Heath Shayne Bowen of Idaho Falls Idaho stockbroker formerly associated with Allegis Investment Services has been suspended by Financial Industry Regulatory Authority (FINRA) from associating with any FINRA member in any capacity supported by allegations that the stockbroker neglected to comply with a customer initiated investment related arbitration award or settlement agreement or otherwise confirm his compliance with FINRA. Case No. 18-02355 (Apr. 16, 2019).
This is not the first time that Bowen has been the subject of an enforcement action by a securities regulator founded on accusations of the stockbroker’s misconduct in the securities industry. In particular, Colorado Division of Securities is seeking sanctions against Bowen founded on accusations that index options and private placement transactions were unsuitable for customers in view of their objectives for investing and tolerances for risk when Bowen was employed by Allegis Investment Advisors. Colorado Division of Securities Regulatory Action No. 2017CV31584 (May 1, 2017).
FINRA Public Disclosure reveals that Bowen has been referenced in four customer initiated investment related disputes concerning accusations of his improprieties when he was associated with securities broker dealers including Allegis Investment Advisors. Particularly, a customer filed an investment related arbitration claim in reference to Bowen’s conduct where the customer sought $456,529.00 in damages based upon accusations that when Bowen was associated with Allegis Investment Advisors, options transactions were unsuitable given the customer’s investment profile, false statements were made to the customer concerning investments, and the customer sustained unwarranted losses because of the stockbroker’s investment strategy. FINRA Arbitration No. 17-02268 (Sept. 29, 2017).
Also, a customer filed an investment related arbitration claim pertaining to Bowen’s conduct in which the customer requested $64,000.00 in damages supported by allegations that when Bowen had been employed by Allegis Investment Advisors, misleading statements were made by the stockbroker pertaining to the risks and drawbacks of a strategy, options failed to be suitable because of the customer’s investment circumstances, and the customer incurred unreasonable losses because of the stockbroker. AAA Arbitration No. 17-0006-2675 (Dec. 11, 2017).
Bowen is referenced in another customer initiated investment related arbitration claim in which the customer requested $121,672.00 in damages based upon allegations that options transactions effected in the customer’s account by the stockbroker were not suitable for the customer given the customer’s risk tolerance, investment objectives or overall circumstances, and the customer incurred unwarranted losses from the strategy implemented for the customer’s account. AAA Arbitration No. 01-18-0000-6514 (Mar. 3, 2018). An additional customer initiated investment related arbitration claim concerning Bowen’s activities resulted in the customer being awarded $575,000.00 in compensatory damages based on Bowen being found liable on the customer’s claims of breach of contract and fraud. Financial Industry Regulatory Authority FINRA Arbitration No. 17-03131 (May 11, 2018).
Bowen was associated with Allegis Investment Services between February 28, 2014 and May 30, 2018.
