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Joel Johnson Involved in Two Pending Investor Disputes

Feb 28, 2022 Unsuitable Investments

Joel Johnson (CRD #: 1941908), a broker formerly registered with SilverOak Securities, Incorporated, is involved in two pending investor disputes, according to his BrokerCheck record, accessed on February 19, 2022. 

According to the allegations filed on December 10, 2021, Joel Johnson purchased speculative and illiquid alternative investments without his client's knowledge. A broker must always have the customer's permission before executing any transactions in their non-discretionary account. This is in accordance with FINRA Rule 3260(b). This unethical conduct also violates FINRA Rule 2010, which requires associated persons to observe high standards of commercial honor and just and equitable principles of trade.

The clients' further alleged that the investments were unsuitable. The investors are seeking $80,000一the case is still pending.

Prior Dispute

On November 29, 2021, an investor filed a dispute against Joel Johnson, alleging he sold her unsuitable speculative and illiquid alternative investments. The investor claimed she would have never purchased the alternative investments if Joel Johnson had given her a balanced presentation explaining the investment's speculative and illiquid nature. The case is still pending.

FINRA Rule 2111 defines suitable investments as securities that fit an investor's profile. An investor's profile includes information about their risk tolerance, financial goals, and age. Securities may also be unsuitable because they are illiquid, meaning they are intended to be held for an extended time, and investors may have to pay high fees to cash out.

Ensure you are not being taken advantage of by contacting the securities attorneys at Kurta Law as soon as possible if you believe you lost funds due to bad investment recommendations.

Background Information

Joel 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
  • Series 6 - Investment Company Products/Variable Contracts Representative Examination

Besides SilverOak Securities, Incorporated, Joel Johnson has also worked with the following firms:

  • ING Financial Partners (CRD#:2882)
  • USALLIANZ Securities (CRD#:40875)
  • METLIFE Securities (CRD#:14251)
  • Metropolitan Life Insurance Company (CRD#:4095)
  • Northwestern Mutual Investment Services (CRD#:2881)
  • Robert W. Baird & Co. Incorporated (CRD#:8158)
  • AAL Capital Management Corporation (CRD#:18387)
  • First Montauk Securities Corp (CRD#:13755)
  • Chatfield Dean & Co. (CRD#:14714)
  • The Stuart-James Company, Incorporated (CRD#:11691)

Kurta Law Can Help

If you have been victimized after working with Joel Johnson, don't hesitate to contact us today at 877-600-0098 or 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 and 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.