James W. Stowell of Peoria Illinois a stockbroker formerly employed by Robert W. Baird Co. Incorporated has been fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected unauthorized transactions in a customer’s account. Letter of Acceptance Waiver and Consent No. 2016049887101 (June 20, 2018).
According to the AWC, an account was established at Robert W. Baird by a customer in January of 2012 wherein Stowell was responsible for servicing the customer’s account. Evidently, from December of 2015 to February of 2016, instructions were taken by Stowell from an unauthorized person to withdrawal at least $40,000.00 from the customer’s account. Stowell reportedly effected the liquidation of the customer’s mutual fund portfolio in response to the unauthorized person’s demands, and wrote a check out to the unauthorized person. FINRA found that Stowell’s conduct was violative of FINRA Rule 2010 as he had no authorization to sell the customer’s shares from the customer’s investment portfolio.
FINRA Public Disclosure reveals that Stowell is referenced in two customer initiated investment related disputes which contain allegations of his misconduct while employed by Robert W. Baird. Particularly, on November 30, 2015, a customer filed an investment related complaint concerning Stowell’s activities in which the customer sought $5,476.57 in damages supported by accusations of poor performance pertaining to two securities that had been purchased in the customer’s account.
Additionally, on April 6, 2018, a customer filed an investment related complaint regarding Stowell’s conduct where the customer requested at least $5,000.00 in damages based upon allegations that misrepresentations had been made to the customer by Stowell concerning over-the-counter equities transactions executed in the customer’s account.
Stowell’s registration with Robert W. Baird has been terminated as of July 19, 2017.
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