David Johnson, a former broker, was sentenced to 20 years in prison for felony theft. Mr. Johnson allegedly stole more than $330,000 from seven individuals, many of them friends and acquaintances. He told the investors he would invest their money in a foreign bank that paid high returns, but instead, spent the money on his 10 children and cars. At least one of the victims was a retired, elderly woman. A court has ordered Johnson to repay the money. According to his FINRA BrokerCheck report, David Johnson was registered with GR Phelps & Co., MML Investors Services, Capital Financial Services and JP Turner & Company in Keller, Texas from January 2010 until January 2012. He has four customer disputes against him and is currently not registered within the industry. If you were a victim of Johnson’s, please call our securities law firm today at 312-332-4200 to find out how you can recover your losses on a contingency fee basis. The call is free with no obligation.
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