fbpx

Barred Financial Advisor, Rand Heckler, Has Five Customer Complaints, Alleging Sales Practice Violations

Rand A. Heckler was a Financial Advisor at Benjamin & Jerold Brokerage, LLC in Glen Cove, NY.  Rand Hecker has been in the securities industry since 1996 and previously worked at Alexander Capital, Global Arena Capital, Prestige Financial Center, Westrock Advisors, Gunnallen Financial, S.W. Bach & Company, Bishop, Rosen & Co., Investec Ernst & Co., Royce Investment Group and Biltmore Securities.    

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Rand Heckler has five customer complaints alleging sales practice violations.  In addition, Rand Heckler has been the subject of a regulatory action, which has resulted in him being barred from the securities industry. 

In June 2019, Rand Heckler “failed to provide FINRA with requested documents and information in connection with FINRA’s review of a customer complaint alleging unsuitable recommendations, misrepresentations and possible misappropriation, and with a separate FINRA request, he also refused to appear for a FINRA on-the-record testimony.”  FINRA barred Rand Heckler indefinitely from acting as a broker or otherwise associating with a broker-dealer firm. 

For a copy of the FINRA sanction, click http://www.finra.org/sites/default/files/fda_documents/2018061005101%20Rand%20A.%20Heckler%20CRD%202689235%20AWC%20jm.pdf

In addition to the regulatory event, Rand Heckler is/has been the subject of five customer complaints, including the following allegations:

  • December 2018 – “Customers invested money with Mr. Heckler per investment recommendations and have never received any accounting, correspondence, feedback on status of the investments or where their monies are.  Mr. Heckler has been non-compliant when attempts have been made for aforementioned information.”  The customers alleged $312,090 in damages, and the matter is currently pending.
  • December 2007 – “CLIENT CLAIMS HIS INVESTMENT IN PRIVATE PLACEMENTS WERE MISREPRESENTED AND UNSUITABLE.”  The matter settled for $25,000.
  • March 2002 – “UNSUITABILITY.”  The matter settled for $22,000.

For a copy of Rand Heckler’s CRD, click https://brokercheck.finra.org/individual/summary/2689235.

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.  We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com.

Attorney Matthew Wolper

Attorney Matthew WolperMatt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]