Have you suffered investment losses investing with former Utah broker, Steven B. Heinz? If so, The White Law Group may be able to help you recover your investment losses.
According to the Securities and Exchange Commission (SEC), Steven Heinz consented to all the material facts the SEC alleged in a civil suit action, including admitting that he misappropriated approximately $1 million in investors funds which he allegedly used for personal expenses, including travel expenses and credit card payments.
The final judgment requires Heinz and his company S.B. Heinz & Associates, Inc. to pay disgorgement and prejudgment interest of $3,656,675.84. It is unclear if Heinz actually has the funds to pay the penalty. In addition, an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act of 1940 bars Heinz from working in the securities industry.
According to the SEC complaint, S.B. Heinz & Associates was incorporated in 2004 and provided financial planning and insurance services. Although Heinz conducted business through his company, FINRA BrokerCheck indicates that Heinz was a registered representative for the brokerage firm Ogilvie Security Advisors Corporation from 04/2004 – 10/2012. He also worked with the brokerage firms Northwestern Mutual Investment Services from 09/1986 to 03/2004, and Robert W. Baird & Co. from 05/1993 to 01/2002.
Brokerage firms have a fiduciary duty to monitor all the business activities and transactions of their employees. When a broker violates securities laws and industry regulations the brokerage firm may be liable for negligent supervision and can be held responsible for investment losses.
If you have concerns about your dealings with Steven B. Heinz while he was a registered broker, and would like to discuss your litigation options, please call The White Law Group at (312) 238-9650 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group, please visit our website at www.WhiteSecuritiesLaw.com.