Soreide Law Group is investigating potential investor claims against Donald Joseph Fowler [CRD#: 4989632, Rockville Centre, New York]. Notably, on February 25, 2020, in a civil action brought by the Securities and Exchange Commission (“SEC”) against Fowler in the U.S. District Court for the Southern District of New York, a jury found the broker liable for fraud, misrepresentation, and unsuitable trading causing losses to J.D. Nicholas & Associates, Inc. clients. Also, Financial Industry Regulatory Authority (“FINRA”) BrokerCheck reports that 14 investors filed disputes because of Fowler, who most recently associated with Worden Capital Management LLC from November 11, 2014 to August 1, 2019. Notably, those investors alleged breach of fiduciary duty, negligence and a host of other sales practice violations aimed at Donald Fowler’s securities trading. Here’s more on the allegations against Fowler.
SEC Alleges Fowler Used Unreasonable Trading Strategy To Generate Commissions
Notably, on January 9, 2017, SEC initiated civil action #: 1:17-cv-00139 against Donald Fowler. SEC claimed that the securities broker violated antifraud provisions of federal securities laws by way of his excessive and high-cost trading strategy for 27 J.D. Nicholas clients. First of all, Fowler failed to have a reasonable basis to believe trading in that manner was suitable given that the strategy was in all likelihood going to cause his clients to experience losses. Secondly, SEC says that Fowler generated “substantial commissions” and fees from clients by churning their accounts. Fowler allegedly caused those clients “enormous loses” by his excessive buying and selling of stocks.
Evidently, on February 25, 2020, a jury found Fowler liable for fraud, misrepresentation, unsuitable trading and unauthorized trading. The U.S. Court for the Southern District of New York ordered Fowler to pay a $1,950,000 fine and disgorge $132,076.40.
Lawsuit Alleges Donald Fowler Was Negligent, Deceptive With Worden Capital Management Client
Evidently, on October 14, 2019, a Worden Capital Management client filed FINRA Arbitration #: 19-02335 concerning Donald Fowler’s actions from 2015 to 2018. Notably, the client indicated that Fowler engaged in negligent and deceptive activities with respect to equipment leasing and stock transactions. Allegedly, the securities broker breached his fiduciary responsibility by placing his interests before the client’s interest. Moreover, Worden Capital Management allegedly negligently supervised him. The Statement of Claim also contains allegations of the violation of Georgia Uniform Securities Act. Consequently, the client requested between $100,000 and $500,000 in compensation from Worden Capital Management or Fowler. Supposedly, this arbitration is pending a resolution.
Worden Capital Management Client Suggests That Donald Fowler Misrepresented Investments
Apparently, a client of Worden Capital Management contested Donald Fowler’s actions by filing FINRA Arbitration #: 19-02317 on August 15, 2019. Allegedly, Fowler deceived this client too. The client indicated that Fowler misrepresented information in connection with the client’s investment account. Not only that, but the Statement of Claim alleges that Fowler violated his fiduciary responsibility and failed to deal with the client in good faith. Worden Capital failed to supervise Fowler’s stock trades according to the lawsuit. For this reason, Worden Capital Management agreed to settle the client’s dispute on October 3, 2019 through paying the client $7,500.
Donald Fowler Allegedly Breaches Fiduciary Duty
Evidently, on July 1, 2019, a Worden Capital Management client filed FINRA Arbitration #: 19-01580 concerning Donald Fowler. Mainly, the client contended that Fowler was negligent and traded stocks and OTC equities in an unsuitable manner. Also, the securities broker dishonored an investment agreement and misrepresented and omitted information regarding his trading. Finally, it seems that the client experienced losses because of Fowler’s breach of a fiduciary duty. Consequently, the client asked for $29,036 in compensation from Worden Capital Management or Fowler. Apparently, this arbitration is pending a resolution.
Worden Capital Management Client Indicates Donald Fowler Churned Account
Supposedly, on June 6, 2016, a Worden Capital Management client filed FINRA Arbitration #: 16-01503 concerning Donald Fowler’s actions from 2014 to 2016. Supposedly, the securities broker or Worden Capital Management violated federal securities laws by way of the transactions he facilitated. It appears that the securities broker seemingly made trades without authorization and he churned the client’s account. Because of this, on May 22, 2017, Worden Capital Management settled this client’s dispute by paying the client $400,000. Notably, Fowler personally contributed $95,000.
Did Worden Capital Management Securities Broker Donald Fowler Sell You Bad Investments?
Have you experienced losses by investing with Donald Fowler? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities firms and brokers like Fowler.