The Financial Industry Regulatory Authority (“FINRA”) reports troubling allegations of misconduct by securities broker William “Mark” Heiden (CRD#: 2885156, Newport Beach, California). Namely, Heiden has not only received sanctions from FINRA for discretionary trading, but he is targeted by at least 16 clients who are indicating that he engaged in egregious, deceptive activities. These disputes, summarized below, suggest that Wedbush or Heiden is responsible for investors’ losses.
Wedbush Securities Client Suggests Mark Heiden Breached Fiduciary Duty
A client of Wedbush Securities Inc. brought FINRA Arbitration #: 19-02432 on August 21, 2019. First of all, the client alleged that Mark Heiden breached a fiduciary duty and failed to abide by an investment agreement. Secondly, Heiden allegedly acted deceptively by way of making false or erroneous misrepresentations or omissions. It appears that Heiden made trades which did not reflect the client’s goals or risk tolerance. Further, Heiden or Wedbush Securities supposedly violated securities laws and FINRA rules. Because of this, the client seeks $300,000 in compensation.
Heiden Allegedly Misrepresented Investments And Made Unauthorized Trades
On April 1, 2019, a Wedbush Securities Inc. client brought FINRA Arbitration #: 19-00753. Allegedly, Mark Heiden deceptively misrepresented information in connection with his trading. Supposedly, Heiden induced the client to agree to transactions by misleading the client or telling the client false information. It appears that Heiden did not have written permission from the client to make discretionary trades but that did not stop him from making them. In addition, the Statement of Claim contains allegations of elder financial abuse in addition to violations of securities laws. Supposedly, the client sustained nearly $1,195,000 in losses for which the client seeks compensation. This matter is ongoing as of November 2, 2019.
Wedbush Client Suggests That Mark Heiden Deceptively Misrepresented Investments
Also, FINRA Arbitration #: 18-03418 is reported on Mark Heiden’s FINRA BrokerCheck profile. That matter, brought October 10, 2018, concerns a Wedbush client who claims that Heiden failed to comply with his fiduciary responsibilities. In addition, the client alleged that Heiden deceptively misrepresented or omitted information in connection with the client’s investment purchases. Not only that, but the client claimed that Wedbush or Heiden broke securities laws and violated NYSE and FINRA rules. All things considered, on August 15, 2019, Wedbush paid the client $600,000 to settle.
FINRA Issues Fine, Suspension To Heiden
Evidently, Mark Heiden violated FINRA rules by making discretionary trades without authorization. Namely, FINRA indicates in its Decision that Heiden traded in accounts without his client’s written permission. Apparently, Heiden caused the client to experience losses because of these unauthorized trades. Not only that, but these transactions caused the client to pay unreasonable fees and commissions. FINRA BrokerCheck shows that Heiden’s suspension is effective between July 15, 2019 and January 14, 2010.
Have you experienced losses by investing with securities broker William Heiden? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.