Michael Fowler Named in Dispute Seeking Six-Figure Damages
Michael Fowler (CRD #: 2252560), a broker registered with Citigroup Global Markets, allegedly made unsuitable investment and strategy recommendations, according to his BrokerCheck record, accessed on May 4, 2023. Read on if you have questions about his alleged conduct as a broker.
On February 21, 2023, an investor named Michael Fowler in allegations that he unsuitably recommended that she and her husband diversify their portfolio prior to his death, when they could have avoided some capital gains tax by diversifying after his passing instead.
The client further alleges that Michael Fowler recommended two variable annuities in January 2022 that were unsuitable because they represented 87% of her liquid net worth.
This misconduct allegedly occurred between January 1, 2021, and January 31, 2023. The client seeks $323,712.70 in this pending dispute.
FINRA Rule 2111
FINRA Rule 2111 requires that brokers tailor their investment recommendations to an investor’s profile, which describes characteristics such as their risk tolerance, tax status, and age.
Investors who believe their losses are the result of unsuitable investment recommendations may be able to recover their funds by seeking out FINRA arbitration.
What are Variable Annuities?
Variable annuities are complex investments. These policies can decline in value depending on the performance of the underlying security. Surrender charges, tax penalties, and other fees can make these policies unsuitable.
Michael Fowler has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- Series 65 – Uniform Investment Adviser Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
Michael Fowler is a registered broker in 30 states and the District of Columbia. He is also a registered investment adviser in Virginia.
He has also worked for the following firms:
- Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691)
- Juniper Capital Management (CRD#:167167)
- Morgan Stanley Smith Barney (CRD#:149777)
- Waddell & Reed (CRD#:866)
- ECHOTrade (CRD#:42239)
- Castlemaine Partners (CRD#:119458)
- Banc of America Investment Services (CRD#:16361)
- Capital Resources (CRD#:16899)
- IFG Network Securities (CRD#:19948)
- Tamaron Investments (CRD#:14929)
Kurta Law Can Help
If you worked with Michael Fowler and you have concerns about your investments, please contact us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.