KARL THOMAS JOHNSON is currently employed as a Broker and/or Investment Adviser at CAMBRIDGE INVESTMENT RESEARCH, INC. located at 430 FOOTHILL BLVD SUITE G, STE G, LA CANADA FLINTRIDGE, CA, 91011.
KARL THOMAS JOHNSON has worked at CAMBRIDGE INVESTMENT RESEARCH, INC. since November 30, 2007
Disclosure History
KARL THOMAS JOHNSON has 2 Disclosure Event(s).
Date: March 11, 2010 Category: Customer Dispute Allegations: CLIENT ALLEGES THAT THE VA'S PURCHASED WERE UNSUITABLE AND THAT THE RR BREACHED HIS FIDUCIARY DUTY TO THE CLIENT. Damage Amount Requested: $19,587.00 Settlement Amount: $9,790.00
Date: July 16, 2009 Category: Customer Dispute Allegations: 9/06-3/08; THE CLIENT STATES ANNUITY SOLD TO HER WAS NOT SUITABLE DUE TO HER AGE ANDTHE RISK. SHE STATES IF SHE WOULD HAVE BEEN INFORMED OF THE RISKS, SHE WOULD NOTHAVE PURCHASED THE ANNUITY. SHE STATES THE MONTHLY PAYMENTS WERE NOT ENOUGH TOCOVER HER EXPENSES. SHE INDICATES SHE LOST $120,000. Damage Amount Requested: $5,000.00 Broker Comment: AFTER DISCUSSING SEVERAL INVESTMENT OPTIONS, THE FA INDICATES IT WAS DETERMINED AVARIABLE ANNUITY WITH A GUARANTEED INCOME MINIMUM COULD HELP MEET THE CLIENT'SINVESTMENT OBJECTIVE. IT IS OUR UNDERSTANDING THE FA REVIEWED THE POTENTIAL RISKS,INCLUDING MARKET FLUCTUATION IN THE SUBACCOUNTS, AND BENEFITS PRIOR TO THE ORIGINALPURCHASE. HE STATES HE PRESENTED SEVERAL DIFFERENT OPTIONS, BUT RECOMMENDED THEAMERICAN LEGACY SHAREHOLDERS WITH LINCOLN BECAUSE THERE WERE NO SURRENDERCHARGES, THE FEES WERE REASONABLE, THE INCOME BENEFIT AND THE POTENTIAL OF ANINCREASED INCOME BENEFIT IF THE MARKET VALUE INCREASED. ACCORDING TO LINCOLN, EACHTIME THE CLIENT INVESTED FUNDS, THE FUNDS COULD NOT BE ADDED TO THE EXISTING POLICYDUE TO THE INCOME BENEFIT ON THE CONTRACT. BASED ON OUR REVIEW, THE CLIENT ONLYPURCHASED TWO ANNUITY CONTRACTS WITH EDWARD JONES TOTALING $145,000; SHEWITHDREW A TOTAL OF $91,402.51. AT THE TIME THE CLIENT TRANSFERRED HER ACCOUNT FROMEDWARD JONES, THE VALUE OF THE ANNUITIES HAD NOT DECLINED BASED OFF THE AMOUNTWITHDRAWN. THE OTHER ANNUITY CONTRACTS MENTIONED IN THE LETTER DATED JULY 13, 2009WERE NOT PURCHASED WITH EDWARD JONES. AT THE TIME OF THE PURCHASES, THEINVESTMENTS APPEARED TO WITHIN THE SCOPE OF THE INVESTMENT OBJECTIVES. IN LIGHT OFTHESE CIRCUMSTANCES, THE CLIENT'S REQUEST FOR REIMBURSEMENT IS RESPECTFULLY DENIED.
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