The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Philip Andrew Johnson. According to his publicly available FINRA BrokerCheck report, Philip Andrew Johnson has been the subject of multiple customer disputes.

Phillip Andrew Johnson was a Texas based securities broker. He worked in the securities industry for forty years. During his career, he was registered with five different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Tanley & Oakley Investment Co. (1976-1982)
  • The Equitable Life Assurance Society (1981-2000)
  • AXA Advisors (1981-2003)
  • Sunburst Investment Services (2003-2015)
  • D.H. Hill Securities (2016-2017)

The Allegations

  • In February 2009, a customer alleged that Philip Andrew Johnson failed to submit an application to add a retirement income rider to the client’s existing annuity in a timely manner. Because of this, the clients did not receive the highest value on the income benefit base on their annuity. This case was settled for $16,517 in damages.
  • In March 2017, a customer’s attorney alleged that Philip Andrew Johnson induced her to liquidate a $540,000 variable annuity bought elsewhere to invest $258,000 of the proceeds into a real estate investment. He did this without obtaining written approval from his member firm. This case was settled for $525,000.

What Does This Mean?

Variable Annuities are investment vehicles in which customers spend years paying scheduled premiums. These premiums are then invested into the actual equities market. The money is then returned to the investor in scheduled distributions during the individual’s retirement. The amount they receive is dependent on how the invested premiums performed in the equities market.

Variable annuities are some of the most illiquid products out there. This is because customers are charged incredibly high penalties when withdrawing from, or surrendering, their variable annuity during its surrender period, or the period before which the investor begins receiving their distributions. Because of this, it is highly unsuitable for securities brokers to recommend to customers that they liquidate their variable annuities to purchase other securities.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Phillip Andrew Johnson, please contact Oakes & Fosher for a free and private consultation. We handle cases on a contingency basis, which means there are no fees charged unless we collect for you.