SEC Charges Broker Who Defrauded Seniors Out of Almost $1 Million

The U.S. Securities and Exchange Commission today announced charges against a Nashville, Tennessee-based securities broker for defrauding two seniors, including a World War II-era veteran, of nearly $1 million. According to the complaint, Frederick Stow acted as the veteran’s registered representative for more than three decades and inserted himself over time into the veteran's personal and financial affairs. The complaint alleges that in October 2015, Stow began making unauthorized sales of securities from the veteran's individual retirement account. Stow allegedly transferred the proceeds of those sales to his own bank account on 74 occasions 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 the senior's brokerage account to Stow's own bank account without authorization.