MARK HEIDEN Possibly Made Unsuitable Trades

Wedbush Clients Indicate That Financial Advisor Mark Heiden Breached Fiduciary Duty

Investors continue to come forward with disputes about securities broker W. “Mark” Heiden (CRD#: 2885156, Newport Beach, California). Namely, the financial advisor, who worked for firms including Wedbush Securities and Morgan Stanley, reports a whopping 18 investor disputes on FINRA BrokerCheck. Evidently, the majority of these disputes have been filed in the last few years and concern Heiden allegedly making unauthorized and unsuitable trades, in turn causing unreasonable losses to his clients. Here’s more.

Wedbush Client Indicates Mark Heiden Made Unsuitable Trades

First up, a FINRA Arbitration Claim #: 20-00676 dated March 25, 2020 is reported on Mark Heiden’s file. Mainly, Heiden allegedly invested the client in unsuitable stock positions. Apparently, the broker overconcentrated the client's account in high-risk stocks which led the client to have an unreasonable amount of assets exposed to risk. Not only that, but the client alleged that Heiden’s stock trades were unauthorized. For this reason, the client demanded $150,000 in this ongoing matter.

Morgan Stanley, Wedbush Client Indicates That Heiden Breached Fiduciary Duty

Secondly, a Morgan Stanley and Wedbush client filed FINRA Arbitration Claim #: 20-00832 on March 11, 2020 in regard to Mark Heiden. Allegedly, Heiden failed to comply with his fiduciary responsibility to this client. Supposedly, Heiden, Wedbush or Morgan Stanley violated South Carolina Securities Act. The customer also suggested that the advisor deceptively and improperly traded in the client’s account. Evidently, this matter is pending a resolution.

Mark Heiden Allegedly Misrepresented, Omitted Facts

On August 27, 2019, a client of Wedbush brought FINRA Arbitration Claim #: 19-02432. Namely, the client suggested that Mark Heiden misrepresented and omitted facts in connection with his investment sales at Wedbush. In addition, the client argued that a breach of contract had occurred and that Heiden or Wedbush’s actions violated securities laws and FINRA rules. Evidently, Wedbush opted to resolve the matter on February 7, 2020 by paying the client $250,000.

FINRA Issues Six-Month Suspension, $5,000 Fine To Heiden For Alleged Unauthorized Trading

The financial industry watchdog suspended Mark Heiden from July 15, 2019 until January 14, 2020 for unauthorized trading. It seems that Heiden traded without getting permission from two of his elderly clients. Notably, Heiden’s trading caused a client more than $10,000 in losses. FINRA also cited Heiden’s discretionary trading as Heiden did not have written authorization from clients before making trades.

Did Broker Mark Heiden Sell You Bad Investments?

Have you experienced losses by investing with Wedbush financial advisor Mark Heiden? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel in regard to possibly recovering your investment losses. Soreide Law Group represents clients on a contingency fee basis and will advance all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of advisors like Heiden and brokerage firms.