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Articles Tagged with Coastal Equities

William Downing (CRD #1529382) is a former registered broker and investment advisor who was last registered with Coastal Equities, Inc. (CRD #23769) of Wimberly, TX. He was previously employed with J.W. Cole Financial, Inc. (CRD #124583), also of Wimberly, as well as Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #7691) and Wells Fargo Advisors, LLC (CRD #19616), both of Austin, TX. No current employment information is available. He began in the industry in 1986.

FINRA barred Downing after he failed to respond to a request for information. He was previously suspended, but did not respond to request termination of his suspension within the three-month time frame. He was indefinitely barred on 08/20/2018. No additional information is available.

Boca-Raton-Oppenheimer-Employees-Settle-SEC-Investigation-300x208Downing is also the subject of a customer dispute, filed on 07/05/2018. In it, the client alleges that Downing “between 2013 and 2018. . .excessively traded client’s account.” Requested damages are $1M, but no additional details are available. It is not known if this case is related to the FINRA action that let to Downing ultimately being barred indefinitely.

Silver Law Group is investigating Wilmington, Delaware-based Coastal Equities, Inc. (CRD# 23769) broker Luke Johnson (CRD# 461987) for unsuitable recommendations in non-traded REITs, annuities and other illiquid investments.

In August 2017, a Coastal Equities customer filed a FINRA arbitration alleging that Johnson recommended unsuitable securities purchased in approximately 2015.  The FINRA arbitration complaint alleges $56,000 in damages.  In 2005, Johnson’s previous firm permitted Johnson to resign after he admitted that he signed the name of his office’s designated supervisor on four (4) variable life insurance application forms which indicated an acceptable suitability review by the supervisor.

Johnson operates under the name Legend Capital Group Inc. As part of his business under Legend Capital Group, he sells fixed insurance and annuity products for various insurance companies, according to his FINRA BrokerCheck report. He is also an investment advisor with Coastal Equities.

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