JOHN CLAYTON JOHNSON is currently employed as a Broker and/or Investment Adviser at JOHNSON SECURITIES, INC. located at 1600 PENNSYLVANIA AVE., MCDONOUGH, GA, 30253.
JOHN CLAYTON JOHNSON has worked at JOHNSON SECURITIES, INC. since March 05, 2018
JOHN CLAYTON JOHNSON has 1 Disclosure Event(s).
Date: February 06, 2003 Category: Customer Dispute Allegations: SECURITY LIFE OF DENVER RECEIVED A LETTER FROM THE CUSTOMER'S LAW FIRM REQUESTING THAT ADDITIONAL FUNDS BE INFUSED INTO THE POLICY VALUES AS HIS POLICY VALUES HAD DECLINED DUE TO MARKET CONDITIONS. HE CLAIMED THAT A MILD RATING DUE TO HIS BYPASS SURGERY HAD NOT BEEN DISCLOSED. ALL THE FACTS, THE POLICY AND THE SIGNED ILLUSTRATIONS CLEARLY REFLECTED THE RATING HAD BEEN DISCLOSED AND KNOWN FROM INCEPTION. THE CUSTOMER ACKNOWLEDGED THAT HIS STEPSON-IN-LAW HAD MADE ALL THE INVESTMENT CHOICES FOR HIM. SECURITY LIFE OF DENVER REQUESTED A COPY OF MY FILE AND A RESPONSE FROM ME. BASED ON THEIR REVIEW AND MY RESPONSE, THEY FOUND THAT I HAD DONE NOTHING INAPPROPRIATE AND BECAUSE OF THE DOCUMENTATION I HAD, THEY SENT A LETTER TO THE CUSTOMER'S ATTORNEY NOTIFYING HIM THAT THEY WOULD NOT DO ANYTHING REGARDING HIS CLAIM WHICH THEY FOUND HAD NO MERIT AND ELECTED TO CLOSE THEIR FILE. THE CUSTOMER SUBSEQUENTLY FILED SUIT IN CHESTER COUNTY COMMON PLEAS COURT AGAINST MY INSURANCE COMPANY, JOHN C. JOHNSON, INC. AND MYSELF. HE ALLEGED BREACH OF CONTRACT AND NEGLIGENCE AND SOUGHT COMPENSATORY DAMAGES OF $130,000. AFTER DISCOVERY HE SUDDENLY REDUCED THE CLAIM FOR DAMAGES TO UNDER $10,000 AT WHICH TIME MY E&O CARRIER AND LAW FIRM ELECTED TO SETTLE AS THE PROJECTED COST OF LITIGATION WAS $46,000. THE SETTLEMENT INCLUDED A HOLD HARMLESS AGREEMENT FOR ME INDICATING THERE WAS NO FINDING OR ADMISSION OF ANY WRONGDOING ON MY PART. Damage Amount Requested: $130,000.00 Settlement Amount: $9,900.00 Broker Comment: SEE FACTS STATED IN QUESTION #4. WHEN WE REVIEWED THE REPORTING REQUIREMENTS IN SECTION 3070, NONE OF THE SECTIONS APPEARED TO APPLY TO ME. I THOUGHT BASED ON ERRONEOUS INFORMATION FROM MY LEGAL COUNSEL THAT IF SETTLED FOR UNDER $10,000 IT NEED NOT BE REPORTED. I RECENTLY DISCOVERED THAT WAS INCORRECT. HAVING NO REAL EXPERIENCE IN THIS AREA CAUSED ME TO MISINTERPRET THE REQUIREMENTS.
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