Warren Ellwood Rowe Jr., of Richmond, Virginia, a stockbroker formerly registered with Oppenheimer Co. Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that he refused to cooperate with FINRA’s requests while the regulator investigated him for potentially taking loans from Oppenheimer customers without authorization. 2020066566001 (January 3, 2022).
According to the AWC, on October 4, 2020, Oppenheimer informed FINRA that Rowe voluntarily resigned based upon accusations of his failure to disclose a loan he took from a customer of the securities broker dealer.
On October 5, 2021, Rowe was under investigation and asked by FINRA to provide information and documents relating to his loans with customers. Rowe was expected to respond on October 26, 2021, but he was nonresponsive. The AWC states that a second information and documents request had been made by FINRA, who required Rowe’s response by November 10, 2021. There was no information or documents provided by Rowe in response to that second request.
The AWC states that a third request made by FINRA required a November 19, 2021 response. By November 12, 2021, Rowe’s lawyer informed FINRA that Rowe had received its requests but refused to comply. The regulator determined that Rowe violated FINRA Rules 2010 and 8210 by refusing to comply and hindering the investigation.
Rowe has been identified in eight customer initiated investment related disputes concerning allegations of his wrongdoing while employed by securities broker dealers, including Scott Stringfellow, Ferris Baker Watts (now known as RBC Capital Markets Corporation), Prudential Securities Inc., and Oppenheimer. FINRA Public Disclosure shows that a customer initiated investment related complaint involving Rowe’s conduct was settled for $50,000.00 in damages supported by accusations that unsuitable recommendations of equities were made by Rowe during the time that he was associated with Prudential Securities.
Another customer initiated investment related arbitration claim concerning Rowe’s conduct was resolved for $125,000.00 in damages founded on allegations of Rowe’s unsuitable mutual fund recommendations to an RBC Capital Markets customer.
Rowe is also the subject of a customer initiated investment related arbitration claim where the customer requested $77,668.00 in damages based upon accusations of excessive trading of common and preferred stock by Rowe when he was employed by Oppenheimer.
A different customer filed an investment related complaint regarding Rowe’s activities in which the customer sought $150,000.00 in damages supported by allegations of inappropriate transactions by Rowe, including his margin use relating to over-the-counter equities transactions at RBC Capital Markets.
Rowe is identified in an additional customer initiated investment related written complaint which was settled for $75,000.00 on August 13, 2021, founded on accusations that Rowe borrowed from an Oppenheimer customer without permission in September of 2019, and he executed unauthorized trades.
On October 5, 2020, another customer filed an investment related complaint involving Rowe’s conduct in which the customer requested $25,000.00 in damages based upon allegations that while Rowe was registered with Oppenheimer, he took a loan from the customer without repaying it.
Rowe’s stockbroker registration with Oppenheimer was terminated on May 4, 2020.
