Former Charlotte, North Carolina Registered Representative Consents to Bar from FINRA Member Firms for Failing to Cooperate with Investigation into Unfair and Deceptive Trade PracticesMonday, November 4, 2019
Former registered representative, Benjamin Lowder, Jr., recently submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) Department of Enforcement to resolve allegations of violating securities industry rules and regulations.
According to his FINRA BrokerCheck report, Lowder was associated with three FINRA member firms since becoming a registered representative. Lowder was associated with Jefferson Pilot Securities Corporation in Fort Wayne, Indiana from May 1998 to August 2000, Metropolitan Life Insurance Company in Charlotte, North Carolina from August 2000 to July 2007, and MSI Financial Services, Inc. (MSI) from August 2000 to February 2017. In May 2018, MSI amended Lowder’s termination notice (Form U5) reporting that he was the subject of two civil lawsuits alleging unfair and deceptive trade practices and state securities fraud regarding investments in fictitious entities. He now has seven pending customer disputes related to this allegation, according to his BrokerCheck report.
In September 2019, FINRA staff sent Lowder a request for on-the-record testimony in relation to the civil lawsuits disclosed by MSI in the Form U5. Lowder’s counsel responded that Lowder would not appear for testimony at any time, thus violating FINRA Rules 8210 and 2010.
Without admitting or denying the allegations made against him, Lowder consented to a bar from associating with any FINRA member firm in any capacity.
Oftentimes brokerage firms can be held liable for the brokers’ misconduct if they failed to supervise them while registered at the firm. If you lost money investing with Ben Lowder and you suspect wrongdoing, you may be able to recover from him or MSI Financial Services, LLC, the brokerage firm where he was registered. Since 1998, the experienced attorneys at ChapmanAlbin LLC have been fighting for victims of investment fraud and broker misconduct. Call us today at 1-877-410-8172 for a free consultation.