Gary Bowman Subject of FINRA Fine and Suspension
Gary Bowman (CRD #: 2035699), a broker previously registered with Sagepoint Financial, has been suspended by FINRA, according to his BrokerCheck record, accessed on August 6, 2021. FINRA alleges that Bowman unsuitably managed Unit Investment Trusts (UITs) – keep reading for more detail.
On July 1, 2021, Gary Bowman entered into an Acceptance, Waiver, and Consent (AWC) agreement with FINRA in which he consented to the findings that he engaged in an unsuitable trading strategy with UITs. UITs are investment companies that endeavor to make money off of an underlying portfolio of securities. They come with maturity dates – typically 15 to 24 months. Because they charge upfront fees, it doesn’t make sense for investors to sell a UIT to purchase a similar investment before the maturity date. Selling one UIT and using the proceeds to purchase another is called a “rollover.”
FINRA alleges that between February 2013 and December 2017, Bowman allegedly recommended that his customers roll over UITs more than 100 days prior to their maturity dates on approximately 4,200 occasions. Moreover, on more than 600 occasions, these were “series-to-series” rollovers, meaning that Bowman recommended that investors sell their UIT only to purchase the same type of UIT with similar investment strategies. The investors allegedly paid unnecessary sales charges.
As part of the terms of the AWC, Bowman consented to a three-month suspension and a $10,000 fine. You can read a copy of the AWC here.
Gary Bowman Background Information
Bowman has passed the following exams:
- Series 65 Uniform Investment Adviser Law Examination
- Series 63 Uniform Securities Agent State Law Examination
- Securities Industry Essentials Examination
- Series 3 National Commodity Futures Examination
- Series 7 General Securities Representative Examination
- Series 53 Municipal Securities Principal Examination
- Series 24 General Securities Principal Examination
During his 31 years of experience in the securities industry, Gary Bowman has worked for the following firms:
- Sagepoint Financial (CRD #: 133763)
- Arque Capital (CRD #: 121192)
- Bowman Financial Services (CRD #: 146189)
- Fox Advisor Group (CRD #: 130593)
- Fox & Company Investments (CRD #: 18517)
- NEBS Financial Services Inc. (CRD #: 103874)
- J. Meyers & Co. (CRD #: 15609)
- Intrepid Securities (CRD #: 19311)
- Rykel Securities (CRD #: 32179)
- Dean Witter Reynolds (CRD #: 7556)
Kurta Law Can Help
If you worked with Gary Bowman and you have concerns about your investments, contact Kurta Law today. Call 212-658-1502 or email email@example.com.