Bowman’s unsuitable recommendations allegedly caused his customers to incur unnecessary sales charges.
Gary Max Bowman (CRD#: 2035699) is registered as a broker and investment adviser with SagePoint Financial, where he has been employed since 2013. Previously, Bowman was registered as a broker and investment adviser with Arque Capital from 2008 until 2013.
Bowman has one disclosure on his BrokerCheck report.
July 2021 Regulatory Judgment
- Status: Final
- Initiated By: FINRA
- Allegations: Without admitting or denying the findings, Bowman consented to the sanctions and to the entry of findings that he engaged in an unsuitable pattern of early rollovers of unit investment trusts (UITs). The findings stated that, on certain occasions, Bowman recommended that his customers roll over a UIT before its maturity date to purchase a subsequent series of the same UIT that generally had the same or similar investment objectives and strategies as the prior series. Bowman’s recommendations caused his customers to incur unnecessary sales charges and were unsuitable in view of the frequency and cost of the transactions. Bowman’s customers received reimbursement of these excess sales charges from his member firm in connection with FINRA’s separate settlement with the firm.
- Resolution: Acceptance, Waiver & Consent (AWC)
- Sanctions: Civil and Administrative Penalty(ies)/Fine(s)
- Amount: $10,000.00
- Sanctions: Suspension
- Registration Capacities Affected: All Capacities
- Duration: Three months
- Start Date: 8/2/2021
- End Date: 11/1/2021
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