Did you suffer investment losses due to recommendations by former Northwestern Mutual Investment Services, LLC broker Donnell Bowen (CRD# 5641822)? Bowen was registered with Northwestern Mutual Investment Services, LLC in Washington, DC from 2009 to 2017, when he was terminated regarding, “The Registered Representative signed a Mutual Termination Agreement while under internal investigation for allegations of forgery of client signatures on non-variable insurance documents.”
In June 2018, FINRA barred Bowen indefinitely after he “consented to the sanction and to the entry of findings that he failed to provide FINRA with requested documents and information, and appear for on-the-record testimony, relating to being under investigation at the time of his resignation from his former member firm for allegations of forgery of client signatures on non-variable insurance documents.”
Bowen has been the subject of 14 customer complaints between 2016 and 2018, one of which was withdrawn, according to his CRD report:
- August 2018. “A client expressed concerns regarding suitability and loss of potential gains in his brokerage account based on an incorrect asset allocation mix implemented by the representative. Additionally, the client alleged that the signature on a loan document was not his and that it was implausible for him to have signed it and provided it to the registered representative.” The customer sought $2,553 in damages and the case was settled for $33,383.27. The complaint was regarding insurance and mutual funds.
- November 2017. “The customer alleged the representative made unauthorized changes to his non-variable life insurance policies and forged the customer’s signature on forms.” The customer sought $46,808.90 in damages and the case was settled for $290,635.40. The complaint was regarding insurance.
- November 2017. “Customers alleged the representative made unauthorized changes to four non-variable life insurance policies which resulted in policy loans being taken out of the policies.” The customer sought $6,261.67 in damages and the case was settled for $275.13. The complaint was regarding insurance.
- November 2017. “The customers allege that they did not authorize changes or loans to their non-variable life insurance policies. the customers also allege that the representative signed the customer’s names on several forms related to the unauthorized transactions.” The customer sought $117,148.60 in damages and the case was settled for $123,313.46. The complaint was regarding insurance.
- June 2017. “The Client alleged forgery on a variable annuity distribution form and life insurance documents that resulted in transactions without her knowledge or consent.” The customer sought $5,000 in damages and the case was settled for $470,679.93. The complaint was regarding insurance.
- May 2017. “The client alleged that the insurance product she agreed to purchase from the Registered Representative was not the same one issued to her, and that the issued policy earned the representative higher commission. Alleged fraud.” The customer sought $105,000 in damages and the case was settled for $127,994.57. The complaint was regarding insurance.
- April 2017. “The client alleges that she received unsuitable recommendations from the representative and his joint work partner to take early distributions from her IRA accounts to pay for whole life insurance policies. The client has expressed concerns that she is now without insurance because her NM policies lapsed out of force after the representatives moved to a new Firm. The client brought her concerns to the attention of the Firm when she learned that her external account advisor from Crescent Ridge Capital Partners, who introduced her to the representatives, was convicted of violations of federal laws in connection with his investment business.” The customer sought $5,000 in damages and the case was settled for $102,511.19. The complaint was regarding insurance and mutual funds.
- April 2017. “The client alleged Mr. Bowen and his joint work partner facilitated investments in a fund with Crescent Ridge Capital Partners. The individual operating this fund was charged in March 2017 for violations of federal laws in connection with his investment business.” The customer sought $5,000 in damages and the case was settled for $225,000. The complaint was regarding direct investments.
- March 2017. “Clients alleged the investment strategy for an IRA was not suitable and they were misled about Class C share costs, and were concerned about life insurance premiums being paid from an IRA liquidation. The clients later clarified in a statement to the Registered Representative’s supervisor, that their desired outcome was to get a full refund of all paid life insurance premiums and rescission of their insurance policies.” The customer sought $226,637.61 in damages and the case was settled for $9,603.90. The complaint was regarding insurance and mutual funds.
- March 2017. “The client alleged that the Registered Representative caused him harm by providing him with fraudulent information regarding all of his accounts.” The customer sought $5,000 in damages and the case was settled for $43,184.65. The complaint was regarding insurance and mutual funds.
- February 2017. “A customer alleged that registered representatives Donnell Bowen and [third party] defrauded him of $49,696.60 in premium payments on two non-variable life insurance policies because the policies were never delivered.” The customer sought $49,696.60 in damages and the case was settled for $49,687.60. The complaint was regarding insurance.
- January 2017. “The client and his wife allege that loans were taken out on the client’s existing non-variable life insurance policy, and that a new non-variable life insurance policy was issued for him, both without the client’s knowledge or consent. Alleges forgery.” The customer sought $5,000 in damages and the case was settled for $4,636. The complaint was regarding insurance.
- December 2016. “Clients allege the Registered Representative admitted to forging their signatures on nonvariable insurance documents which resulted in converting each of their term life insurance policies to whole life insurance policies without the clients’ consent.” The customer sought $5,000 in damages and the case was settled for $50. The complaint was regarding insurance.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Northwestern Mutual Investment Services, LLC may be liable for investment or other losses suffered by Bowen’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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