Investigation of Former Raymond James & Associates, Inc. Broker Frederick Stow
Posted on Monday, October 21st, 2019 at 1:58 pm
Erez Law is interested in speaking with investors who may have suffered losses due to investments with former Raymond James & Associates, Inc. broker Frederick Stow (CRD# 864436). Stow was registered with Raymond James & Associates, Inc. in Franklin, Texas from 2013 to 2019, when he was terminated regarding, “Terminated for misappropriating funds from customer accounts.”
In June 2020, the Securities and Exchange Commission (SEC) charged Stow with defrauding two seniors, including a World War II-era veteran, of nearly $1 million. Stow was charged with violations of the antifraud provisions of the federal securities laws.
According to the SEC complaint, Stow “acted as the veteran’s registered representative for more than three decades and inserted himself over time into the veteran’s personal and financial affairs. The complaint alleges that in October 2015, Stow began making unauthorized sales of securities from the veteran’s individual retirement account. Stow allegedly transferred the proceeds of those sales to his own bank account on 74 occasions using falsified wire transfer forms. The complaint further alleges that approximately one month after the veteran’s death in March 2019 at the age of 98, Stow stole money from another senior by wiring money from the senior’s brokerage account to Stow’s own bank account without authorization. In total, Stow stole $933,500 from the seniors.”
In January 2020, FINRA barred Stow after he failed to respond to FINRA request for information.
Stow has been the subject of two customer complaints in 2019, according to his CRD report:
June 2019. “FA misappropriated funds from a client’s account. Activity Dates 9/13- 5/19.” The customer is seeking $911,500 in damages and the case is currently pending.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Raymond James & Associates, Inc. may be liable for investment or other losses suffered by Stow’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.