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Former Wedbush Securities Financial Advisor, William Heiden, Suspended By FINRA And Has Fifteen Career Customer Complaint Disclosures

William Heiden was a Financial Advisor at Wedbush Securities in Newport Beach, California.  William Heiden has been in the securities industry since 1997 and previously worked at Morgan Stanley. 

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in July 2019, William Heiden was sanctiond by FINRA, suspending him from associating with any brokerage firm for a period of six months and imposing a monetary fine.  The FINRA sanction was predicated on a finding that William Heiden engaged in unauthorized trading in two elderly customer accounts.  William Heiden agreed to the sanction and findings were made that “Between February 2015 and June 2015, Respondent William Heiden engaged in unauthorized trading in the accounts of two elderly customers in violation of FINRA Rule 2010.” 

For a copy of the FINRA sanction, click http://www.finra.org/sites/default/files/fda_documents/2017053182001%20William%20M.%20Heiden%20CRD%202885156%20OHO%20DM.pdf.

In addition, WilliamHeiden has seventeen customer complaint disclosures, including multiple pending customer complaint, alleging sales practice violations.  Among the customer complaints against William Heiden include the following:

  • April 2019—”Breach of Fiduciary duty, constructive fraud, fraud by misrepresentation, unauthorized trading &/or exercise of discretion without written authorization, elder financial abuse and violation of State and Federal Securities Laws.”  Alleged damages are $1.195 million and the matter remains pending. 
  • October 2018—”The complaint includes claims for Wrongful Conduct, Breach of Fiduciary Duty, Constructive Fraud, Fraud by Misrepresentation and Omission, Breach of Written Contract and Violation of State and Federal Securities Laws, FINRA Rules of Fair Practice and NYSE Rules.”  Alleged damages are $4.2 million and the matter remains pending.
  • September 2018—”Breaches of Fiduciary duties, negligence, abuse of margin and concentration, based on recommendation of unauthorized and unsuitable investments.”  Alleged damages are $200,000 and the matter remains pending.
  • July 2018—”CHURNING, UNSUITABLE INVESTMENTS RECOMMENDATIONS & ELDER ABUSE.”  Alleged damages are $581,454 and the matter remains pending. 
  • February 2018—”Claimant alleged omissions, breaches of fiduciary duties and fraud based on recommendation of unsuitable investments and unauthorized trades.”  The matter was settled for $150,000. 
  • June 2017—”The following Causes of Action listed in the Statement of Claim are as follows: Breach of Fiduciary Duty, Violation of Industry Rules and Financial Elder Abuse. Claimant’s accounts were maintained at the firm from September 213 to April 2017.”  The matter was settled for $361,951.
  • January 2017—”Claimant alleges, inter alia, that from March 2012 to February 2016 the FA made unsuitable investments in the client accounts.”  The matter was settled for $340,000. 

William Heiden has many other sales practice complaint disclosures resulting in large dollar monetary settlements. 

For a copy of William Heiden’s CRD, click https://brokercheck.finra.org/individual/summary/2885156#disclosuresSection.

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.

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