Erez Law is currently investigating Wedbush Securities Inc. financial advisor Mark Heiden (CRD# 2885156) who recommended his elderly clients invest in unsuitably risky, high-commission energy limited partnerships. Heiden has been registered with Wedbush Securities Inc. in Newport Beach, California since 2013.
Heiden has been the subject of nine customer complaints between 2000 and 2017, one of which was closed without action, according to his CRD report:
- 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 customer is seeking $855,299 in damages and the case is currently pending.
- January 2017. “Claimant alleges, inter alia, that from March 2012 to February 2016 the FA made unsuitable investments in the client accounts.” The customer is seeking $950,718.24 in damages and the case is currently pending.
- December 2016. “From 2012, Claimants allege that as a result of respondents’ acts, omissions, breaches of duties and fraud, they have suffered damages.” The customer is seeking $600,000 in damages and the case is currently pending.
- September 2016. “Claimant alleges from the period July 2013 to the present, wrongful, intentional fraudulent and deceptive activities in claimant’s accounts. Including unsuitable and unauthorized trading. The complaint include claims for breach of fiduciary duty, constructive fraud, violation of ca corp. Code 25401, 25501 and 25504.” The customer sought $700,000 in damages and the case was settled for $353,000.
- August 2016. “Wrongful conduct; breach of fiduciary duty; constructive fraud; fraud by misrepresentation and omission; breach of written contract; failure to supervise and control and violation of state and federal securities laws. Account was established on 09/03/2013 and was closed on 09/12/2016.” The customer sought $1,127,218 in damages and the case was settled for $630,000.
- March 2017. “Clients allege the registered representative engaged in unauthorized trading and are alarmed at the margin debit which has accumulated since the clients did not intend to utilize margin for trading purposes.” The customer sought $200,000 in damages and the case was settled for $75,000.
- October 2015. “Wrongful, intentional, fraudulent and deceptive activities including unsuitable and unauthorized (SP) trading, falsifying documents, misrepresentation and omission of material facts.” The customer sought $1.5 million in damages and the case was settled for $549,920.
- August 2000. “Customer placed a limit sell order which did not execute. Upon his return from vacation several days later, stock sale had still not taken place. Customer claimed he did not understand the implication of a limit sell order. Client has asserted that this matter was the result of a “Miscommunication (SP)” and remains a client.” The customer sought $14,000 in damages and the case was settled for $9,000.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Wedbush Securities Inc. may be liable for investment or other losses suffered by Heiden’s customers.
Erez Law represents investors in the United States for claims against Wedbush Securities Inc. financial advisor Mark Heiden, who is alleged to recommended his elderly clients invest in Energy Limited Partnerships. If you were a client of Wedbush Securities Inc. or another firm, and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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