Former Mid-State Securities Broker, Fredrick M. Stow Sentenced To Federal Prison For Stealing From Elderly Clients
Two Elderly Investors Defrauded of More Than $933,000
NASHVILLE (STL.News) A former Investments Vice President at Raymond James & Associates, Inc. (Raymond James), was sentenced yesterday to five years in prison for stealing $933,500 from two elderly clients, announced Acting U.S. Attorney Mary Jane Stewart for the Middle District of Tennessee.
Fredrick M. Stow, 66, of Franklin, Tennessee, was charged in June 2020 with securities fraud, wire fraud, and aggravated identity theft and pleaded guilty in August. In a separate action, the U.S. Securities and Exchange Commission (SEC) filed a civil action against Stow, alleging violations of the antifraud provisions of the Securities Exchange Act of 1934.
In sentencing Stow, U.S. District Judge Aleta A. Trauger issued a stern rebuke of those in a position of trust who manage investments for others, especially the elderly, and choose to steal from them. Judge Trauger also ordered a forfeiture money judgement in the amount of $933,500.
According to Court records, beginning in 1982, Stow acted as the registered representative for three brokerage accounts owned by a client who was a retired airline pilot and WWII era veteran.