The Financial Industry Regulatory Authority (“FINRA”) barred former NPB Financial Group advisor, Cynthia Cowden (CRD#:2054676) for alleged unsuitable investment recommendations. If you believe that you have suffered losses as a result of Ms. Cowden’s negligence or intentional wrongdoing, please contact Levin Law, P.A. for a free case evaluation to see if you qualify to bring a lawsuit, arbitration claim, or class action.
FINRA alleged that Ms. Cowden recommended high risk, illiquid, and speculative investments to three senior clients with low to moderate risk tolerances. The unsuitable recommendations included NorthStar Real Estate Income Trust, an illiquid, high-risk, non-traded REIT for a senior couple who relied on the investment to supplement their income.
Cowden also allegedly advised another customer to purchase $250,000 of Priority Income Fund, Inc., a high-risk and closed-ended mutual fund. Cowden recommended an unsuitable concentration of over 50% of total clients’ assets on such high-risk products. The recommendations were not suitable given the clients’ investment objectives, risk tolerance, and financial needs. FINRA’s findings stated Cowden falsely testified that three customers’ assets were far in excess of the actual amounts.
If a stockbroker, financial advisor, or investment professional makes unsuitable recommendations, the brokerage firm that he or she works for might be liable for resulting damages. According to FINRA Rule 3110, brokerage firms, such as NPB Financial Group, LLC, have a duty to properly and adequately supervise their financial advisors.
According to FINRA BrokerCheck, Cynthia Cowden had been involved in multiple customer disputes since 2006 including unsuitable recommendations, misrepresentation, breach of contract, conversion, negligence, fraud, financial elder abuse, overconcentration, loss of investment opportunity, among others. Such disputes resulted in settlements close to $300,000.00.
Contact Levin Law managing partner Brian Levin at (305) 402-9050 or email firstname.lastname@example.org for a free case evaluation. We accept most cases on a contingency-fee basis, meaning you are not responsible for Levin Law’s attorney fees unless money is recovered on your behalf.
Levin Law is a premier national securities and class action law firm with significant experience. Brian Levin, Levin Law’s founding attorney, has helped recover over $100,000,000 for clients through securities arbitration and litigation for individual and institutional investors throughout the country and the rest of the world. Levin Law represents retirees, individual investors, high-net-worth investors, ultra-high-net-worth investors, institutions, family offices, trusts, publicly held companies, and others.