Howard Allen

Broker Howard Allen in Portfolio Advisors Alliance, LLC Firm Has Customer Complaint

May 29, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Howard Allen (Allen), previously associated with Portfolio Advisors Alliance, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Allen recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $37,761.00 on August 26, 2020.

Allen was named in a customer complaint that asserted the following causes of action: unauthorized trading, fraud, misrepresentation, negligence, breach of contract and breach of fiduciary duty.

SEC Accuses American Growth Funding II and Brokerage Firm Portfolio Advisors Alliance of Securities Fraud

March 22, 2016 | by Staff Attorney

The securities fraud attorneys of Gana Weinstein LLP are investigating fraud charges by The Securities and Exchange Commission (SEC) against American Growth Funding II, LLC, Portfolio Advisors Alliance, Inc., Ralph C. Johnson (Johnson), Howard J. Allen III (Allen) and Kerri L. Wasserman (Wasserman) accusing the defendants of repeatedly lying to investors purchasing high-yield securities. Portfolio Advisors Alliance is the brokerage firm that acted as the placement agent for the fund. The SEC alleged that between March 2011 and December 31, 2013, the Fund sold approximately $8.6 million worth of its units to at least 85 investors.

According to the SEC American Growth Funding II and Johnson promised investors 12-percent annual returns and falsely claimed its financial statements were being audited each year. The Fund also made misrepresentations in offering documents about its management and concealed details about deteriorating loan values. The SEC also alleged that Portfolio Advisors Alliance and its owner Allen and president Wasserman knew the offering documents were inaccurate and yet continued using them to solicit sales of the Fund.

According to the SEC’s complaint a number of misrepresentations and omissions were made to investors including: (1) that the company represented in offering documents that its financial statements had been audited and would continue to be audited each fiscal year when Johnson knew this statement was false and no audit of the Fund’s financials occurred until 2014; (2) that the offering documents represented that the Fund was governed by a Board of Managers comprised of Johnson and two other individuals when the two individuals never agreed to serve; (3) that Johnson caused the Fund to send out monthly account statements to investors that concealed the precariousness of its business because the company could not have possibly paid investors their stated account balances; (4) that Allen became aware by no later than June 2012 that the Fund’s offering documents were not accurate but continued using them to solicit investors; and that Allen informed Wasserman that the Fund offering documents contained false information but Wasserman took no action and the firm’s brokers continued using misleading documents to solicit investors.

Howard Allen, Joseph McGowan, and Peter Pak Settle FINRA Charges Concerning Allen Partners Promissory Notes

January 24, 2014 | by Staff Attorney

Brokers Howard Allen (Allen), Joseph McGowan (McGowan), and Peter Pak (Pak) have settled charges brought by the Financial Industry Regulatory Authority (FINRA) concerning allegations that the brokers, while employed by J.P. Turner & Company, L.L.C. (JP Turner) and Portfolio Advisors Alliance, Inc. (PAA), participated in 12 private securities transactions without providing prior written notice to their firms in violation of NASD Conduct Rules 3040 and 2110 and FINRA Rule 2010.

The brokers were associated with the same firms at approximately the same times. The brokers were associated with JP Turner from 2002 until 2008. Thereafter, the brokers were associated with Allen Partners from May 2008 until June 2009. Finally, since 2009 the brokers have been associated with PAA. Pak has not been registered since 2011. Both Allen and McGowan are currently registered with PAA.

According to FINRA the three brokers owned and controlled two companies – Allen Partners Capital, LLC (APC) and Allen Partners, LLC (AP). Allen was a managing member of both companies. While at JP Turner and PAA, Allen conducted his branch office operations through AP. FINRA found that while the brokers were associated with JP Turner and PAA they raised money for both APC and AP.