Erez Law is interested in speaking with investors who may have suffered losses due to investments with former Allegis Investment Services, LLC broker Heath Bowen (CRD# 4824684). He was registered with Allegis Investment Services, LLC in Idaho Falls, Idaho, from 2014 to 2018. According to his CRD, he has been a managing partner with Allegis Investment Advisors, LLC (aka Bowengroup Advisors LLC), in Idaho Falls, Idaho, since 2011.
In April 2019, FINRA suspended him indefinitely after he “failed 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.”
In July 2018, FINRA suspended him indefinitely after he “Respondent Bowen failed 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.”
In June 2017, the Colorado Division of Securities sanctioned Bowen to a cease and desist following allegations regarding “Commissioner alleges that Heath placed advisory clients in high risk complex options strategy that the clients did not understand.”
Heath Bowen Customer Complaints
He has been the subject of five customer complaints between 2017 and 2022, according to his CRD report:
November 2022. “Bowen was named in a customer complaint that asserted the following causes of action: Utah Uniform Securities Act, Utah Code§ 61-1-22; failed to establish reasonable supervisory procedures and reasonably supervise; unsuitable transactions; Lack of Supervision; Breach of Fiduciary Duty; Negligent Failure to Supervise; and Negligence Per Se.” The customer is seeking $10,500,000 in damages.
March 2018. “Client alleges that the options strategy implemented in the discretionary account was unsuitable and a trade in August 2015 caused a loss in the account.” The customer is seeking $121,672 in damages and the case is currently pending. The complaint was regarding options losses.
December 2017. “Claimants allege breach of contract related to a stipulated award executed by respondent firm in July 2017.” The customer sought $587,500 in damages, and the case was settled for $575,000.
December 2017. “Client alleges that the options strategy implemented it he account was unsuitable and there were misrepresentations regarding the strategy. The strategy had a trade in Aug 2015 which resulted in loss to the client.” The customer is seeking $64,000 in damages and the case is currently pending. The complaint was regarding options losses.
September 2017. “Client alleges that the options strategy implemented it he account was unsuitable and there were misrepresentations regarding the strategy. The strategy had a trade in Aug 2015 which resulted in loss to the client.” The customer is seeking $456,529 in damages and the case is currently pending. The complaint was regarding options losses.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Allegis Investment Services, LLC may be liable for investment or other losses suffered by Heath Bowen’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses due to broker misconduct, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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