William Mark Heiden, of Newport Beach, California, a stockbroker formerly registered with Morgan Stanley, has been named in a customer initiated investment related arbitration claim on January 24, 2017, in which the customer requested $950,718.24 in damages based upon allegations that Heiden, from 2012 to 2016, effected equity transactions in the customer’s account which were not suitable.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Heiden has been named in seven additional customer initiated investment related disputes containing allegations of his misconduct while employed with Wedbush Securities Inc. Specifically, on September 6, 2016, a customer initiated investment related arbitration claim involving Heiden’s conduct was settled for $549,920.00 in damages based upon allegations that Heiden made omissions and misrepresentations concerning investments, effected unauthorized and unsuitable trades in the customer’s account, and engaged in deceptive and fraudulent activities concerning the customer’s investment portfolio.
On March 23, 2016, a customer filed an investment related written complaint regarding Heiden’s activities, in which the customer requested $200,000.00 in damages based upon allegations that he placed exchange traded fund and equity transactions in the customer’s account without authorization and caused the customer to incur substantial margin debt. On August 29, 2016, another customer filed an investment related arbitration claim involving Heiden’s conduct, in which customers collectively requested $1,127,218.00 in damages based upon allegations including violations of federal and state securities laws, breach of contract, fraudulent omission and misrepresentation, and breach of fiduciary duty in reference to equity transactions effected in the customers’ accounts.
Moreover, on September 19, 2016, a customer filed an investment related arbitration claim regarding Heiden’s activities in which the customer requested $700,000.00 in damages based upon allegations that Heiden, inter alia; violated California Corp. Code Sections 25504, 25501, and 25401; effected unauthorized and unsuitable transactions; and committed fraud in reference to securities transactions. Further, on December 27, 2016, a customer filed an investment related arbitration claim regarding Heiden’s activities in which the customer requested $600,000.00 in damages based upon allegations that Heiden omitted fats concerning oil and gas investments, breached his fiduciary duties, and defrauded the customer.
Heiden’s registration with Morgan Stanley ended on August 29, 2013. Since August 1, 2013, he has been registered with Wedbush Securities, Inc.
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