Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/investment adviser, Gary Max Bowman (CRD # 2035699) was recently suspended from the securities industry by FINRA’s Department of Enforcement after an investigation into him engaging in an unsuitable pattern of short-term trading (i.e. churning) regarding unit investment trusts (UIT’s) in customer accounts.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Bowman.
Registration Background for Gary Bowman
Mr. Bowman first became registered in the securities industry in 1990. He is currently registered with Corona, CA based SagePoint Financial, Inc. (CRD # 133763). His prior registrations include Arque Capital, LTD (CRD # 121192) from July 2011 to February 2013, and Bowman Financial Services from February 2008 to December 2010.
FINRA’s Allegations Against Gary Bowman
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated July 1, 2021, Mr. Bowman consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “From February 2013 through December 2017, [Mr.] Bowman engaged in an unsuitable pattern of short-term trading of Unit Investment Trusts in customer accounts”;
- “From February 2013 through December 2017, [Mr.] Bowman recommended that his customers roll over UITs more than 100 days prior to maturity on approximately 4,200 occasions”;
- “Although his customers’ UITs typically had a 24-month maturity period, [Mr.] Bowman recommended that they sell their UITs after holding them for, on average, just over one year and use the proceeds to purchase a new UIT”;
- “[Mr.] Bowman’s recommendations caused his customers to incur unnecessary sales charges and were unsuitable in view of the frequency and cost of the transactions”; and
- By virtue of his actions, Mr. Bowman violated FINRA Rule 2111, regarding suitability and FINRA Rule 2010, regarding standards of commercial honor and principles of trade.
FINRA Sanctions Gary Bowman
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s July 1, 2021 AWC also indicates that Mr. Bowman consented to the following sanction(s):
- A three-month suspension from association with any FINRA member in all capacities; and
- A fine in the amount of $10,000.00.
Gary Bowman Has No History of Securities Industry Customer Complaints
In addition to the July 1, 2021 AWC showing Gary Bowman being suspended from the securities industry by FINRA for engaging in a pattern of unsuitable short-term trading of UIT’s, FINRA BrokerCheck for Mr. Bowman reveals he has no prior history of customer complaints and/or customer initiated arbitrations.
If you or someone you know has or had a brokerage account with Gary Max Bowman and have concerns regarding losses in your investments or possible sales practice violations including fraud, churning or unsuitability, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.