Broker Frederick Stow, Raymond James in Franklin, Tennessee
The SEC alleges Frederick Stow Stole close to $1 Million from two Seniors
According to a press announcement on June 12, 2020, the U.S. Securities and Exchange Commission is reportedly charging broker Frederick Stow of Franklin, Tennessee with allegedly defrauding two seniors, including a World War II-era veteran, of nearly $1 million.
According to the SEC’s complaint, Stow purportedly acted as the veteran’s registered representative for over 30 years and was allegedly intricately involved in the veteran’s personal and financial affairs.
The complaint alleges that in October 2015, Stow began making alleged 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, according to the SEC.
Further, shortly after the veteran reportedly died in March 2019 at the age of 98, Stow purportedly stole money from another senior by allegedly wiring money from the senior’s brokerage account to Stow’s own bank account without authorization. The SEC alleges that Stow stole $933,500 from the two seniors.
The U.S. Attorney’s Office for the Middle District of Tennessee has reportedly also filed criminal charges against Stow.
According to his FINRA BrokerCheck report, Stow was reportedly registered with Raymond James in Franklin, Tennessee from 2013 until 2019 when he was allegedly discharged “for misappropriating funds from customer accounts.”
Investigating Potential Lawsuits
The White Law Group is investigating potential lawsuits regarding the liability that Stow’s former employers may have for failure to properly supervise him.
When brokers violate securities laws the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.
Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.
We represent investors in FINRA arbitration claims in all 50 states, including Tennessee. If you are concerned about your investments with Frederick Stow, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com. The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.