Timothy L. Johnson, of Willmar, Minnesota, a stockbroker registered with Cetera Investment Services LLC, was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim that was settled for $164,000.00 in damages based upon allegations that Johnson made unsuitable recommendations of variable annuities when Johnson was associated with Cetera Investment Services LLC. FINRA Arbitration No. 20-02197 (May 12, 2021).
This is not the first time that Johnson has been referenced in a customer initiated investment related dispute concerning Johnson’s conduct in the securities industry. FINRA Public Disclosure shows that Johnson was also referenced in a customer initiated investment related complaint filed on May 30, 2017, in which the customer requested $310,896.00 in damages based upon allegations that Johnson provided the customer with unsuitable advice about variable annuities during the time that Johnson was associated with Cetera Investment Services LLC. The securities broker dealer denied this complaint.
Johnson was associated with Cetera Investment Services LLC as a stockbroker from August 22, 2007, to January 14, 2020, and as an investment advisor representative from January 21, 2014, to January 16, 2020. He has been associated with Securities America Inc. as a stockbroker since January 10, 2020, and associated with USAdvisors Wealth Management LLC as an investment advisor representative since January 16, 2020.
