FINRA

Respondent Rowe failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

Letter

Suspension

All Capacities

Indefinite

Continues until required payment is made or discharged.

11/1/2022

Pursuant to Article VI, Section 3 of FINRA By-Laws, and FINRA Rule 9554, Respondent Rowe is suspended on November 1, 2022 for failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

FINRA

Without admitting or denying the findings, Rowe consented to the sanction and to the entry of findings that he refused to provide documents and information requested by FINRA in connection with its investigation into allegations that he took impermissible loans from customers.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All capacities

Indefinite

1/3/2022

CLIENT ALLEGES THAT FA TOOK LOAN FROM THE CLIENT AND HAS NOT REPAID IT. TIME PERIOD IS AUGUST 2019.

$25,000.00

OPPENHEIMER & CO. INC.

Voluntary Resignation

ALLEGEDLY TOOK A LOAN FROM A CLIENT WITHOUT DISCLOSING TO THE FIRM

UNAUTHORIZED TRADING, UNAPPROVED BORROWING OF PERSONAL LOAN FROM A CLIENT. SEPTEMBER 2019

$225,000.00

CLIENT WITH NINETEEN YEARS OF MARGIN EXPERIENCE CLAIMS THAT HER MARGIN USE, MARGIN INTEREST AND TRANSACTIONS WERE INAPPORATE. TIME FRAME IS JULY 2003 THROUGH APRIL 2011.

$150,000.00

EXECESSIVE TRADING 4/2011 - 6/2012

$77,668.00

"THIS COMPLAINT CONTAINS INACCURATE FIGURES AND STATEMENTS. IT IS NOT REPRESENTATIVE OF THE 20+ YEAR RELATIONSHIP WITH THE CLIENT." CLIENT HAS RECEIVED A LETTER FROM THE FIRM DENYING ALLEGATIONS.

CLIENT ALLEGES BROKER RECOMMENDED UNSUITABLE SECURITIES, IN PERIOD 2007-2008.

$340,000.00

$125,000.00

CUSTOMER'S ATTORNEY ALLEGES FINANCIAL ADVISOR RECOMMENDED AN UNSUITABLE OUTSIDE MONEY MANAGER IN MAY OF 2000 CAUSING LOSSES IN HIS CLIENT'S ACCOUNT.

$100,000.00

$50,000.00

THIS MATTER WAS SETTLED BY PRUDENTIAL WITHOUT MY CONSENT.

CUSTOMER ALLEGED IN WRITING THAT FA MADE UNSUITABLE MANAGED ACCOUNT RECOMMENDATIONS

THE CUSTOMER HAS NOT ALLEGED A SPECIFIC DAMAGE AMOUNT, BUT PRUDENTIAL BELIEVES IT TO BE OVER $5,000.00

MISHANDLED ACCOUNT CREATING INTEREST EXPENSE. DAMAGES UNSPECIFIED.

$49.87

CUSTOMER FILED A COMPLAINT, WITH SCOTT & STRINGFELLOW, CLAIMING THAT ROWE "MISHANDLED" HER ACCOUNT IN THAT, FOR INSTANCE, HE FAILED TO BUY BACK A STOCK AFTER CUSTOMER SPECIFICALLY SAID THAT SHE DID NOT WANT TO BE INVOLVED IN ANY MORE STOCK TRANSACTIONS. SCOTT & STRINGFELLOW DID NOT OFFER A SETTLEMENT TO CUSTOMER AND WROTE THE COMPLAINT OFF AS NOTHING THAN A PERSONALITY CONFLICT BETWEEN ROWE AND [CUSTOMER]. THE FIRM EXPRESSED TO CUSTOMER THEIR APOLOGIES IN THE MISHANDLING OF THE ACCOUNT; HOWEVER, THEY ADVISED THAT SHE RECONCILE HER RELATIONSHIP WITH ROWE, OR THEY WOULD BE HAPPY TO PLACE HER ACCOUNT WITH ANOTHER BROKER AT THE FIRM OR TRANSFER IT TO ANOTHER COMPANY. CUSOTMER DECIDED TO TAKE HER ACCOUNT ELSEWHERE. ADDITIONAL INFORMATION AND FURTHER CLARIFICATION REGARDING THE COMPLAINT FILED BY CUSTOMER. ROWE DISCLOSES THAT WHEN HE WORKED FOR SCOTT & STRINGFELLOW, HE OPENED AN ACCOUNT WITH CUSTOMER IN APRIL 1984. THEY DISCUSSED HER OBJECTIVES, WHICH WERE TO ACHIEVE MAXIMUM GROWTH THROUGH THE PURCHASE AND SALE OF COMMON STOCK. THEY ALSO DISCUSSED MARGIN TRADING, WHICH SHE SAID SHE UNDERSTOOD AND WANTED TO USE. ROWE SENT HER A MARGIN AGREEMENT IN LATE APRIL 1984, WHICH THEY DISCOVERED LATER WAS NOT RETURNED TO THE FIRM. STARTING IN EARLY MAY 1984, CUSTOMER PURCHASED STOCK ON MARGIN. HER TRADE CONFIRMATIONS DESIGNATED HER PURCHASES AS MARGIN, AND HER MONTHLY SECURITIES STATEMENTS SHOWED HER TRADES AS BEING DONE ON A MARGIN BASIS, SHOWED HER MARGINDEBIT BALANCE, AND SHOWED HOW MUCH MARGIN INTEREST WAS CHARGED AGAINST HER ACCOUNT EACH MONTH. CUSTMER ALSO DEPOSITED FULLY PAID FOR SECURITIES INTO HER ACCOUNT TO PROVIDE ADDITIONAL BUYING POWER. UNTIL FEBRUARY 1985 ROWE AND CUSTOMER HAD FREQUENT CONVERSATIONS CONCERNING THE STATUS OF HER ACCOUNT AND HER INV