Donnell Noah Bowen of Washington District of Columbia a former Northwestern Mutual Investment Services LLC registered representative has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to testify before FINRA personnel and provide documentation relating to an investigation into accusations against him of forgery and other misconduct cited within customer complaints. Letter of Acceptance Waiver and Consent No. 2017052930501 (June 1, 2018).
According to the AWC, on February 1, 2017, Northwestern Mutual Investment Services submitted a Uniform Termination Notice for Securities Industry Registration to FINRA which stated that Bowen had been terminated from the firm on January 13, 2017. Bowen was reportedly investigated by the firm for forging signatures of customers on insurance documentation. Northwestern subsequently reported to FINRA that Bowen was subject of customer complaints concerning his violative conduct.
The AWC stated that on January 24, 2018, Bowen was sent a written request from FINRA which called upon him to provide information and documentation to FINRA by February 7, 2018. The AWC stated that the requested materials were not provided by Bowen by the deadline. Evidently, on February 8, 2018, another request was made by FINRA for Bowen to provide information and documentation by February 14, 2018. Bowen seemingly failed to comply with that request. FINRA found that Bowen’s non-cooperation was violative of FINRA Rules 2010 and 8210.
Additionally, on February 2, 2018, Bowen was sent a written request from FINRA for him to provide recorded testimony on March 19, 2018 in reference to the allegations of his misconduct. Bowen was apparently a no-show on March 19, 2018. Accordingly, another request was made by FINRA on March 20, 2018, calling for Bowen to provide testimony on March 30, 2018. Bowen again failed to make an appearance. Bowen’s failure to cooperate with FINRA personnel was violative of FINRA Rules 2010 and 8210, resulting in his bar from the securities industry.
FINRA Public Disclosure reveals that Bowen has been identified in thirteen customer initiated investment related disputes containing accusations of his misconduct during the time that he was registered with Northwestern Mutual Investment Services, LLC. Specifically, on March 10, 2017, a customer initiated investment related complaint concerning Bowen’s activities was resolved for $49,687.60 in damages supported by allegations that Bowen defrauded the customer in connection with two insurance policies; those policies were never delivered to the customer. On June 27, 2017, another customer initiated investment related complaint involving Bowen’s conduct was settled for $43,184.65 in damages based upon accusations that Bowen furnished the customer with fraudulent details concerning mutual fund and insurance products.
Additionally, on October 10, 2017, a customer initiated investment related complaint regarding Bowen’s activities was resolved for $102,511.19 in damages founded on allegations that unsuitable investment recommendations had been made to the customer, where the customer was inappropriately advised to effect an early individual retirement account distribution to fund a whole life insurance policy.
On April 25, 2018, another customer initiated investment related complaint concerning Bowen’s conduct was settled for $470,679.93 in damages supported by accusations of unauthorized transactions and forgery pertaining to insurance and variable annuity products. Moreover, on April 26, 2018, a customer initiated investment related complaint involving Bowen’s activities was resolved for $290,635.40 in damages based upon allegations that unpermitted changes had been made by Bowen on the customer’s life insurance policy.
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