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Former SagePoint Rep Gary Bowman Suspended: UIT Allegations
Gary Bowman (CRD# 2035699) , an ex-SagePoint Financial stockbroker, has been sanctioned by the Financial Industry Regulatory Authority after findings he engaged in unsuitable trading. A representative previously based in Corona, California, Mr. Bowman was temporarily suspended from acting as a broker.
According to a Letter of Acceptance, Waiver and Consent (No. 2018056858102) published on July 1, 2021, Gary Bowman was registered with SagePoint Financial when, between 2013 and 2017, he “recommended that his customers roll over UITs [unit investment trusts] more than 100 days prior to maturity on approximately 4,200 occasions.” FINRA’s findings state that the customers’ UIT products usually had 24-month maturity periods, but he recommended their sales after an average holding period of one year, then that the customers use the proceeds generated by the sales to purchase new UITs.
In more than 600 of about 4,200 early UIT rollovers, FINRA states, he recommended the customers used the proceeds “to purchase a subsequent series of the same UIT, which generally had the same or similar investment objectives and strategies as the prior series.” FINRA describes one case in which he recommended a customer sell—after about 12 months of a 24-month maturity period—a UIT issued in the second quarter of 2016, then purchase a UIT issued in the second quarter of 2017 that FINRA describes as “essentially, the same investment.” Nonetheless, the customer’s premature sale incurred “increased sales charges.”
In light of these findings, FINRA concluded that Gary Bowman’s recommendations resulted in unnecessary sales charges and that they were unsuitable for his customers. FINRA issued him a three-month suspension from associating with any FINRA member in any capacity and ordered him to pay a fine of $10,000.
According to the Financial Industry Regulatory Authority, Gary Bowman holds 31 years of securities industry experience. His previous registrations include SagePoint Financial (Corona, California), Arque Capital, Fox & Company Investments, Nebs Financial Services, HJ Meyers & Company, Intrepid Securities, Rykel Securities, and Dean Witter Reynolds. His credentials include the passage of seven securities industry qualifying examinations: the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; the National Commodity Futures Examination, or Series 3; the General Securities Representative Examination, or Series 7; the Municipal Securities Principal Examination, or Series 53; and the General Securities Principal Examination, or Series 24. He presently holds no state licenses. (Information accessed on January 7, 2022.)
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