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Read MoreJoseph Johnson: $300K Complaint Against Vanderbilt Advisor
A recent investor complaint against Woodbury, New York financial advisor Joseph Johnson (CRD# 1312422) alleged that his trading resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is a broker with Vanderbilt Securities and an investment advisor with Vanderbilt Advisory Services.
Mr. Johnson’s BrokerCheck report discloses three investor complaints. The most recent, filed in May 2021, alleges that as a representative of Vanderbilt Securities, he made unsuitable and excessive trading. The pending complaint alleges damages of $300,000.
An earlier investor complaint, filed in 2010, alleged that he churned investments in the customer’s account while he was a representative of Princor Financial Services Corporation. In 2011 the complaint reached a settlement of $26,437.26.
A third investor complaint, filed in 2003, alleged that as a Raymond James Financial Services representative, he recommended unsuitable mutual fund investments, engaged in mutual fund switching, churned investments, failed in his supervisory responsibilities, committed fraud, and breached his fiduciary duty. In 2004 the complaint reached a settlement of $170,000.
Mr. Johnson’s BrokerCheck report also discloses a FINRA sanction against him. Filed in 2013, the disclosure states that FINRA found he “engaged in unsuitable short-term trading and switching of municipal bond closed-end funds” in a joint account held by his customers, resulting in “losses of approximately $25,000 and… approximately $14,000 in commissions. FINRA fined him $5,000 and suspended him for 30 days.
According to the Financial Industry Regulatory Authority, Joseph Johnson holds 38 years of securities industry experience. Based in Woodbury, New York, he has been a broker with Vanderbilt Securities since 2011 and an investment advisor with Vanderbilt Advisory Services since 2016. His registration history includes Princor Financial Services Corporation (Melville, New York; 2007-2011), Granite Securities (Babylon, New York; 2004-2007), Raymond James Financial Services (St. Petersburg, Florida; 1991-2004), Smith Barney Harris Upham (New York, New York; 1989-1991), WJ Nolan & Company (New York, New York; 1986-1989), Dean Witter Reynolds (1986), and McLaughlin Piven Vogel (1984-1986). His credentials include the passage of four securities industry qualifying exams: the General Securities Principal Examination, or Series 24; 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 California, Florida, Illinois, New Jersey, New York, and Rhode Island. (Information current as of August 20, 2023.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.
