Ryan Neel Bowers, of San Diego, California, the chief compliance officer and managing principal with Enviso Capital and former stockbroker with WFG Investments, Inc., has been fined $50,000.00 and barred from associating with, inter alia, any investment adviser, broker or dealer according to a Securities and Exchange Commission (SEC) Order containing findings that Bowers made faulty representations to customers concerning the valuations of two private funds that Enviso advised. In the Matter of Enviso Capital, LLC, et al., File No. 3-18071 (July 19, 2017).
According to the Order, between 2012 and 2014, Bowers and the firm overvalued two private funds. In one circumstance, the primary asset of a fund that Bowers was part owner of, Bluefin Renewable Energy, LLC, had been overvalued by his failure to consider unfavorable revenues projections. In the other circumstance, Enviso neglected to appropriately value a loan that was unlikely to be collected. The Order also stated that misrepresentations had been made to Enviso customers about a renewable energy project that Bluefin participated in. SEC concluded that Bowers failed to adequately conduct the firm’s annual compliance reviews relating to their activities. Consequently, SEC found that Bowers willfully committed violations of Investment Advisers Act Sections 206(2), 206(4) and 2017, as well as Rule 206(4)-8.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Bowers has been previously fined $25,000.00 and suspended for five months from associating with any FINRA member in any capacity based upon consenting to findings that while he was associated with WFG Investments, Inc. and chief executive officer of a registered investment advisory, he failed to timely transmit valuations of the funds that his investment advisory managed, causing customers to receive false representations with regard to their investment holdings. Letter of Acceptance, Waiver and Consent, No. 2012032801901 (Sept. 10, 2015).
FINRA Public Disclosure also confirms that Bowers has been referenced in three customer initiated investment related disputes containing allegations of his misconduct while employed with WFG Investments, Inc. and Enviso Capital, LLC. Particularly, on March 18, 2016, a customer filed an investment related written complaint involving Bowers’ conduct, where the customer sought $275,000.00 in damages supported by accusations of suitability and misrepresentation with regard to private equity fund, promissory note and direct investment product transactions. FINRA Arbitration No. 16-00717 (Mar. 18, 2016).
Thereafter, a customer filed an investment related arbitration claim regarding Bowers’ activities, in requesting $2,000,000.00 in damages founded on allegations that omissions and misrepresentations had been made to the customer about investments, and transactions had been placed in the customer’s investment portfolio that were not appropriate for the customer. FINRA Arbitration No. 16-02621 (Sept. 19, 2016).
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