Benjamin Benoit Lowder Jr. of Charlotte North Carolina a stockbroker formerly registered with MSI Financial Services Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Lowder failed to cooperate with a FINRA investigation into accusations of his potentially fraudulent trading practices. Letter of Acceptance Waiver and Consent No. 2017054137001 (Oct. 3, 2019).
According to the AWC, FINRA’s investigation into Lowder commenced following receipt of information from MSI Financial Services Inc. in regard to the stockbroker’s termination from the securities broker dealer. In particular, FINRA received a Uniform Termination Notice for Securities Industry Registration (also known as a Form U5) from MSI on May 23, 2018 which indicated that Lowder was subject of two civil actions pertaining to allegations of, among other things, securities fraud being committed through his solicitation of customers’ investments in phony or fictitious enterprises. There were amendments made by MSI to Lowder’s Form U5 in November of 2018, January of 2019, April of 2019 and July of 2019, all of which concerned more civil actions about the stockbroker.
The AWC stated that on September 3, 2019, Lowder was sent a letter from FINRA which commanded him to make an appearance before FINRA personnel and provide recorded testimony regarding his allegedly deceptive and fraudulent acts. FINRA was subsequently made aware from Lowder’s legal counsel that the stockbroker understood what FINRA asked of him but that he would at no point cooperate by providing testimony. FINRA found Lowder’s failure to provide recorded testimony to have hindered the investigation; conduct violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure confirms that Lowder has been identified in six customer initiated investment related disputes containing accusations of his violative conduct during the period in which he was associated with securities broker dealers including MSI Financial Services (formerly known as MetLife). Specifically, a customer filed an investment related civil action brought in the Superior Court of the State of North Carolina involving Lowder’s conduct where the customer requested damages estimated to exceed $25,000.00 supported by allegations that fraudulent and deceptive trading activities were employed to induce the customer’s investments in insurance products and fictitious entities. Case No. 18CVS01050 (Apr. 30, 2018).
Another customer filed an investment related civil action in the Superior Court of the State of North Carolina in which the customer sought damages estimated to exceed $25,000.00 founded on accusations of the customer having been induced by Lowder to purchase fraudulent investments during the time that the stockbroker was employed by MSI Financial Services. Case No. 18CVS01124 (May 14, 2018). Lowder is the subject of another civil action where the customer requested at least $25,000.00 in damages based upon allegations that since 2000, recommendations had been made by Lowder for the customer to purchase private securities which were fraudulent. Civil Action No. 18CVS19512 (Oct. 17, 2018). Also, a customer filed an investment related civil action involving Lowder’s behavior in which the customer sought $25,000.00 or more in damages supported by accusations of unfair, deceptive and fraudulent activities relating to the customer’s securities purchases executed away from MSI Financial Services. Civil Action No. 19CVS12902 (July 1, 2019).
