Venturing into the world of investments, traders and financial professionals are bound by a code of ethics that strives to ensure the public trust. One such broker, Cary Cowan (CRD #: 601492), is facing attention after an unexpected event that has raised questions in relation to investor disputes. Cowan, who is currently registered with Cadaret, Grant & Co., has a long-spanning career with a record that is easily accessible to the public on BrokerCheck as of January 5, 2023.
The Investor Dispute
Something occurred on October 30, 2023, that caused the tide to shift. An investor brought forward an allegation of an unexpected reduction in guaranteed benefit payment, a situation alleged to have arisen from excess annual withdrawals. These were not highlighted by their financial professional, a pertinent detail that has fed the friction of this ongoing dispute.
The Rules in Question
The Financial Industry Regulatory Authority (FINRA) upholds Rule 2010 – a rule designed as the bedrock standard for brokers. This rule calls for a high level of commercial honor and mandates brokers to act within just and equitable principles of trade. Cowan’s alleged failure to disclose the excess withdrawals might have unfortunately placed him in the crosshairs of a violation of this critical rule.
Introducing Cary Cowan
Cowan is not a greenhorn in the financial sector. He’s sailed through a series of examinations including the Series 63 Uniform Securities Agent State Law Examination, Series 82TO Limited Representative Private Securities Offerings, and Series 7TO General Securities Representative Examination. He’s also passed the SIE – Securities Industry Essentials Examination, Series 1 Registered Representative Examination, Series 51 Municipal Fund Securities Principal Examination, and the Series 24 General Securities Principal Examination.
Cowan is a registered broker in 26 states and holds registration as an investment adviser in both Florida and Texas. His career spans a respectable five decades over which he has navigated the depths of ten different firms, including Cadaret, Grant & Co., Arch Global Advisors, and Next Financial Group, among others.
If investors have worked with Cary Cowan and harbor concerns about their investments, they have every right and are strongly encouraged to seek professional assistance. It’s crucial that alleged securities fraud or misconduct doesn’t go unchecked. The wheels of constantly evolving regulation and public accountability never stop turning in the world of finance, and neither should your chance at claiming your rightful investments.