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A federal judge this week sentenced a former Franklin security broker to five years in prison for stealing nearly $1 million from elderly clients.
Fredrick M. Stow, 66, a former investments vice president at Raymond James & Associates Inc., stole $933,500 from two elderly clients, Acting U.S. Attorney Mary Jane Stewart for the Middle District of Tennessee announced Friday.
Stow was charged in June 2020 with securities fraud, wire fraud and aggravated identity theft, and pleaded guilty in August.
During sentencing, U.S. District Judge Aleta A. Trauger also ordered a forfeiture money judgment 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. Stow changed investment firms several times and the client elected to move his accounts with Stow each time, ultimately transferring his accounts to Raymond