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Former RBC broker barred for not complying with FINRA probe

This article was originally published by BankInvestmentConsultant.com

A former RBC broker was barred from the industry last week for refusing to cooperate with a FINRA investigation into customer complaints and arbitration claims alleging unsuitable trading, according to the rep’s settlement with FINRA.

Lisa Lowi, a broker with RBC Capital Markets in West Palm Beach, Florida, declined to appear for an on-the-record interview with FINRA staff, a decision that automatically results in a bar, the regulator said.

Lowi worked for RBC from October 2009 to October 2015, when she voluntarily terminated her registration with the firm, according to FINRA.

During her employment with RBC, Lowi accumulated 48 pages’ worth of customer complaints that were either settled, dismissed or are still pending. The complaints primarily revolve around allegations that she made unsuitable recommendations of energy sector corporate bond investments, BrokerCheck records show.

Lowi’s attorney, David Chase of Fort Lauderdale, Florida, said that the vast majority of the claims do not name her as a party and do not allege wrongdoing by her, a statement that Lowi made several times throughout her BrokerCheck report.

Lowi agreed to being barred without denying or admitting the allegations against her.

“She opted to move on from the securities industry and opted not to participate in any further matters with FINRA,” Chase said.

RBC did to respond to email requests seeking comment.

Lowi’s expulsion from the industry comes on the heels of a recent FINRA arbitration decision ordering RBC and RBC advisor Bruce Cameron to pay an elderly client $723,000 for concentrating the client’s investments in oil and gas master limited partnerships.

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