April 2019-Idaho Falls, ID
The FINRA records of two former Allegis Investment Advisors stockbrokers , Peter Gerhard Klaass and Heath Shayne Bowen disclose that the Colorado Division of Securities alleged that both Klaass and Bowen placed their advisory clients in high risk and complex options trades that their clients did not understand.
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 2/2018, the Colorado Division of Securities issued a cease and desist and revoked Klaass‘ investment adviser representative license in Colorado. Bowen was sanctioned with a cease and desist.
Klaass has settled three customer suits over option investments and discloses a pending FINRA arbitration by a customer of Allegis seeking over $450,000 in damages related to option investments. Klaass was employed by Allegis Investment Services from 5/2014-3/2017 and thereafter with Cetera Advisor Network. He voluntarily resigned from Cetera in 4/2018 following the cease and desist order issued by Colorado securities regulators.
In 12/2017 Bowen was ordered to pay a customer $575,000 in FINRA Case 17-3131. There are currently three pending arbitrations by customers which relate to option investment and seek cumulative damages of over $600,000.
In 4/2019 Bowen was suspended indefinitely by FINRA for failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.
If you have questions about an account handled by Peter Klaass and/or Heath S. Bowen, contact us for a no charge consultation. You may be able to recover damages through FINRA arbitration.
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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