On August 8, 2013, the Securities and Exchange Commission (SEC) issued a temporary restraining order and an emergency asset freeze in a $4 million offering fraud and Ponzi scheme orchestrated by Steven B. Heinz and his company S.B. Heinz & Associates, Inc., a financial planning and insurance agency located in Provo, Utah. This information was listed on the SEC's website.
Allegedly, since January 1, 2012, Steven B. Heinz acted as an investment adviser and solicited nearly $4 million from more than fifteen former clients, family members, and friends to enable him, through his company S.B. Heinz & Associates, Inc., to execute rapid buy and sell orders of futures contracts. This complaint further alleges that investor funds are being used to falsely create the appearance of a successful investment business although S.B. Heinz has actually lost approximately $1.5 million executing Heinz’s high risk futures contract trading activities. Additionly, the complaint alleges that Heinz pays “returns” to earlier investors using new investor funds, used investor funds for his own personal purposes and that S.B. Heinz used investor funds to pay business expenses, including the salary for its secretary and its office rent.
The complaint seeks a preliminary and permanent injunction as well as disgorgement, prejudgment interest and civil penalties from Steven Heinz and S.B. Heinz & Associates Inc. The complaint also names Susan K. Heinz, Heinz’s wife, as a relief defendant and seeks disgorgement and prejudgment interest from her.
STEVEN B. HEINZ (CRD# 1227117), according to FINRA's BrokerCheck, was previously registered with FINRA at the following brokerage firms:
OGILVIE SECURITY ADVISORS CORPORATION
CRD# 10105
PROVO, UT
04/2004 - 10/2012
NORTHWESTERN MUTUAL INVESTMENT SERVICES, LLC
CRD# 2881
MILWAUKEE, WI
09/1986 - 03/2004
ROBERT W. BAIRD & CO. INCORPORATED
CRD# 8158
MILWAUKEE, WI
05/1993 - 01/2002
Call and speak to a lawyer, at no cost, if you were a client of Steven B. Heinz of S.B. Heinz & Associates, Inc. of Provo, UT. Soreide Law Group, PLLC, represents investors nationwide before the Financial Industry Regulatory Authority (FINRA) and can be reached at 888-760-6552.
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