Luke Johnson: $1.3 Million Complaint Against Prime Capital Advisor

Scottsdale, Arizona financial advisor Luke Johnson (CRD# 3257008) has received more than 20 investor complaints alleging his investment advice resulted in losses. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that the former Coastal Equities broker is currently an investment advisor with Prime Capital Investment Advisors.

Mr. Johnson’s BrokerCheck report discloses 17 investor complaints that reached settlements and five investor complaints that remain pending. The most recent, filed in March 2022, alleges that as a representative of Coastal Equities, he made unsuitable investment recommendations. The pending complaint alleges damages of $345,000.

A second investor complaint, filed in December 2021, similarly alleges that he sold unsuitable investments while at Coastal Equities. The pending complaint alleges damages of $300,000.

A third investor complaint, filed in June 2021, alleges he recommended unsuitable direct investments and real estate securities. The pending complaint alleges damages between $100,000 and $500,000.

A fourth investor complaint, filed in June 2021, alleges he recommended unsuitable investments in 2018. The pending complaint alleges damages of $1,375,000.

A fifth investor complaint, filed in 2020, alleged that he recommended unsuitable investments while at Coastal Equities. In 2021 the complaint reached a settlement of $282,954.89.

A similar complaint filed in 2020 alleged that he recommended unsuitable direct investments in 2020. In 2021 the complaint reached a settlement of $601,939.78. A complaint filed in 2018, meanwhile, alleged he recommended unsuitable investments, reaching a settlement in 2019 of $225,000.

According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Luke Johnson holds 17 years of securities industry experience. Based in Scottsdale, Arizona, he has been an investment advisor with Prime Capital Investment Advisors since 2020. He is not presently registered as a broker. His past registrations include Coastal Equities (Scottsdale, Arizona; 2012-2019), Summit Brokerage Services (Scottsdale, Arizona; 2006-2009), Carillon Investments (Cincinnati, Ohio; 2005-2006), Northwestern Mutual Investment Services (Milwaukee, Wisconsin; 2000-2005), and Robert W. Baird & Company (Milwaukee, Wisconsin; 2000-2002). His credentials include the passage of six securities industry qualifying examinations: the Investment Company Products/Variable Contracts Principal Examination, or Series 26; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He is licensed as an investment advisor in Arizona and Texas. (Information current as of July 20, 2022.)

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