Alex Williams (CRD# 2646185), a broker and investment adviser based in New York, has received a pending customer complaint. According...Read More
Judith Johnston: Former NYLife Broker Barred; Variable Annuity Complaints
A disciplinary action taken by the Financial Industry Regulatory Authority against former Frisco, Texas broker Judith Johnston (CRD# 5532549) barred her over allegations she refused to provide testimony requested as part of an investigation into multiple customer complaints against her. A former representative of NYLife Securities, Johnston was indefinitely barred from acting as a broker or otherwise associating with a broker-dealer firm.
According to a Letter of Acceptance, Waiver, and Consent (No. 2018056891001) dated March 2019, FINRA sent Judith Johnston a request on November 6, 2018 for on-the-record testimony connected to its investigation concerning “multiple customer complaints regarding the sale of variable annuities” while she was employed at NYLife Securities. FINRA’s findings stated that she appeared on January 24, 2019 to provide testimony, after which FINRA “determined that it needed additional testimony” and requested that she appear again to continue. On February 11, 2019, however, Johnston’s counsel indicated that she would not provide further testimony in compliance with FINRA’s request, and additionally that she “no longer wished to cooperate with the investigation.” FINRA’s findings state that this refusal constituted a violation of FiNRA rules requiring associated persons to provide testimony regarding matters involved in FINRA investigations. As a result of the foregoing alleged conduct, Johnston was barred from association with any FINRA member in any and all capacities.
Judith Johnston’s records list six settled customer complaints against her. A 2017 complaint concerning her conduct at NYLife Securities, for instance, alleges she misled the customer regarding variable annuity purchases. The complaint reached a settlement of $16,301.03.
A 2016 complaint concerning her conduct at NYLife Securities alleges she misled the customers regarding the terms and benefits of a variable annuity product they purchased in 2014. The complaint reached a settlement of $17,228.65.
A 2017 complaint concerning her conduct at NYLife Securities alleges that Judith Johnston “was complicit in helping her husband deceive [the customers] into believing that he was associated the Firm and was licensed to sell” variable annuity products, leading to the customers agreeing to “take a $1.4 million dollar loan” to establish a variable annuity and to believe “misstatements” concerning the products in question. The complaint reached a settlement of $445,161.57
Judith Johnston is not currently registered as a broker. Her employment history includes NYLife Securities in Frisco, Texas. She currently holds no state registrations and has passed three securities industry qualification examinations.