UPDATE! Money Recovery Information – Losses with HEATH BOWEN and PETER KLAASS
Heath Bowen and Peter Klaass Barred from acting as Financial Advisors by Colorado Securities Division
Have you lost money with financial advisor Heath Bowen and Peter Klaass from Idaho Falls, Idaho? Our investigation continues regarding allegations made by the Colorado Division of Securities made against Heath J. Bowen and Peter G. Klaass. In a May 2017 complaint, Colorado alleged that Heath Bowen and Peter Klaass made unsuitable recommendations to their customers to invest in a risky option trading strategy.
Colorado alleged that this option strategy subjected clients to risk of loss between 40% to 100%, while the potential net gain of less than 1%. Colorado further alleged that Bowen and Klaass utilized this strategy to maximize their management fees, at the expense of their clients. This caused significant losses for investors. Bowen and Klaass were affiliated with Allegis Investment Services, which was also named in the complaint.
In March 2018, Colorado barred Klaass from the securities industry and also ordered that Bowen could no longer act as a financial advisor or investment advisor in Colorado. Their brokerage firm, Allegis Investment Services, was also ordered to pay $300,000 in restitution. The allegations concerned the sales of Russell Net Credit Spread Strategy that Klaass and Bowen used with Allegis clients.
Heath Bowen was a registered representative and financial advisor with Allegis Investment Services from February 2014 to the present. Bowen was also registered with Signator Financial Services from January 2011 to May 2014. He worked out of branch offices in Idaho Falls, Idaho. He has been the subject of at least three customer complaints.
Peter Klaass was a registered representative and financial advisor with Allegis Investment Services from May 2014 to March 2017. He was also registered with Signator Financial Services from April 2011 to May 2014, and with Cetera Advisor Network from April 2017 to April 2018. Klaass has been the subject of five customer complaints, many alleging claims regarding options.
Broker-dealers like Allegis Investment Services have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations, such as to refrain from switching variable annuities. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman are investment fraud and securities arbitration attorneys with offices in Denver, Colorado and the Seattle area. Our firm has represented numerous investors in the Denver area, and we have also previously represented numerous investors in Idaho, including victims of a Ponzi scheme in the Boise area.
Click to view: Klaass, Peter BrokerCheck 11.18.17
Click to view: Bowen, Heath BrokerCheck 11.18.17
Click to view: Bowen, Heath and Klaass, Peter CO Complaint
Click to view: Bowen, Heath and Klaass, Peter CO Order
If you have lost money with Heath Bowen, Peter Klaass, or Allegis Investment Services, and want to hear about ALL legal options, please visit https://www.israelsneuman.com/ or call us at 720-599-3505.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
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