Bruce Johnson: L Bond Complaint Against Portsmouth Financial Advisor

San Francisco financial advisor Bruce Johnson (CRD# 1126862) allegedly misrepresented investments in GWG L bonds, according to an investor complaint. Financial Industry Regulatory Authority records show that he is currently registered as a broker with Portsmouth Financial Services.

Mr. Johnson’s BrokerCheck report discloses two investor complaints. The most recent, filed in 2022, alleges that as a representative of Portsmouth Financial Services, he misrepresented or omitted material facts relating to GWG L bonds, specifically that the products “were high-risk, speculative and could result in total loss of principal.” In June 2023 the complaint reached a settlement of $25,000.

An earlier investor complaint, filed in 2002, alleged that as a Robert Van Securities representative, he misrepresented and recommended an unsuitable municipal bond investment. In 2003 the complaint reached a settlement of $15,000.

Investors should be aware that securities industry rules and standard prohibit advisors like Mr. Johnson from misrepresenting material facts concerning the investments they recommend. FINRA Rule 2020 specifically stipulates that no broker shall “effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.” A material fact is a piece of information that poses a significant consideration to investors considering the project: its risk level, for instance, or the investment’s time horizon. Advisors who make misrepresentations or omissions may be held liable in the event of losses.

According to the Financial Industry Regulatory Authority, Bruce Johnson holds 40 years of securities industry experience. Based in San Francisco, California, he has been a broker with Portsmouth Financial Services since 2006. His past registrations include Robert Van Securities (Oakland, California; 1999-2006), Passport Securities (Burlingame, California; 1999), Pacific Genesis Group (Alameda, California; 1995-1999), First California Capital Markets (1990-1995), and Wulff Hansen & Company (San Rafael, California; 1983-1990). His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Arizona, Colorado, California, and New Jersey. (Information current as of February 18, 2024.)

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