AND HECKLER Barred By FINRA
The Financial Industry Regulatory Authority (“FINRA”) announced it has barred Benjamin & Jerold Brokerage I LLC securities broker Rand Heckler (CRD#: 2689235, Glen Cove, New York) from the securities industry for violating FINRA Rules by not responding to FINRA’s requests when under investigation. Supposedly, Heckler, A Benjamin & Jerold broker from January 3, 2014 to April 16, 2019, signed a Letter of Acceptance, Waiver, and Consent (“AWC”) #: 2018061005101 to FINRA on May 22, 2019, which FINRA accepted June 14, 2019. Here’s more on the disciplinary action:
The AWC, which contains FINRA’s findings, shows that Rand Heckler violated FINRA Rule 8210. Mainly, FINRA Rule 8210 gives FINRA the power to require securities brokers provide information or testify in an investigation. Those who tend to violate FINRA Rule 8210 are the very securities brokers FINRA is investigating. And a violation of FINRA Rule 8210 also constitutes a violation of 2010 – FINRA’s broad ethics-based rule.
Rand Heckler Refuses To Testify In FINRA Investigation About A Client Complaint Alleging Misappropriation
Here, FINRA says its investigation concerned a client complaint seemingly involving Rand Heckler. This complaint supposedly alleged that Heckler made bad recommendations, misrepresented investments, and potentially misappropriated the client’s property. FINRA asked Heckler on April 10, 2019 to provide documents and information to FINRA by April 19, 2019. However, Heckler handed over nothing in response. The AWC shows that FINRA also wanted Heckler to testify on May 8, 2019. However, Heckler’s attorney told FINRA that Heckler would neither provide the documents nor testify. Heckler confirmed through his submission of the AWC that he would not participate in FINRA’s investigation. Because of this, FINRA prohibited Heckler indefinitely from acting as a securities broker or associating with a broker-dealer firm.
Moreover, at least four clients filed disputes against Rand Heckler, according to FINRA BrokerCheck. According to one or more clients, Heckler made unauthorized trades, sold unsuitable investments, and misrepresented investments. Here’s more on the disputes involving Heckler:
December 19, 2018 Complaint About Heckler Allegedly Failing To Communicate With Investors About Investments He Sold
Investors filed a dispute on December 19, 2018 regarding Rand Heckler’s sales practices. Mainly, the clients claimed Heckler advised them to purchase funds then failed to tell them about how their investments fared. Allegedly, Heckler did not give clients any accounting, and he did not communicate with the clients about their investments. The clients claim that Heckler did not cooperate with their requests to be informed about their investments. Because of this, the clients demanded $312,090 in compensation. This matter is currently ongoing.
Westrock Advisors Client Files Arbitration Suggesting Rand Heckler Misrepresented Private Placements
A client of Westrock Advisors (Rand Heckler’s prior employer) lodged NASD Arbitration #: 07-03215 about Rand Heckler. Allegedly, Heckler misrepresented investments which he sold to the Westrock client. Secondly, the client claimed that Heckler sold him unreasonable or unsuitable investments. Finally, Heckler allegedly made these private placement sales without proper authorization. Because of this, Heckler agreed to pay the client $25,000 to settle the matter on January 17, 2008.
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