Erez Law Investigating Claims Related to Former RBC Capital Markets Broker Lisa Lowi
Posted on Monday, February 22nd, 2016 at 8:50 pm
Erez Law is investigating claims related to Lisa J. Lowi (CRD# 1347790). Lowi was associated with RBC Capital Markets, LLC, in West Palm Beach, Florida, from October 2009 until November 2015. Lowi has been associated with Janney Montgomery Scott, LLC, in Boca Raton, Florida, since November 2015.
Lowi recently has been the subject of several customer complaints, according to her CRD:
- January 2016: “CLIENT VERBALLY COMPLAINED ABOUT POOR SERVICE AND LOSSES SHE EXPERIENCED ON BONDS SHE PURCHASED ON HER FINANCIAL ADVISOR’S RECOMMENDATION. TIME FRAME 9/12 TO 11/15.” The complaint requested damages of $45,000 and was settled for $27,500.
- December 2015: “CLIENT COMPLAINS THAT SHE RECEIVED POOR SERVICE AND THAT BONDS SHE PURCHASED WERE NOT APPROPRIATE FOR SOMEONE WITH HER RISK PROFILE. TIME FRAME IS 6/14 TO 10/15.” The complaint remains pending.
- November 2015: “THIRD PARTY WROTE TO EXPRESS CONCERN REGARDING LOSSES CLIENT INCURRED ON BONDS WHICH HE BELIEVES WERE NOT SUITABLE FOR A CONSERVATIVE INVESTOR. TIME FRAME IS 11/14 TO 11/15.” The complaint was settled for $65,233.50
- September 2015: “CLIENT COMPLAINS ABOUT A LOSS IN A CORPORATE BOND AND COMPLAINS THAT HER FINANCIAL ADVISOR DID NOT ADVISE HER TO SELL THE BOND. TIME FRAME IS 06/13/13 TO 09/29/15.” The complaint requested damages of $45,0003 and was settled for $15,000.
- July 2015: “CLIENT CONTENDS THAT THE BOND INVESTMENTS IN HIS ACCOUNT ARE NOT CONSISTENT WITH HIS INVESTMENT OBJECTIVE AND RISK TOLERANCE.” The complaint was settled for $10,000.
- February 2015: “Claimant alleges the investment recommendations for his account were unsuitable based on his age and investment objectives and that risks were not disclosed prior to purchase.” The complaint requests damages of $68,570, and remains pending.
A broker must have reasonable grounds for each recommendation made to investors considering such factors as the customer’s other securities holdings, financial situation, and risk tolerance. In addition, before a firm offers a security to its customers, the firm must conduct due diligence, that is investigate the facts surrounding the security, to confirm that it is suitable for any customer of the firm. The suitability of an investment for a particular individual is at the center of the investment process and one of the key fiduciary duties owed by a firm and its broker to the customer. A firm may be held liable for its failure to recommend suitable investments to its customers.
In addition, 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, RBC Capital Markets, LLC, or Janney Montgomery Scott, LLC, may be liable for investment or other losses suffered by Lowi’s customers.
If you were a client of RBC Capital Markets, LLC, Janney Montgomery Scott, LLC, or Lisa Lowi or have experienced investment losses, please call us at 888-840-1571 or complete our “contact form.” Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies.