JEFFREY L SLOTHOWER (JEFFREY LEONARD SLOTHOWER) CRD#: 3064787, a former financial advisor and broker, previously registered with Merrill Lynch in New York, was arrested in Southampton, New York, and charged with wire fraud, investment advisor fraud and money laundering. After leaving Merrill Lynch, Slothower started his own advisory firm, Battery Private. Allegedly, Slothower was involved in a scheme to misappropriate more than $1 million from his current and prospective clients, according to the U.S. Justice Department. The DOJ stated Slothower could face up to 20 years in prison if convicted.
According to the indictment in the U.S. District Court for the Eastern District of New York in Central Islip, the 43 year-old JEFFREY L SLOTHOWER of Southampton, allegedly approached two married clients who had worked with him previously, with texts, emails and phone calls to invest with his new venture, Battery Private. Slothower allegedly promised the victims he could beat any rate of return they were receiving without risk and convinced them to let him invest their money in bonds backed by homeowner’s association fees.
Between Jan. 25, 2017, and Jan. 27, 2017, Victim-1 allegedly sent more than $500,000 to JEFFREY L SLOTHOWER to invest in the HOA bonds, according to DOJ. But the money was not invested, according to the DOJ. Slothower allegedly used the funds, among other things, to “wire money to himself, purchase a luxury automobile and pay fees for a private golf club on Long Island.” Victim-2 also allegedly agreed to invest in the same bonds and, around December 2017, sent more than $500,000 to Slothower to invest. However, Victim-2’s money was used to pay personal credit card bills, and other personal things, according to DOJ. Additional payments were made by Victim-1 in June 2018, approximately $84,000, and was allegedly led to believe it was for the HOA-backed bonds. However, according to the DOJ, JEFFREY L SLOTHOWER allegedly used the money make quarterly payments to Victim-1 and Victim-2 that were misrepresented as their investment returns and to pay a private golf club on Long Island.
If you’ve suffered financial losses due to the actions or recommendations of JEFFREY L SLOTHOWER, formerly of Merrill Lynch of New York, contact Soreide Law Group and speak to an experienced securities lawyer at no cost to determine if you would be able to recoup your losses through a FINRA arbitration at: 888-760-6552.
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