Published On: June 6, 2016

Stoltmann Law Offices is investigating John Howard Towers, who was recently barred by the Financial Industry Regulatory Authority (FINRA). Towers was the subject of 35 customer disputes, the majority of which deal with sales to his customers of direct participation programs, limited partnerships, or real estate securities. He faces claims of making unsuitable recommendations, breaching fiduciary duty, committing fraud, and acting negligently. In 2013, Towers signed a Letter of Accpetance, Waiver and Consent (AWC) regarding alleged violations of FINRA rules after allegedly recommending that a couple invest in high-risk real estate investment trusts (REITs) and private placements. The investment he made represented about 72% of the couple’s investments. For this, Towers received a three month suspension from the securities industry and was fined.

Towers was registered with Independent Financial Planners, Waddell & Reed, Somerset Equities Corp, Anchor National Financial Services, Preferential Brokerage, Financial Planners Equity Corp, Integrated Resources Equity Corp, U.S. Advisors, Derand/Pennington/Bass, Dominion Capital Corp, Northstar Securities, Rushmore Securities and VSR Financial Services in Plano, Texas from June 2002 until December 2013. He has 35 customer disputes against him, six of which are currently pending. He is not licensed within the industry and FINRA has permanently barred him from acting as a broker or otherwise associating with firms that sell securities to the public.

Please call our Chicago-based securities law offices today for a free consultation. Attorneys are standing by. We may be able to help you recover your financial losses in the FINRA arbitration forum. We take cases on a contingency fee basis only. 312-332-4200.

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