Donald Joseph Fowler (Donald Fowler) – SEC Charges Financial Advisor/Broker Donald Fowler with Fraud | Goodman & Nekvasil P.A., May Recover Investor Losses
Donald Joseph Fowler (Donald Fowler) Financial Advisor CRD #4989632
Donald Fowler was a formerly registered financial advisor with Worden Capital Management LLC and J.D. Nicholas & Associates, Inc.
According to the SEC:
The Securities and Exchange Commission charged two New York-based brokers with fraudulently using an in-and-out trading strategy that was unsuitable for customers in order to generate hefty commissions for themselves. The Securities and Exchange Commission alleges that Donald J. Fowler (Fowler) and the other individual recommended to customers a high-cost trading strategy consisting of the excessive buying and selling of stocks. This strategy benefitted Fowler because the frequency of the trading generated substantial commissions and other fees. The customers who trusted Fowler and relied on his supposed stock-picking expertise, however, ended up with enormous losses. The uniform trading strategy followed by Fowler in 27 customer accounts at J.D. Nicholas & Associates, Inc. (“J.D. Nicholas”), a now-defunct broker-dealer based in Syosset, NY, shows, the high-cost, excessive trading generated ill-gotten gains for Fowler while his customers’ account balances dwindled away. Fowler’s conduct violated the antifraud provisions of the federal securities laws in two respects. First, Fowler recommended a trading strategy to 27 customers without any reasonable basis to believe that the strategy was suitable for anyone. Donald Fowler knew or should have known that, in view of the excessive in-and-out trading and the cost structure, his strategy was bound to lose money in each of the 27 customer accounts. Second, Donald Fowler engaged in churning with regard to at least 3 of the 27 customer accounts. By virtue of the conduct alleged, Donald Fowler, directly or indirectly, singly or in concert, violated and is otherwise liable for violations of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.
According to Donald Fowler’s BrokerCheck Report:
Two customer disputes alleging sales practice violations against Donald Fowler are currently pending.
Customer Dispute (10/14/2019): Breach of fiduciary duty; negligence; negligent supervision; fraud; breach of contract; violation of GA Uniform Securities Act. Dates of alleged activity: March 2015 through January 2018. This pending customer dispute seeks $100,000 in damages.
Customer Dispute (7/1/2019): Allegations include negligence, unsuitability, breach of fiduciary duty, breach of contract, negligent misrepresentation and omissions. This pending customer dispute seeks $29,036 in damages.
Goodman & Nekvasil P.A. May Recover Investor Losses
If you lost any money on investments with Donald Fowler, you may be able to recover your losses. If you lost money on investments with Donald Fowler and believe that the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action concerning Donald Fowler’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you lost money on investments with Donald Fowler and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
Some of the information in this blog post was obtained on 3/4/2020 directly from FINRA BrokerCheck, without any changes. If you believe this information was reported incorrectly, please contact our firm at 1-800-500-4442.
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