Lowder has eight disclosures, seven of which are customer disputes with the same allegations in the FINRA investigation. The first dispute filed was on 4/30/2018, and the most recent filed on 7/1/2009. All but one of these customer disputes filed with FINRA request damages of $25,000.01.
Lowder voluntarily terminated his employment with MSI on 2/27/2017. On 5/23/2017, MSI filed an amendment for his Uniform Termination Notice for Securities Industry Registration (known as the “Form U5”). The amendments reported that he was the subject of two civil lawsuits alleging unfair and deceptive trade practices and state securities fraud regarding investments in fictitious entities. MSI then amended Lowder’s Form U5 again four times, adding related civil lawsuits filed by additional plaintiffs.
It appears FINRA began investigating Lowder after they learned of several civil lawsuits by investors through the amended U5 forms. The lawsuits alleged that Lowder engaged in unfair and deceptive trade practices and state securities fraud involving various investments in fictitious entities.
For the investigation, FINRA sent a request to Lowder on 9/3/2019 requesting on-the-record testimony. Lowder declined through his attorney, and stated that he would not be providing testimony regarding the matter at any time. As a result, FINRA barred Lowder from any association with a FINRA member in any capacity. Lowder signed a letter of Acceptance, Waiver & Consent (AWC) on 9/23/2019, neither admitting or denying the findings, and FINRA counsel signed it on 10/3/2019.
Lowder is now permanently barred from affiliation with any FINRA member firm. FINRA is a self-regulatory organization and all stockbrokers must register with FINRA and agree to cooperate in all investigations. Failure to cooperate with FINRA can serve as a basis to immediately terminate a stockbroker’s registration with FINRA.
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