FINRA Suspended Another Former Spartan Capital Securities Rep, Ian Lowrey

NEW YORK, NY

Our firm is continuing to look into allegations made against former representatives of Spartan Capital Securities, which is based on New York City.  FINRA has investigation yet another former advisor with Spartan Capital Securities; this time the investigation centers around Ian Lowrey.  FINRA was investigating whether Ian Lowrey was excessively trading or churning customer accounts.

According to the FINRA AWC against Ian Lowrey, Lowrey engaged in churning two customer accounts between April 2017 and October 2019.  One account had a cost-to-equity ratio of 49%, while another had a cost-to-equity ratio of 162%.  If an account has a cost-to-equity ratio of 10%, this means that the account has to make a 10% profit (on an annualized basis) to cover the costs of the trading.  As part of this investigation, Lowrey was suspended for three months, fined $5,000, and ordered to pay $48,116 in restitution.

Ian Lowrey was licensed with Spartan Capital Securities from November 2016 to January 2020 and worked in Spartan’s New York City office.  Lowrey was also with Wynston Hill Capital.

As a FINRA member firm, Spartan Capital Securities must abide by FINRA rules.  It has an obligation to sufficiently supervise the conduct of its advisors like Ian Lowrey.  This conduct may have violated FINRA Rule 2111 (regarding suitability) and could render Lowrey and/or Spartan Capital Securities liable for any financial losses.

View BrokerCheck:  Lowrey, i BrokerCheck 5.13.22

View FINRA AWC:  Lowrey, i FINRA AWC

If you lost money with Ian Lowrey or Spartan Capital Securities, please Contact Us at 720-599-3505 or 206-795-5798 for a free evaluation of your case.