Paul Lawrence Fowler Jr. of Washington DC a stockbroker formerly registered with Wells Fargo Clearing Services has been fined $5,000.00 and suspended for one month from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Fowler executed unauthorized trades in a customer’s account when he was associated with Wells Fargo. Letter of Acceptance Waiver and Consent No. 2019061893801 (Dec. 23, 2020).
According to the AWC, between October of 2016 and September of 2018, Fowler was prohibited under Wells Fargo policy from effecting trades in customer accounts based on a third party’s request unless the account owner authorized that third party to effect trades. The stockbroker was also required to trade only after first procuring the consent or authorization from a customer or authorized third party.
Fowler was aware of Wells Fargo’s policies between October of 2016 and September of 2018, when at least 14 unauthorized transactions were effected by him in the account of a Wells Fargo customer. These transactions contained a principal value of $60,050.00. Fowler took instructions from someone who was not authorized on the customer’s Wells Fargo account as that person was not a third party listed on the account. Fowler took in commissions from effecting the unauthorized trades. FINRA determined that he violated Rule 2010.
Fowler has been identified in three customer initiated investment related disputes containing allegations of his wrongdoing while employed by Morgan Stanley and Merrill Lynch Pierce Fenner Smith Inc. FINRA Public Disclosure reveals that a customer initiated investment related complaint regarding Fowler’s activities was settled for $10,023.63 in damages founded on accusations of an unauthorized and unsuitable Phillips Morris common stock purchase in the customer’s Merrill Lynch account by Fowler.
Fowler is also the subject of a customer initiated investment related written complaint which was resolved for $14,420.00 in damages based upon allegations of the stockbroker’s unauthorized trading in the customer’s account during the period that the stockbroker was associated with Morgan Stanley. He is referenced in another customer initiated investment related FINRA securities arbitration claim which was settled for $67,500.00 in damages supported by accusations of breach of fiduciary duty and the stockbroker’s misrepresentations to a Morgan Stanley customer. The complaint also alleges that a contract between the customer and the securities broker dealer had been breached and that the customer was defrauded. Fowler also allegedly executed unsuitable equities trades.
Fowler was discharged by Wells Fargo founded on allegations of his unauthorized transactions.
