Wedbush Broker Mark Heiden Reportedly Suspended and Fined for Alleged Unauthorized Trading
Are you concerned about your investments with William Mark Heiden of Newport Beach, CA? If so, the securities attorneys at the White Law Group may be able to help you.
According to the Financial Industry Regulatory Authority (FINRA), the regulator has reportedly suspended financial advisor Mark Heiden from associating with any FINRA member for 6 months and fined him $5,000 and ordered him to pay restitution of more than $12,000.
In January 2019, Heiden was reportedly named a respondent in a FINRA complaint alleging that he engaged in unauthorized trading in the accounts of two elderly customers, purportedly without first obtaining these elderly customers’ authorizations, as required.
The complaint alleges that following repeated requests by one of the customers’ daughter, Heiden cancelled the three unauthorized trades he made in the customer’s account. Also, unauthorized trades made by Heiden in the other elderly customer’s accounts purportedly resulted in losses (including commissions and fees) in excess of $10,000.
FINRA alleges that Heiden exercised discretion in the accounts of two other elderly customers without first receiving written authorization from the customers and without acceptance of the accounts as discretionary by his member firm via obtaining written approval.
According to his FINRA broker report, Heiden was registered with Wedbush Securities in Newport Beach, CA from August 2013 until June 2018. Prior to that, Heiden was reportedly affiliated with Morgan Stanley in Newport Beach, CA for six years. He allegedly has 15 customer complaints filed against him in the past 19 years, according to his broker report. Allegations include elder abuse, breach of fiduciary duty, churning, fraud by misrepresentation, and unauthorized trades, among others.
Potential Lawsuits to Recover Losses
The White Law Group is investigating potential lawsuits regarding the liability that his former employers may have for failure to properly supervise Heiden.
When brokers abuse client accounts and conduct transactions that violate securities laws, such as churning, and unauthorized trades, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.
Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.
We represent investors in FINRA arbitration claims in all 50 states. Our attorneys have recovered millions of dollars from many brokerage firms in the past.
If you have suffered losses investing with William Mark Heiden, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.