James Michael “Mike” Johnson

Date:

December 3, 2015

Type of alert:

FINRA AWC  

On November 25, 2015, former Commonwealth Financial Network and First Allied Securities, Inc. stockbroker James Michael “Mike” Johnson (CRD# 827560) of Richmond, Virginia entered into a Letter of Acceptance, Waiver and Consent to resolve allegations FINRA made against him regarding violations of securities industry rules.

Mike Johnson consented, without admitting or denying the allegations made against him by FINRA, to a $50,000 fine and two year suspension from associating with any FINRA member firm in all capacities in resolution of FINRA Disciplinary Proceeding No. 2012032080901. FINRA alleged that “[i]n May, June, and November 2010, Johnson made negligent misrepresentations and omissions in connection with securities investments made away from Commonwealth by Firm customers JU and GU, thereby violating FINRA Rule 2010. Johnson also participated in these transactions away from the Firm in violation of NASD Rule 3040 and FINRA Rule 2010. In addition, from November 2006 through March 2012, Johnson exceeded the scope of Commonwealth’s approval of his involvement in one outside business activity (“OBA”) and failed to disclose two other OBA’s in violation of NASD Rules 3030 and 2110 and FINRA Rules 3270 and 2010.” According to FINRA’s allegations, one of the investments at issue with clients JU and GU was an entity called West Virginia Farm Properties, LLC.

According to Johnson’s FINRA BrokerCheck Report, he was permitted to resign from Commonwealth Financial Network on March 30, 2012 amid allegations of “undisclosed OBAs [outside business activities].” He was later discharged from First Allied Securities on October 30, 2013, when the firm claimed that he “violated firm policy by placing trades in a customer account without speaking with the actual customer.”

Take the next steps to find out if you have a claim:

Step 1.

Talk to an Experienced Attorney Today

Call and speak to one of our attorneys* for a no-cost consultation to discuss your situation, answer your questions, and help you determine the next steps. This call usually takes about 15 minutes, but we are happy to talk to you as long as you would like!

Step 2.

Quick Review of Your Paperwork

If we think you might have a case, we will need to review a few basic documents. If we determine you have a case, then you will have the option to hire us as your attorneys to pursue it.

Step 3.

Signed Attorney/Client Agreement

If you decide to hire us to pursue your case, we will have you sign an attorney-client agreement so we can begin the process of trying to recover your losses.*

*In the vast majority of cases, our agreement is contingent – meaning you won’t owe us any money unless we recover money for you.


Request a Consultation

This site contains attorney advertising. The attorneys at ChapmanAlbin are licensed to practice law in Ohio and Michigan. Any reference to past cases or successes made herein should not be construed as a guarantee of any future outcome. Each client and each client’s case is unique, and no result or outcome is or can ever be guaranteed. The information provided in this website is offered for general information purposes only; it is not offered as and does not constitute legal advice in any way. // Disclaimer