Did Cynthia Diane Cowden Cause You Investment Losses?
Cynthia Diane Cowden of Bakersfield, California submitted a Letter of Acceptance, Waiver and Consent to the Financial Industry Regulatory Authority in which she was barred form association with any FINRA member in all capacities. The sanction is based on findings that she allegedly provided false testimony and recommended unsuitable high-risk, speculative investments in violation of FINRA Rules 8210, 2111 and 2010.
From January 2013 through August 2020, Cynthia Diane Cowden was associated with NPB Financial Group under multiple registrations. According to the FINRA findings, Cowden allegedly recommended unsuitable investments to three senior customers totaling $481,200. The findings state that the investments were unsuitable given the customers investment objective, circumstances, financial needs and the illiquidity and high-risk level exceeded their risk tolerance. In addition, the findings also state that Cowden allegedly provided false testimony regarding the investments during an on-the-record testimony to FINRA. Although Cynthia Diane Cowden is not currently registered or associated with a FINRA member firm, she remains subject to FINRA’s jurisdiction.
FINRA Rule 2111(a) requires that firms and associated persons have a “reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the [firm] or associated person to ascertain the customer’s investment profile,” which includes “the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, [and] risk tolerance.” A recommendation may also be unsuitable if it results in an undue concentration in a particular security or category of securities. FINRA Rule 2010 requires associated persons to observe “high standards of commercial honor and just and equitable principles of trade” in the conduct of their business. A violation of FINRA Rule 2111 is also a violation of Rule 2010. FINRA Rule 8210 requires member firms and associated persons to provide information and documents to FINRA during the course of an investigation.
Do You Need a California FINRA Securities Arbitration Attorney?
Are you a Bakersfield, California investor who has suffered significant losses in your stock brokerage and investment accounts? Did they recommend unsuitable securities transactions or strategies? Suitability claims can be based upon the stockbroker or investment advisor’s fiduciary duty, duty to use reasonable care, or FINRA Rule 2111. If you believe that your stockbroker or investment advisor made unsuitable recommendations, you need a skilled securities arbitration attorney who knows all the investments, investment strategies and stockbroker tricks of the trade.
Free Initial Consultation With Experienced Attorneys Serving Bakersfield, California Residents in FINRA Securities Arbitrations Involving Unsuitable Investment Claims
At The Law Offices of Robert Wayne Pearce, P.A. we represent investors in all kinds of securities, commodities and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout California, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award.
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For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities and investment law disputes serving California citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.