FINRA

Respondent Owen failed to respond to FINRA request for information.

Letter

Bar (Permanent)

All capacities

Indefinite

2/11/2019

Pursuant to FINRA Rule 9552(h) and in accordance with FINRA's Notice of Suspension and Suspension from Association letters dated November 6, 2018 and November 30, 2018, respectively, on February 11, 2019, Owen is barred from association with any FINRA member in any capacity. Respondent failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in any capacity.

PFS INVESTMENTS

Discharged

PFSI RECEIVED AN ALLEGATION THAT THE REPRESENTATIVE ENGAGED IN AN UNAPPROVED OUTSIDE BUSINESS ACTIVITY AND/OR AN UNDISCLOSED PRIVATE SECURITIES TRANSACTION IN WHICH A CLIENT'S FUNDS INTENDED FOR PFSI WERE DEPOSITED ELSEWHERE WITHOUT THE CLIENT'S KNOWLEDGE OR CONSENT.

FORMER CUSTOMER ALLEGES MISREPRESENTATION WITH RESPECT TO THE TIMEFRAME OF A VA CONTRACT AND THE TERMS OF THE GUARANTEE PROVISIONS WITHIN THAT CONTRACT. ALSO ALLEGES FAILURE TO FOLLOW INSTRUCTIONS WITH RESPECT TO THE ALLOCATION OF SUB-ACCOUNTS WITHIN THE ANNUITY.

$14,000.00

THE CUSTOMER REQUESTED AN INVESTIGATION INTO THE REASONS FOR HER INVESTMENT IN THE ANNUITY. AT THE TIME OF THE PURCHASE, THE FIRM PROVIDED HER WITH A DISCLOSURE DOCUMENT HIGHLIGHTING THE RELEVANT POINTS REGARDING THE INVESTMENT.

$150,000.00

IN ITS RESPONSE TO THE CUSTOMER, THE FIRM REITERATED EACH POINT AND PROVIDED A DETAILED EXPLANATION OF THE REASONS BEHIND THE RECOMMENDATION.

CUSTOMER ALLEGES SHE WAS NOT ADVISED OF UPFRONT COMMISSIONS/FEES, AND CLAIMS SHE WAS GIVEN BAD ADVICE.

$13,000.00

AFTER REVIEW OF THE FACTS AND CIRCUMSTANCES SURROUNDING THE COMPLAINT, THE FIRM FOUND THE COMPLAINT TO BE WITHOUT MERIT.

VARIABLE ANNUITY CONTRACT WAS NOT DELIVERED TO THE CUSTOMER; CUSTOMER NOT GIVEN AN OPPORTUNITY TO REVIEW AND ACCEPT THE PROVISIONS OF THE CONTRACT.

$19,589.12

$13,221.17

CLIENTS ALLEGE THAT THE PRODUCT FEATURES PRESENTED TO THEM WERE NOT THOSE DESCRIBED WITHIN THE CONTRACT RECEIVED. CUSTOMER ALLEGES POLICY WOULD PROVIDE GUARANTEE OF 6% INTEREST COMPOUNDED ANNUALLY FOR 5 YEARS.

$66,777.00

THIS MATTER HAS BEEN RESOLVED TO THE CUSTOMER'S SATISFACTION. THEY ARE STILL MY CLIENTS AT MY NEW FIRM.

CUSTOMER ALLEGES SHE DID NOT UNDERSTAND WHAT WAS GOING ON WITH HER ACCOUNT.

$5,000.00

CLIENT ALLEGES "SOMEONE HAD FORGED MY NAME ON THE ROTH IRA ROLLOVER. IT LOOKS LIKE MR. OWEN HANDWRITING."

GOOD FAITH DETERMINATION ESTIMATES DAMAGES TO EXCEED $5000. AFTER REVIEW OF THE FACTS AND CIRCUMSTANCES SURROUNDING THE COMPLAINT, THE FIRM FOUND THE COMPLAINT TO BE WITHOUT MERIT.