Donald J. Fowler, of Garden City, New York, a stockbroker with Worden Capital Management LLC, is currently subject to two pending customer disputes. Particularly, on June 6, 2016, a customer requested $812,000.00 in damages in connection with allegations against Fowler of securities fraud in violation of Securities Exchange Act of 1934 Section 10(b) and 20(a), engaging in unauthorized and excessive trading in the customer’s account, churning, negligent failure to supervise, and breach of fiduciary duty.
Fowler is also subject to a pending customer dispute from April 2, 2015, in which a customer requested $419,372.00 in damages after alleging that Fowler breached his fiduciary duty to the client, abused commissions or mark-ups charged to the customer, churned the customer’s account, and effected transactions which were unsuitable.
Public Disclosure records reveal that Fowler has been subject to a host of other customer disputes. On May 6, 2011, Fowler settled a customer dispute for $35,000.00 after he was alleged to have engaged in the unauthorized trading of short term Apple call options in the customer’s account. On August 2, 2011, Fowler settled a customer dispute for $178,500.00 after the customer alleged that Fowler improperly utilized the customer’s margin account, and that investments selected by Fowler were unsuitable.
On July 31, 2012, Fowler was subject to a customer dispute, in which the customer requested $81,000.00 in damages after claiming that Fowler engaged in unauthorized transactions in the customer’s account, and made investment recommendations which were not suitable. On August 29, 2012, Fowler settled a customer dispute for $14,500.00 after the customer alleged that Fowler committed negligence, breached his fiduciary duty to the client, made misrepresentations to the customer, and churned the customer’s account.
On March 31, 2014, Fowler settled a customer dispute for $12,000.00 after the customer alleged that Fowler improperly traded securities in the customer’s margin account in a manner which was inconsistent with the risk tolerance of the customer. On July 7, 2014, Fowler settled a customer dispute for $65,000.00 after the customer alleged fraud in violation of SEC Rule 10b-5.
On October 24, 2014, Fowler settled a customer dispute for $350,000.00 amid allegations against Fowler of negligence, overconcentration of the customer’s assets, unsuitability, and churning of the customer’s investments. Fowler settled another customer dispute for $50,000.00 on January 29, 2015, after the customer alleged that investments were unsuitable given the risk tolerance and objectives of the customer.
On March 2, 2015, Fowler settled a customer dispute for $24,000.00 after the customer alleged that Fowler, while associated with J.D. Nicholas & Associates, Inc., committed negligence, breached his fiduciary duty to the client, violated The State of Ohio Securities Act, and committed breach of contract.
Most recently, on July 15, 2016, The United States Securities And Exchange Commission announced through a Wells Notice that a preliminary determination was made in order to take action against Fowler in connection with allegations that Fowler violated Securities Act of 1933 Section 17(a), as well as Securities Exchange Act of 1934 Section 10(b) and SEC Rule 10b-5.
Guiliano Law Group
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