Broker Donald Fowler (CRD #4989632) is a broker currently registered with Worden Capital Management LLC (CRD #148366) of Rockville Center, New York. He has been with Worden since 2014. He was previously employed by J.D. Nicholas & Associates, Inc. (CRD #44791) of Syosett, NY, and American Capital Partners, LLC (CRD #119249) of Wantagh, NY. He has been in the industry since 2005.
Fowler, along with another Worden broker, is the subject of an SEC complaint regarding excessive trading, churning, and what the SEC calls an “in-and-out” trading strategy. This generated bigger fees for himself and the other broker who was charged, but caused clients to suffer significant losses as a result.
Fowler is alleged to have recommended the strategy to his 27 clients at now-defunct J.D. Nicholas & Associates without any reason to believe it would benefit any one of them. He knew, or should have known, that the cost structure and nature of the trading would cause them all to lose money. Furthermore, at least three of his 27 accounts were the subject of “churning” (excessive training to generate more commissions and fees.) Both of these practices violated antifraud provisions in federal trading laws. This action is listed as “pending.”
One claim, filed on 6/6/2016, lists unauthorized trading, churning/excessive activity, breach of duty and other allegations, requesting damages of $812,000.00. Fowler denied all allegations, and in his rebuttal statement said that the allegations were “factually impossible and clearly erroneous.”
Fowler is also the subject of 8 additional customer disputes that were settled for various amounts, dating back to 2011. Allegations include churning, excessive trading, unauthorized trading, unsuitability, improper use of margin, negligence, breach of fiduciary duty, overconcentration, and other improper practices.
Fowler also has an tax lien of $114,719.00, listed on 01/16/2018.
Did You Invest Money With Donald Fowler?
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