by Admin Istrator | November 1, 2021 8:27 pm
Public records maintained by the Financial Industry Regulatory Authority (FINRA) and accessed on October 20, 2021 indicate that former New York-based Worden Capital Management broker Donald Fowler (CRD# 4989632), who has received more than a dozen resolved or pending customer disputes, was recently sanctioned by FINRA and indefinitely barred from acting as a broker.
Donald Fowler has spent 13 years in the securities industry and was most recently registered with Worden Capital Management in Rockville Center, New York from 2014 until 2019. His previous registrations include JD Nicholas & Associates in Syosset, New York (2007-2014) and American Capital Partners in Wantagh, New York (2005-2007). He has passed four securities industry examinations and is currently not registered with any state or firm.
According to his BrokerCheck report, Donald Fowler has received 12 customer complaints, two pending customer complaints, one FINRA sanction, and an SEC enforcement action that concluded in a 2020 ruling by a federal district judge in New York, ordering him to pay $2 million in fines and disgorgement over allegedly unsuitable trading.
In August 2021 FINRA sanctioned him in connection to allegations he engaged in churning and excessive trading in four customer accounts over which he held “de facto control.” According to FINRA’s findings, he employed a short-term trading strategy “with reckless disregard for the customers’ interests” and “to maximize his commissions,” resulting in the customers paying a cumulative $949,356 while experiencing cumulative losses of $1,095,778. In connection with these findings, Fowler was barred from associating with any FINRA member firm in any capacity.
In August 2021 a customer alleged Donald Fowler, while employed at Worden Capital Management, churned investments, made qualitatively and quantitatively unsuitable recommendations, breached his fiduciary duty, made negligent misrepresentations and omissions, and violated securities industry rules. The customer is seeking $1.2 million in damages in the pending complaint.
In 2020 a customer alleged Donald Fowler, while employed at Worden Capital Management, engaged in churning, made unsuitable investment recommendations, breached his fiduciary duty, breached contract, and made misrepresentations and omissions of material facts. The customer is seeking $27,410 in damages in the pending complaints.
In 2019 a customer alleged Donald Fowler, while employed at Worden Capital, acted negligently, committed fraud, breached his fiduciary duty, breached contract, and violated Georgia securities law. The complaint settled in 2020 for $120,000.
In 2016 a customer alleged that while employed at Worden Capital, he violated securities laws, churned investments, executed unauthorized trades, breached his fiduciary duty, failed in his supervisory duties, and committed common law fraud. The complaint settled in 2017 for $400,000.
In 2014 a customer alleged that while employed at JD Nicholas & Associates, he over-concentrated the account, failed in his supervisory duties, acted negligently, and churned investments in the account. The complaint settled in 2016 for $350,000.
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