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Ian Lowrey Suspended from FINRA Over Alleged Excessive Trading

Jun 10, 2022 Excessive Trading

Ian Lowrey (CRD #: 6367392), a former broker, was suspended from FINRA, according to his BrokerCheck record, accessed on June 4, 2022. Keep reading to learn more about Ian Lowrey's conduct as a broker.

Suspension from FINRA

On May 10, 2022, a letter of Acceptance, Waiver & Consent (AWC) was filed alleging that Ian Lowrey engaged in excessive trading in two clients’ accounts while employed by Spartan Capital.

Ian Lowrey allegedly had de facto control over the two client’s accounts. Note: FINRA considers an annualized turnover rate of six or higher and an annualized cost-to-equity ratio over 20% to be indications of excessive trading.

  • From April 2017 to October 2019, Ian Lowrey allegedly executed 56 transactions in Customer A’s account. This trading resulted in an annualized turnover rate of 11.09 and an annualized cost-to-equity ratio of 49%, generating a total of $23,680 in trading costs and $38,891 in realized losses.
  • From November 2017 to March 2019, Ian Lowrey allegedly executed 48 transactions in Customer B’s account, resulting in an annualized turnover rate of 26.39 and an annualized cost-to-equity ratio of 162%. This trading generated a total of $31,356 in trading costs and $64,362 in realized losses.

Between both customers, Ian Lowrey allegedly generated $48,116 in commissions.

Ian Lowrey consented to the entry of findings that these alleged actions violated FINRA Rules 2111 and 2010.

FINRA Rules 2111 and 2010

FINRA Rule 2111 requires brokers to tailor their investment recommendations to investors’ profiles. Investor profiles reveal their client’s tax status, risk tolerance, and other investments.

Brokers must also maintain quantitative suitability. An excessive number of transactions generates commissions and fees that can severely cut into investors’ returns.

Investors who rely on brokers for their recommendations or discretionary trading may be able to recoup their losses by pursuing FINRA arbitration.

FINRA Rule 2010 bans the use of fraudulent tactics, like deception or manipulation, as they relate to the purchase and sale of securities.

Sanctions

Ian Lowrey consented to the following sanctions:

  • $5,000 fine
  • Three-month suspension 
  • Restitution of $48,116 plus interest

His suspension began on May 16, 2022, and will end on August 15, 2022.

You can read the full AWC here.

Background Information

Ian Lowrey has passed the following exams:

  • Series 63 - Uniform Securities Agent State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 7 - General Securities Representative Examination

He has also worked for the following firms:

  • Wynston Hill Capital(CRD#:103811)
  • Spartan Capital Securities (CRD#:146251)
  • Joseph Gunnar & Company (CRD#:24795)
  • Garden State Securities (CRD#:10083)
  • Woodstock Financial Group (CRD#:38095)
  • Arjent (CRD#:131431)
  • Blackbook Capital (CRD#:123234)
  • Dawson James Securities (CRD#:130645)

Kurta Law Can Help

If you worked with Ian Lowrey and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.