Larry Allen Bowman (also known as Larry Bowman), of Malvern, Pennsylvania, a stockbroker formerly registered with Heritage Financial Systems Inc., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that he engaged in undisclosed outside business activities when he was employed by Heritage Financial Systems. Letter of Acceptance, Waiver, and Consent No. 2020065037601 (March 4, 2021).
According to the AWC, while Bowman was associated with Heritage Financial Systems, he was prohibited from engaging in outside business activities unless he provided the securities broker dealer with written notice and received its written approval.
Between October of 2018 and December of 2019, Bowman performed financial analysis and modeling away from Heritage Financial Systems. The securities broker was involved with three companies for this outside business activity and was compensated for his financial services.
Bowman failed to disclose his involvement with these companies to Heritage Financial Systems. He also completed an annual compliance questionnaire stating that he did not engage in outside business activities. FINRA determined that Bowman violated FINRA Rules 2010 and 3270 for this reason.
Bowman was permitted to resign from Heritage Financial Systems on December 14, 2019, based upon accusations of his violation of procedures and policies relating to his use of an unauthorized email account.