Luke Michael Johnson of Scottsdale Arizona a stockbroker formerly registered with Coastal Equities Inc. is referenced in a customer initiated investment related FINRA securities arbitration claim where the customer requested $76,500.00 in damages founded on allegations that Johnson provided unsuitable recommendations concerning real estate security transactions at Coastal Equities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-03956 (Dec. 3, 2020).
FINRA Public Disclosure confirms that Johnson has been identified in 20 additional customer initiated investment related disputes regarding accusations of his wrongdoing while registered with Coastal Equities and Coastal Investment Advisors Inc. On November 9, 2020, a customer filed an investment related FINRA securities arbitration claim regarding Johnson’s activities in which the customer sought $200,000.00 in damages supported by allegations that between 2013 and 2017, Johnson inappropriately recommended for them to buy alternative investments and that Coastal Equities did not perform sufficient due diligence before making real estate securities and other DPPs or LPs available for purchase. FINRA Arbitration No. 20-03756.
On May 3, 2021, another customer initiated investment related FINRA securities arbitration claim concerning Johnson’s conduct was resolved for $127,080.82 in damages based upon accusations that real estate security transactions were not suitable for the customer and had resulted in damages. FINRA Arbitration No. 20-00847. A different customer initiated investment related FINRA securities arbitration claim involving Johnson’s activities was settled for $282,954.89 in damages founded on allegations that there was inadequate due diligence on alternative investments that Johnson recommended including real estate securities and direct investments between 2014 and 2017. FINRA Arbitration No. 20-00593 (May 3, 2021). The claim alleges that the stockbroker’s unsuitable recommendations caused losses.
Johnson is also the subject of a customer initiated investment related FINRA securities arbitration claim which was resolved for $16,098.71 in damages supported by accusations of bad advice relating to the customer’s real estate security holdings at Coastal Equities Inc. FINRA Arbitration No. 20-01607 (May 3, 2021). Also on May 3, 2021, a customer initiated investment related FINRA securities arbitration claim regarding Johnson’s conduct was settled for $33,792.28 in damages based upon allegations of poor investment advice and inadequate due diligence concerning the customer’s real estate security and direct investment purchases. FINRA Arbitration No. 20-03522.
Johnson was associated with Coastal Equities between April 3, 2012 and November 13, 2019 at which point he was discharged by the securities broker dealer founded on accusations of his failure to comply with company policy regarding customer complaints.