May 2017-Norman, OK
The FINRA records of Billy Jack Cowan , a former stockbroker who is not currently registered disclose a regulatory event, 2 prior customer disputes, 2 terminations from employment and 8 prior financial events.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In July 2015 Cowan was censured by the Oklahoma Department of Securities for using discretionary power in a customer’s account without prior written authorization while employed by Raymond James Financial Services.
In FINRA Case 15-0725, a customer of Raymond James Financial Services alleged damages of $707,188 claiming that Cowan had misclassified their suitability profile, failed to disclose trading risks and engaged in excessive and unauthorized trading from 2006-2014. That case was settled in 3/2017 for $75,000.
In 12/2014 Cowan was discharged by Raymond James who made the following allegation on his FINRA record: “Violation of the firm’s discretion and limited trading authorization policy for using discretion in an account without written authority to do so and for violating the firm’s communications with the public-electronic communications policy, for using text messaging for a business purpose.”
Cowan discloses 8 settlements with credit card companies where outstanding balances were settled for compromised amounts.
Billy J. Cowan was employed by Raymond James from 2/2006-12/2014 .
If you have questions about an account handled by Billy J. Cowan call for a no charge consultation.
Discretionary trading is when a broker makes trades (buys or sells) in an account without first consulting the customer. This means the broker decides how much of an investment to buy or sell and at what price, without input from the customer. Firms generally require that permission to trade an account in such a manner must be granted, in writing, by the customer to the firm.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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