Rand Heckler Faces SEC, FINRA Actions

Securities Broker Rand Heckler Targeted By SEC, FINRA

Soreide Law Group provides you with this Investor Alert in regard to former Benjamin Jerold Brokerage I LLC securities broker Rand Alan Heckler (CRD#: 2689235, Glen Cove, New York). Notably, on September 30, 2020, SEC charged Heckler with violating securities laws. Not only that, but FINRA barred Heckler on June 14, 2019 for refusing to follow instructions in its investigation. Moreover, investors filed lawsuits about Heckler’s actions. Here’s more on the allegations against him.

SEC’s Complaint Indicates That Rand Heckler Harmed Elderly Investor

The Complaint SEC filed in September 2020 alleged that Rand Heckler solicited hundreds of thousands from an investor and their son. Allegedly, Heckler told them that he was a hedge fund manager. Heckler purportedly told clients to make payments to Hecker Inc. – his company. The broker allegedly never managed a hedge fund and did not invest the clients’ assets. Not only that, but he allegedly provided false statements to clients to give them the impression that he properly invested their money. Notably, SEC alleged that Heckler misappropriated the investors’ funds.
SEC mentioned that Rand Heckler took $755,000 from the first investor between 2015 to 2020. After FINRA barred Heckler, that investor reportedly demanded a redemption which Heckler couldn’t fulfill. Heckler purportedly solicited one of his client’s spouses for a $100,000 investment which the broker falsely claimed would provide substantial dividends. SEC alleged that Heckler planned to use the client’s money to repay the first investors in a “Ponzi-like” fashion. The Commission’s Complaint is ongoing.

FINRA Bars Heckler For Refusing To Provide Documents Relating To Client Complaint

Apparently, FINRA barred Rand Heckler in June 2019 for violating FINRA rules. It seems that Heckler did not provide documents to FINRA or testify in connection with an investigation into a client complaint. Supposedly, that investor alleged that Heckler provided bad advice. In addition, Heckler was accused of misappropriating money and making misrepresentations.

Client Takes Issue With Rand Heckler’s Recommendations

Evidently, a client of Rand Heckler disputed his sales practices in December 2018. Supposedly, the client did not receive any accounting, feedback or correspondence in connection with investments held through Heckler. Specifically, the client mentioned that Heckler was not compliant with the client’s request for information. For this reason, the client demanded $312,090. This matter is ongoing.

Past Disputes

Other investors have alleged that Rand Heckler sold misrepresented and unsuitable private placements or made unauthorized trades. In fact, a client received a $25,000 payment to resolve allegations of misrepresentation and unsuitability. Another unsuitability dispute was settled through a $22,000 payment to the client.

Did You Sustain Investment Losses Because Of Rand Heckler’s Sales Practices?

FINRA BrokerCheck indicates that Rand Heckler denies all allegations of sales practice violations as alleged in the foregoing disputes. Have you experienced losses because of the broker? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have incurred losses due to mistreatment by financial advisors and securities brokers.