FREDERICK MARKLEY STOW (CRD#: 864436), a former broker and vice president with Raymond James & Associates, Inc. of Franklin, Tennessee, was charged on June 11, 2020, in a Nashville federal court for the Middle District of Tennessee, with three counts of wire fraud, one count of identity theft and one count of securities fraud. They are alleging Stow defrauded two elderly clients, including a World War II veteran, now deceased, out of nearly $1 million.
According to the SEC, this case alleges the theft of the two elderly brokerage clients’ funds by FREDERICK MARKLEY STOW over more than three years. Allegedly, Stow sold securities from the individual retirement account (IRA) of one client and then forged wire transfer letters of authorization to transfer the proceeds of the securities sales to his own bank account without the client’s knowledge or consent. A few weeks after the client died at the age of 98, and the account was frozen. Then, according to the SEC report, Stow started misappropriating funds from another elderly client.
The deceased client’s executor made repeated requests for an explanation of the wire transfers, according to the SEC, and FREDERICK MARKLEY STOW confessed to his supervisor that he had stolen the funds from the elderly client’s accounts. The SEC stated that Stow allegedly misappropriated $943,500 from the two elderly clients.
According to the reports, the SEC representatives warned elderly investors about scams and fraudulent schemes targeting seniors, “Stow took advantage of these seniors, abusing his access to their brokerage accounts to generate income for himself.”
FREDERICK MARKLEY STOW, according to FINRA’s BrokerCheck, was discharged from Raymond James & Associates, Inc. in May of 2019, following the allegations, “Terminated for misappropriating funds from customer accounts.” There is a pending “Customer Dispute” filed in June of 2019 requesting $911,500.00 in damages with allegations, “FA (Financial Advisor) misappropriated funds from a client’s account. Activity Dates 9/13- 5/19.”
Stow was barred by FINRA in all capacities in January of 2020.
FREDERICK MARKLEY STOW had been registered in the securities industry for 40 years and was listed with 7 firms, the most recent listed below:
09/06/2013 – 06/10/2019 RAYMOND JAMES & ASSOCIATES, INC. – FRANKLIN, TN
If you or an elderly loved one suffered losses due to the actions or recommendations of the former broker/financial advisor, FREDERICK MARKLEY STOW, previously with Raymond James in Franklin, Tennessee, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis and represents clients nationwide before FINRA.