Philip Andrew Johnson of Kingwood Texas a stockbroker registered with D.H. Hill Securities LLP has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on accusations that Johnson failed to cooperate with FINRA’s request for his information. Case No. 2018056846001 (Sept. 24, 2018).
According to FINRA Public Disclosure, Johnson had been issued a Notice of Suspension letter from FINRA on June 20, 2018 and a Suspension from Association letter on July 16, 2018. Once Johnson had been suspended, he was only able to resolve that suspension by providing FINRA with information by a September 23, 2018 deadline. Johnson failed to cooperate which led to him being automatically barred on September 24, 2018.
This is not the first time Johnson has been sanctioned by FINRA. He was fined $5,000.00 and suspended for three months by FINRA based upon his consent to findings that he borrowed $528,000.00 from a SunTrust Investment Services Inc. customer without permission from the firm and then conveyed within SunTrust’s compliance questionnaires that he did not borrow from any SunTrust customer. Letter of Acceptance Waiver and Consent No. 2017053041801 (Feb. 27, 2018). Johnson was previously fined $5,000.00 and suspended for three months based upon findings of him entering into a different unapproved customer loan arrangement; conduct violative of FINRA Rules 2010 and 3240. Letter of Acceptance Waiver and Consent No. 2015045420301 (Oct. 14, 2015).
FINRA Public Disclosure reveals that Johnson is referenced in two customer initiated investment related disputes containing allegations of his misconduct during the period in which he was associated with SunTrust. In fact, a customer filed an investment related complaint involving Johnson’s conduct where the customer requested $16,517.00 in damages based upon accusations that an annuity failed to contain a rider the customer ordered resulting in a less valuable benefit.
On May 30, 2017, another customer initiated investment related complaint regarding Johnson’s activities was settled for $525,000.00 in damages supported by allegations that when Johnson was associated with SunTrust Investment Services Inc., the customer had been inappropriately steered towards selling an annuity and placing the assets into real estate investments through Johnson which resulted in the customer having personally loaned Johnson funds for the real estate investment purchase.
Johnson’s registration with SunTrust Investment Services has been terminated as of April 24, 2015 founded on accusations that Johnson violated the firm’s policies by borrowing from a customer without the firm’s approval. He was registered with D.H. Hill Securities LLLP between April 28, 2016 and December 31, 2017.
