging that from 2013-2017 the firm, through Mr. Johnson made unsuitable recommendations to purchase alternative investments. The claimant also alleges that the firm failed to conduct adequate due diligence prior to offering some of the alternative investments for sale. Per the customer, he/she lost over $200,000 because of Mr. Johnson’s actions. On February 28, 2023, Mr. Johnson settled the claim for $360,000, and some or all of this amount may have been paid by Mr. Johnson’s employer and/or insurance carrier.

In November 2020, a FINRA arbitration was filed against or in reference to Luke Johnson by multiple customers of Coastal Equities, Inc. and Coastal Investments Advisors, Inc. alleging that from 2012-2015, the firm, through Mr. Johnson made unsuitable recommendations to purchase alternative investments. The claimants also allege that the firm failed to conduct adequate due diligence prior to offering some of the alternative investments for sale. Per the customers, they lost over $187,171.32 because of Mr. Johnson’s actions. On May 3, 2021, Mr. Johnson settled the claim for $33,792.28, and some or all of this amount may have been paid by Mr. Johnson’s employer and/or insurance carrier.

In June 2020, a FINRA arbitration was filed against or in reference to Luke Johnson by a customer of Coastal Equities, Inc. alleging that two alternative product recommendations made in 2016 were unsuitable. Per the customer, he/she lost over $100,000 because of Mr. Johnson’s actions. On May 3, 2021, Mr. Johnson settled the claim for $9,329.19, and some or all of this amount may have been paid by Mr. Johnson’s employer and/or insurance carrier.

In May 2020, a FINRA arbitration was filed against or in reference to Luke Johnson by multiple customers of Coastal Equities, Inc. alleging that an alternative product recommendation made in 2017 was unsuitable. Per the customers, they lost over $100,000 because of Mr. Johnson’s actions. On May 3, 2021, Mr. Johnson settled the claim for $16,098.71, and some or all of this amount may have been paid by Mr. Johnson’s employer and/or insurance carrier.

In April 2020, a FINRA arbitration was filed against or in reference to Luke Johnson by a customer of Coastal Equities, Inc. alleging unsuitable sales from December, 2016 to 2019. Per the customer, he/she lost over $150,000 because of Mr. Johnson’s actions. On May 3, 2021, Mr. Johnson settled the claim for $43,226.90, and some or all of this amount may have been paid by Mr. Johnson’s employer and/or insurance carrier.

In April 2020, a FINRA arbitration was filed against or in reference to Luke Johnson by multiple customers of Coastal Equities, Inc. alleging that between March, 2014 and December, 2017 Coastal Equities failed to conduct adequate due diligence on certain investments and through Luke Johnson, made unsuitable investment recommendations to the claimants. Per the customers, they lost over $2,329,900 because of Mr. Johnson’s actions. On May 3, 2021, Mr. Johnson settled the claim for $282,954.89, and some or all of this amount may have been paid by Mr. Johnson’s employer and/or insurance carrier.

In March 2020, a FINRA arbitration was filed against or in reference to Luke Johnson by multiple customers of Coastal Equities, Inc. alleging unsuitable sales from August, 2016 to October, 2017. Per the customers, they lost over $500,000 because of Mr. Johnson’s actions. On May 3, 2021, Mr. Johnson settled the claim for $127,080.82, and some or all of this amount may have been paid by Mr. Johnson’s employer and/or insurance carrier.

In January 2020, a FINRA arbitration was filed against or in reference to Luke Johnson by multiple customers of Coastal Equities, Inc. alleging that between June, 2017 and June, 2018 Coastal Equities failed to conduct adequate due diligence on certain investments and through Luke Johnson, made unsuitable investment recommendations to the claimants. Per the customers, they lost over $1,900,000 because of Mr. Johnson’s actions. On May 3, 2021, Mr. Johnson settled the claim for $601,939.78, and some or all of this amount may have been paid by Mr. Johnson’s employer and/or insurance carrier.

In December 2019, a complaint was filed against or in reference to Luke Johnson by a customer of Coastal Equities, Inc./Coastal Investments Advisors, Inc. alleging unsuitable investment recommendations and breach of fiduciary duty. Per the customer, he/she lost over $363,568 because of Mr. Johnson’s actions. On April 7, 2020, Mr. Johnson settled the claim for $22,000, and some or all of this amount may have been paid by Mr. Johnson’s employer and/or insurance carrier.

In December 2019, a FINRA arbitration was filed against or in reference to Luke Johnson by multiple customers of Coastal Equities, Inc. alleging that Mr. Johnson’s recommendations of alternative investments were unsuitable. On May 5, 2021, Mr. Johnson settled the claim for $113,141.59, and some or all of this amount may have been paid by Mr. Johnson’s employer and/or insurance carrier.

In November 2019, Coastal Investments Advisors, Inc. terminated Luke Johnson for failing to follow firm policy by 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.

In November 2019, Coastal Equities, Inc. terminated Luke Johnson for failing to follow firm policy by 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.

In November 2019, a FINRA arbitration was filed against or in reference to Luke Johnson by a customer of Coastal Equities, Inc. alleging that Mr. Johnson’s recommendations of alternative investments were unsuitable. On May 3, 2021, Mr. Johnson settled the claim for $46,618.14, and some or all of this amount may have been paid by Mr. Johnson’s employer and/or insurance carrier.

In November 2019, a FINRA arbitration was filed against or in reference to Luke Johnson by a customer of Coastal Equities, Inc. alleging unsuitable investment recommendations, misrepresentation, and breach of fiduciary duty.

In September 2019, a FINRA arbitration was filed against or in reference to Luke Johnson by multiple customers of Coastal Equities, Inc. alleging that Mr. Johnson made an unsuitable recommendation of one product in approximately 2015. On May 3, 2021, Mr. Johnson settled the claim for $48,909.33, and some or all of this amount may have been paid by Mr. Johnson’s employer and/or insurance carrier.

In August 2019, a FINRA arbitration was filed against or in reference to Luke Johnson by a customer of Coastal Equities, Inc. alleging unsuitable sales. Per the customer, he/she lost over $797,865.50 because of Mr. Johnson’s actions. On November 19, 2020, Mr. Johnson settled the claim for $390,000, and some or all of this amount may have been paid by Mr. Johnson’s employer and/or insurance carrier.

In June 2019, a FINRA arbitration was filed against or in reference to Luke Johnson by multiple customers of Coastal Equities, Inc. alleging that in 2017-2018, the firm made misrepresentations and omissions of fact to claimants in soliciting the sale of certain private placement investments. The claimants also allege that the firm was negligent in not rejecting the product for sale during its due diligence process. Per the customer, he/she lost over $750,000 because of Mr. Johnson’s actions. On November 11, 2020, Mr. Johnson settled the claim for $150,000, and some or all of this amount may have been paid by Mr. Johnson’s employer and/or insurance carrier.

In September 2018, a FINRA arbitration was filed against or in reference to Luke Johnson by a customer of Coastal Equities, Inc./Coastal Investments Advisors, Inc. alleging that Mr. Johnson’s recommendations of alternative investments were unsuitable. The client’s attorney also alleges that three securities in the client’s advisory portfolio were unsuitable for the client. On August 7, 2019, Mr. Johnson settled the claim for $225,000, and some or all of this amount may have been paid by Mr. Johnson’s employer and/or insurance carrier.

In June 2018, a FINRA arbitration was filed against or in reference to Luke Johnson by a customer of Coastal Equities, Inc. alleging that Mr. Johnson recommended unsuitable securities purchased in approximately 2015. Per the customer, he/she lost over $300,000 because of Mr. Johnson’s actions. On June 14, 2019, Mr. Johnson settled the claim for $140,000, and some or all of this amount may have been paid by Mr. Johnson’s employer and/or insurance carrier.

In August 2017, a complaint was filed against or in reference to Luke Johnson by a customer of Coastal Equities, Inc. alleging that Mr. Johnson recommended unsuitable securities purchased in approximately 2015. Per the customer, he/she lost over $56,000 because of Mr. Johnson’s actions.

In February 2005, Northwestern Mutual Investment Services, LLC terminated Luke Johnson after an internal review revealed, and the representative admitted, that he signed the name of his office’s designated supervisor on four variable life insurance application forms. The signature on these forms indicates an acceptable suitability review by the supervisor.

How To File A Claim Against Luke Johnson (previously with Coastal Equities, Inc., Summit Brokerage Services, Inc., and Carillon Investments, Inc.) To Get Your Money Back

If you have questions about Luke Johnson, Coastal Equities, Inc., Summit Brokerage Services, Inc., Carillon Investments, Inc., or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.