Douglas Johnson Allegedly Recommended an Unsuitable Annuity

Douglas Johnson (CRD #: 2607639), a broker registered with LPL Financial, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on May 16, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Allegations

March 26, 2024, an investor alleged that Douglas Johnson did not advise that the recommended annuity would rebalance to a more conservative strategy over the years, resulting in lost value versus what it would have generated if it had been left in original allocations. The dispute was denied, but investors should know that firms can deny disputes without any external review. Investors can still recover losses following a denial. 

FINRA Rule 2111 – Unsuitable Investments 

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Investments that do not take these factors into account may be unsuitable. 

Background Information 

Douglas Johnson has passed the following exams: 

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination

He is a registered broker in eight states and is a registered investment adviser in Minnesota and Texas. 

During his 28 years of experience, Douglas Johnson has registered with five firms: 

• LPL Financial (CRD #: 6413)
• Wells Fargo Clearing Services (CRD #: 19616) 
• Wells Fargo Investments (CRD #: 10582) 
• Wells Fargo Brokerage Services (CRD #: 16100) 
• Edward D. Jones & Co. L.P. (CRD #: 250) 

Kurta Law Can Help 

If you have worked with Douglas Johnson and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.