Michael James Hebner of Flint Michigan a stockbroker formerly employed by Wunderlich Securities Inc. is referenced in a customer initiated investment related arbitration claim which was settled for $15,000.00 in damages founded on allegations that (1) Wunderlich Securities failed to supervise Hebner’s trading in the customer’s account (2) misrepresentations had been made to the customer concerning the terms and conditions of equity and mutual fund investments and (3) inappropriate investment recommendations were made in reference to oil and gas products and other speculative investments that the customer purchased while Hebner was associated with Wunderlich Securities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-02689 (Mar. 5, 2019).
FINRA Public Disclosure reveals that Hebner has been identified in five additional customer initiated investment related disputes containing accusations of Hebner’s misconduct during the time that he was associated securities broker dealers including RBC, Wunderlich Securities and Raymond James Associates Inc. In particular, a customer initiated investment related arbitration claim regarding Hebner’s activities was settled to resolve allegations that contractual and fiduciary duties which had been owed to the customer were breached; misrepresentations had been made to the customer; and trades were not appropriate for the customer.
Subsequently, a customer initiated investment related complaint regarding Hebner’s conduct was settled for $40,000.00 in damages based upon accusations that Hebner placed bad mutual fund and stock trades in the customer’s investment portfolio wile registered with Wunderlich Securities. Subsequently, a customer filed an investment related complaint involving Hebner’s activities in which the customer requested $70,000.00 in damages supported by allegations that trades were effected in the customer’s account without the customer having provided permission; the customer’s investment account contained excess concentrations in oil and gas products, mutual funds, stocks and over-the-counter equities; and unsuitable investments were sold to the customer.
Moreover, a customer initiated investment related arbitration claim involving Hebner’s activities was resolved for $145,000.00 in damages founded on accusations against Hebner of making bad investment recommendations to the customer concerning oil and gas products and over-the-counter equities. FINRA Arbitration No. 16-03555 (Feb. 5, 2018).
Hebner was discharged by Wunderlich Securities based upon allegations of Hebner having failed to conform his conduct to the standards implemented by the firm. Since February 9, 2015, Hebner has been employed by IFS Securities.
