Aaron Leonard Heimowitz of Melville, New York, a stockbroker registered with Newport Coast Securities, has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity on December 3, 2015, based upon accusations that he failed to comply with a $403,162.00 customer award in FINRA Arbitration Case No. 13-03293 (May 29, 2015), where Heimowitz was found to have negligently handled the customers’ investment accounts, made misrepresentations and omissions to the customers, breached his fiduciary and contractual obligations, and violated state and federal securities laws.
This is not the first time that Heimowitz has been sanctioned by FINRA for misconduct. Particularly, he has been fined $15,000.00 and suspended for seven months from associating with any FINRA member in any capacity based upon consenting to findings that he sold away from Newport Coast Securities, Inc. and engaged in undisclosed outside business activities during the time that he was associated with the firm; conduct violative of FINRA Rule 2010 as well as NASD Conduct Rules 2110, 3030 and 3040. Letter of Acceptance, Waiver and Consent, No. 2014042998901 (Oct. 15, 2015).
FINRA Public Disclosure confirms that Heimowitz is referenced in five more customer initiated investment related disputes containing allegations of his improper conduct while employed with Brookstreet Securities Corporation, PaineWebber, Prudential-Bache Securities, Inc. For example, on February 26, 2009, a customer initiated investment related written complaint involving Heimowitz’s conduct was settled for $24,000.00 in damages based upon allegations of misrepresentation regarding direct investment products.
Heimowitz has been associated with sixteen different broker dealers, one of which is defunct or has otherwise been expelled by securities regulators for violation of federal securities laws.
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