Phillip Andrew Johnson of Nashville Tennessee a stockbroker formerly employed by SunTrust Investment Services Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by allegations that Johnson refused to respond to a FINRA information request. Case No. 2018056846001 (Sept. 24, 2018).
According to FINRA Public Disclosure, Johnson had been issued a Notice of Suspension dated June 20, 2018, and then issued a Suspension of Association letter dated July 16, 2018. Apparently, Johnson was instructed by FINRA to cooperate with its requests, or otherwise request that his suspension be terminated, no later than September 23, 2018 if he planned to remain in the securities industry. Apparently, Johnson’s failure to respond led FINRA to bar him in all capacities by September 24, 2018.
This is not the first time that Johnson has been sanctioned by FINRA. Specifically, Johnson was fined $5,000.00 and suspended from associating with any FINRA member in any capacity based upon findings that (1) Johnson borrowed $528,000.00 in funds from a customer of his previous securities broker dealer, SunTrust Investment Services Inc., without having informed the firm or procured the firm’s authorization and (2) Johnson made false statements on the questionnaires administered to him by SunTrust Investment Services Inc. specifically concerning loans from customers. Letter of Acceptance Waiver and Consent No. 2017053041801 (Feb. 27, 2018). FINRA found Johnson’s conduct violative of FINRA Rules 2010 and 3240.
FINRA Public Disclosure confirms that Johnson has been identified in two more customer initiated investment related disputes containing accusations of his misconduct while employed with SunTrust Investment Services. Particularly, a customer initiated investment related complaint involving Johnson’s activities was resolved for $16,517.00 in damages founded on allegations that Johnson failed to place a rider on the customer’s annuity product causing a detriment to the customer’s income benefit base.
Then, on May 30, 2017, a customer initiated investment related complaint concerning Johnson’s conduct was settled for $525,000.00 in damages supported by accusations that the customer was inappropriately steered towards liquidating an annuity and investing the funds along with Johnson in real estate; and Johnson procured a loan from the customer so that real estate could be purchased.
Johnson was terminated by SunTrust Investment Services Inc. based upon allegations that without the firm’s approval, Johnson borrowed funds from a customer of the securities broker dealer.
