Ex-Raymond James Rep Who Stole From Elderly Clients Gets 5 Years in Prison

More Details of the Case

According to court records, starting 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.

Although Stow changed investment firms a few times over the years, the client moved his accounts with Stow each time, ultimately transferring his accounts to Raymond James when Stow joined that firm in 2013.

"Over time, Stow inserted himself into the financial affairs of this client and in the later years of the client's life, he visited him at his home," Stewart said. At a hearing, relatives testified that the client died believing that his shrinking investment accounts were caused only by stock market activity.

In October 2015, Stow started misappropriating funds from that client's IRA account by forging wire transfer letters of authorization to permit transfers from the client's IRA account to a SunTrust Bank account that Stow owned jointly with his wife. To accomplish the transfers, Stow sold securities in the client's IRA account.

At the time of the client's death at the age of 98 in March 2018, Stow had made 74 unauthorized transfers and had stolen more than $900,000 from him, according to Stewart.

Within a few weeks of the client's death, Stow stole $32,000 from another older client by transferring money from that person's brokerage account to another SunTrust bank account that Stow maintained, according to Stewart.

(Photo: Shutterstock)