David Rowe formed Integrated Medical and Wellness Clinic of Mississippi, LLC in 2019. Rowe's LinkedIn page states he is the CEO of the company.
Rowe told potential investors he planned to open IMAWC clinics in Mississippi. The clinics focused on regenerative medicine and individualized treatments for patients.
Unfortunately for investors, Rowe did not disclose he pleaded guilty to fraud in federal court in 2008. The Court sentenced him to serve three years on probation and pay $9 million in restitution at $200 per month. Over 100 unsuspecting investors placed $9 million with Chancellor and Rowe.
Rowe hired Danny Chancellor as the broker for the company. The Secretary of State said Chancellor received $400,000 in commissions.
Chancellor had a checkered past as well. The Secretary of State fined Chancellor $12,500 and suspended him for one year in September 2012 for forging a client's signature and making an unauthorized transaction as well as misleading statement.
FINRA suspended Chancellor for three months and fined him $5,000 in 2016 for his failure to disclose a tax lien in his application for securities registration. The Secretary of State hammered Chancellor again in 2017, fining him $20,000. A disgraced Chancellor terminated his registration in 2017.
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One such investor was Johnny Mardis and his wife Brenda. Johnny is 81 while his wife is 78.. The Mardises sued Rowe and Integrated Medical in Rankin County Circuit Court December 2024. The case is assigned to Rankin County Circuit Judge Brad Mills.
The complaint claims Chancellor recruited the Mardises to invest in Integrated Medical. It alleges the defendant held himself out to be a broker for his company, Malachi Financial Group even though he had no license.
License or no license, Chancellor allegedly reeled in the Mardises:
Plaintiffs sought the advice of Chancellor in order to invest monetary capital towards the purchase of licensed securities through the Mississippi Secretary of State’s
Office.
17. Chancellor advised that he was “a good Christian man” and would take care of the Mardis’s finances.
- Chancellor advised the Plaintiffs that they should invest in a series of medical clinics owned and operated by Dave Rowe/IMWC.
- However, Chancellor failed to ensure that the securities that he was recommending the Plaintiffs purchase were licensed securities through the Mississippi Secretary of State.
20. Moreover, Chancellor failed to disclose that his license has been suspended by the Mississippi Secretary of State’s Office, that he was being investigated by the Mississippi Secretary of State’s Office, that he was not a licensed broker,
Rowe issued two promissory notes to the couple in exchange for a $200,000 investment in January 2022. The notes required Rowe to make interest payments on the 6th and 20th of every month.
The plaintiffs charge Rowe and his company defaulted on the promissory notes. The Mardises sent a demand letter in April and September 2024 requesting repayment of the $200,000 investment. Rowe made no such payments and was 24 months behind on payments when the Mardises filed their lawsuit.
Instead of paying back the Mardis investment, Rowe:
disbanded IMWC and formed Regenerative Medical and Wellness Clinic in the exact same location as IMWC. In fact, the sign located directly outside of Regenerative Medical clearly states “Integrated Medical and Wellness Clinic.” In other words, instead of paying his investors as owed, Rowe simply disbanded IMWC and formed Regenerative in the exact same location. Therefore, for the purposes of this Compliant, Regenerative and IWMC are one in the same.
The plaintiffs seeks treble damages of $920,000 (3 x $306,999 (balance owed, 15% interest, and attorney's fees)). The complaint seeks punitive damages of $1 million against Danny Chancellor.
Attorney C. Hunter Salmone represents the plaintiffs. *
The clerk entered a default against Rowe and Integrated Medical. Chancellor argued in a motion for summary judgement there was no contract between him and the Mardises. He stated in an affidavit he only carried checks to Rowe for the promissory notes.
Judge Mills granted the motion in part and denied it in part. He dismissed several claims against Chancellor but allowed the claim of securities fraud to stand. The Court held there are genuine issues of material fact regarding the plaintiffs' claims for unjust enrichment and misuse of a position of trust with an elderly person against Chancellor and Malachi. Judge Mills allowed all claims against Rowe and Integrated Medical to stand.
Another couple, Thomas and Linda Hill, sued Rowe and Danny Chancellor in Madison County Circuit Court a year ago. Earlier post Rowe hired Chancellor as the broker for the company, who received commissions for investments. The Secretary of State said Chancellor received $400,000 in commissions.
The Secretary of State issued a Cease & Desist Letter against Chancellor in June 2025. Chancellor as he landed over 100 investors and earned no less than $401,775 in commissions from 2021 to 2023. Many of the investors were Chancellor's previous customers from his time as a broker. Earlier post.
* Charges in Mardis lawsuit:
- breach of contract
- unjust enrichment
- breach of good faith and fair dealing
- intentional infliction of emotional distress,
- securities fraud under state law (Chancellor and Malachi)
- replevin
- Judicial foreclosure of all Integrated Medical assets
- Undue influence/Misusing a position of trust
- breach of fiduciary duty
Kingfish note: Apparently Chancellor and Rowe targeted elderly people to finance their scheme.
2 comments:
Where is the indictment?
$9 million in restitution at $200 a month. OK Mayberry, that's 3750 years to pay it back.
Also, "A disgraced Chancellor terminated his registration in 2017." Say again?
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