Andrew Jay Lowe of Leesburg, Alabama submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which he was fined and suspended by the Financial Industry Regulatory Authority (FINRA) for allegedly recommending unsuitable trades and failing to timely amend his Uniform Application for Securities Industry Registration or Transfer (“Form U4”).
From January 2009 until September 2014, Andrew Lowe was registered with Sterne Agee Financial Services (Sterne Agee) as a General Securities Representative. According to FINRA, during the relevant period, Mr. Lowe recommended and engaged in unsuitable trading of Class A mutual funds in 24 customers’ accounts. Certain portions of those investments were then liquidated within a short time period and were unsuitable. FINRA stated that Mr. Lowe caused these customers to incur unnecessary sales charges in their accounts. The FINRA findings found that Lowe received approximately $36,180.87 in commissions. Since then, the firm has reimbursed $102,446.47 back to the customers that resulted from the unsuitable recommendations. In conclusion, FINRA also stated that Lowe allegedly failed to timely amend his Form U4 to disclose a federal tax lien of 183,380.57. Continue Reading