Oakes & Fosher is currently investigating the alleged misconduct of former securities broker Donnell Bowen. According to his publicly available FINRA BrokerCheck report, Donnell Bowen has been the subject of numerous customer disputes.
Donnell Bowen was a Washington DC based securities broker. He worked in the securities industry for seven years. He spent his entire career registered with Northwestern Mutual Investment Services.
The Allegations
- In December 2016, a customer alleged that Donnell Bowen admitted to them that he forged their signatures on non-variable insurance documents. Doing this resulted in converting each of their term life insurance policies to whole life insurance policies without any authorization from the customer. Due to the allegations of forgery against him, Donnell Bowen was permitted to resign from Northwestern Mutual Investment Services in January of 2017.
- In January 2017, customers alleged that Donnell Bowen took out loans on the customers’ non-variable life insurance policy, as well as issuing a new non-variable life insurance policy to them. Both of these alleged actions were done without the consent of the customers, whom in turn believe that Bowen forged their signatures. This case was settled for $4,636 in damages.
- In February 2017, a customer alleged that Donnell Bowen, as well as a third party broker that Bowen had brought in, defrauded him of approximately $50,000 in premium payments on two non-variable life insurance policies. This was because the policies were never delivered. This case was settled for the amount the customer was allegedly defrauded.
- In March 2017, a customer alleged that Donnell Bowen provided him with fraudulent information about all of his accounts. This case was settled for $43,184 in damages.
- Also in March 2017, customers alleged that Donnell Bowen had their IRA in an investment strategy that was not suitable for them. They also alleged that Bowen misled them about Class C share costs. This case was settled for $9,603 in damages.
- In April 2017, customers alleged that Donnell Bowen, along with his joint work partner, facilitated investments in a fund with Crescent Ridge Capital Partners. The particular individual who had been operating this particular fund was then charged for violating federal laws in connection with his investment business. This case was settled for $225,000 in damages.
- Also in April 2017, a customer alleged that she was given unsuitable investment recommendations by Donnell Bowen, as well as his joint work partner. These alleged recommendations being to take early distributions from her IRA account in order to pay for whole life insurance policies. Her insurance policies then lapsed once Bowen left Northwestern Mutual Investment Services. This case was settled for $102,511 in damages.
- In May 2017, a customer alleged that the insurance product that she and Donnell Bowen agreed upon was not the same one that had been issued to her. The policy that was issued to her was one that earned Bowen a higher commission. The customer believed it to be fraud. This case was settled for $127,994 in damages.
- In June of 2017, another customer also alleged forgery. She alleged that Donnell Bowen forged her signature on a variably annuity distribution form and on life insurance documents that resulted in transactions taking place without her consent. This case was settled for $470,679 in damages.
- In November 2017, Donnell Bowen once again accused of forging a client’s signature. The clients alleged that they never authorized changes or loans to their non-variable life insurance policies. They then alleged that Bowen signed their names on several forms that approved these unauthorized transactions. This case was settled for $123,313 in damages.
- Also in November of 2017, Donnell Bowen was once again accused of forging a customer’s signature. The customer alleged that Bowen made unauthorized changes to his non-variable life insurance policies by allegedly forging the customer’s signature. This case was settled for $290,635 in damages.
- In August 2018, another customer alleged that Donnell Bowen forged his signature on a loan document. He also alleged that Bowen placed him in unsuitable investments. This case was settled for $33,383 in damages.
- Donnell Bowen was sanctioned by FINRA in June of 2018. The findings in this matter state that he was being investigated by FINRA following the allegations of forging his clients’ signatures. During the investigation he allegedly refused to appear for the on-the-record testimony or provide FINRA with any of they financial documents they had requested of him. For these alleged actions, he was barred by FINRA from acting as a securities broker in any fashion.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion could actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Donnell Bowen, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.
