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SEC Bars Former Raymond James Broker Who Pled Guilty to Stealing $1 Million from Clients

The Securities and Exchange Commission has barred former Raymond James broker Frederick Stow who pled guilty to aggravated identity theft, securities fraud, and wire fraud after defrauding two elderly customers out of nearly $1 million.

The Securities and Exchange Commission has barred former Raymond James broker Frederick Stow who pled guilty last October to aggravated identity theft, securities fraud, and wire fraud after defrauding two elderly customers out of nearly $1 million. He was recently sentenced in a Tennessee federal court to 60 months in prison and ordered to forfeit $933,500.

The SEC said that Stow worked with one of the alleged victims, a World War II-era veteran, for more than three decades. In October 2015, he reportedly began making unauthorized sales of securities from the veteran’s individual retirement account and transferred the proceeds to his own bank account 74 times using falsified wire transfer forms.

The complaint further alleges that approximately one month after the veteran’s death in March 2019 at the age of 98, Stow stole money from another senior by wiring money from their brokerage account to his personal bank account without authorization.

According to his BrokerCheck profile, Stow spent five years with Raymond James before he was fired in May 2019 for “misappropriating funds from customer accounts.” Later that year, he was automatically barred by FINRA for failing to respond to their requests for information.

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