Soreide Law Group obtained the following information on FINRA’s website under, “Disciplinary and Other FINRA Actions, December 2020.”
CYNTHIA DIANE COWDEN (CYNTHIA CASE) (CRD#: 2054676, Bakersfield, California) was barred from association with any FINRA member in all capacities on October 21, 2020. Cowden was formerly listed with NPB Financial Group in Lake Isabella, California.
Without admitting or denying FINRA’s findings, CYNTHIA DIANE COWDEN consented to the sanction and to the entry of findings that she allegedly recommended unsuitable high-risk, speculative investments to three senior clients, which included a married couple and one other client.
FINRA’s findings stated that CYNTHIA DIANE COWDEN recommended purchases for the couple, totaling $231,200, of an illiquid, high-risk, non-traded real estate investment trust (REIT). According to the FINRA Letter of Acceptance, Waiver and Consent, during the relevant period, Cowden recommended two purchases for the couple, of NorthStar Real Estate Income Trust (NorthStar), an illiquid, high risk, non-traded REIT. According to FINRA, the NorthStar investments were not suitable given the couple’s investment objective, circumstances, and financial needs. In addition, the investments comprised over 20% of the couple’s net worth, more than double NorthStar’s 10% of net worth concentration limit for California investors. NorthStar’s illiquidity and high risk level also far exceeded the couple’s moderate risk tolerance.
CYNTHIA DIANE COWDEN, according to FINRA, allegedly recommended that the other client purchase $250,000 of a speculative, high-risk, illiquid, closed-ended mutual fund that was not suitable given the other client’s investment objective, circumstances and financial needs. In addition, the investment comprised an unsuitable concentration of over 50 percent of the customer’s net worth, and its illiquidity and high risk level also far exceeded the client’s low to moderate risk tolerance. According to the FINRA Letter of Acceptance, Waiver and Consent, Cowden recommended that the client purchase $250,000 of Priority Income Fund, Inc., which is a speculative, high risk, illiquid, closed-ended mutual fund.
FINRA’s findings also alleged that CYNTHIA DIANE COWDEN provided false testimony to FINRA during its investigation regarding the clients’ assets and income. Specifically, Cowden allegedly falsely testified that the clients’ assets and income were far in excess of the actual amounts—financial information which made the clients appear qualified to invest in both of the investments. (FINRA Case #2017055979301)
According to FINRA’s BrokerCheck, CYNTHIA DIANE COWDEN was in the securities industry for 30 years and has 5 disclosures on her CRD report. Of those 5 disclosures, 4 are Customer Disputes. Cowden had been listed with 6 firms, the two most recent are listed below:
01/03/2013 – 08/31/2020 NPB FINANCIAL GROUP, LLC – LAKE ISABELLA, CA
09/20/2012 – 01/02/2013 TRICOR FINANCIAL, LLC – LAKE ISABELLA, CA
If you’ve suffered losses due to the actions or recommendations of CYNTHIA DIANE COWDEN formerly of NPB Financial Group of Lake Isabella, California, contact Soreide Law Group and speak to a lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.