Soreide Law Group, a Securities Arbitration Law Firm, (888) 760-6552, obtained the following information on FINRA’s website under “Disciplinary and Other FINRA Actions, June, 2013.”
Joseph Henry Johnson (CRD #1312422, Registered Principal, Sayville, New York)
was fined $5,000 and suspended from association with any FINRA member in any capacity for 30 days. Without admitting or denying the findings, Johnson consented to the described sanctions and to the entry of findings that he engaged in unsuitable short-term trading and switching of municipal bond closed-ended funds in customers’ joint brokerage account.
FINRA's findings stated that Johnson recommended that the joint account purchase shares of closed-end municipal bond funds with long-term, conservative objectives and then sell the shares in a relatively short time frame. Johnson frequently switched them with other similar municipal bond closed-end funds. The products in question did not have any meaningful differences and the transactions yielded little to no profit; the joint account suffered losses of approximately $25,000 and was charged approximately $14,000 in commissions.
The suspension was in effect from May 6, 2013, through June 4, 2013.
(FINRA Case #2010024001501)
According to FINRA's BrokerCheck, Joseph H. Johnson is currently employed by and registered with the following FINRA Firm:
VANDERBILT SECURITIES, LLC
445 BROADHOLLOW ROAD, SUITE 400
MELVILLE, NY 11747
CRD# 5953
Registered with this firm since: 2/2/2011
Joseph H. Johnson was previously registered with FINRA at the following brokerage firms:
PRINCOR FINANCIAL SERVICES CORPORATION
CRD# 1137
MELVILLE, NY
10/2007 - 02/2011
GRANITE SECURITIES, LLC
CRD# 104255
BABYLON, NY
02/2004 - 10/2007
RAYMOND JAMES FINANCIAL SERVICES, INC.
CRD# 6694
ST. PETERSBURG, FL
09/1991 - 02/2004
This ends the information obtained on FINRA’s website.
If you suffered investment losses due to your stock broker/financial advisor’s recommendations, call Soreide Law Group for a free consultation with an attorney on how to potentially recover those losses: 888-760-6552.
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