Rand Alan Heckler of Glen Cove New York a stockbroker formerly registered with Benjamin Jerold Brokerage I LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Heckler failed to cooperate with a FINRA investigation into allegations of (1) Heckler misappropriating funds from a customer (2) Heckler making misrepresentations to a customer concerning the terms and conditions of investments selected for the customer’s account and (3) Heckler giving a customer poor investment recommendations. Letter of Acceptance Waiver and Consent No. 2018061005101 (June 14, 2019).
According to the AWC, on August 10, 2019, Heckler was sent a letter from FINRA in which FINRA requested under Rule 8210 that Heckler provide information and documentation concerning the accusations of Heckler’s misappropriation, false or misleading statements, and unsuitable advice. Apparently, Heckler was expected to respond by a April 19, 2019 deadline; however, Heckler failed to comply in this respect.
The AWC stated that Heckler was later sent a request from FINRA which called upon Heckler to provide recorded testimony. Evidently, on April 19, 2019, counsel for Heckler reached out to FINRA personnel to confirm that Heckler acknowledged receipt of FINRA’s requests but that Heckler would not furnish the information or documentation or testify for FINRA personnel in regard to the accusations of Hecker’s misconduct. Ultimately, FINRA found Heckler’s failure to cooperate as violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that Heckler is referenced in five customer initiated investment related disputes pertaining to allegations of his violative conduct during the time that he was employed by securities broker dealers including Westrock Advisors and Investec Ernst Company. In particular, a customer filed an investment related complaint concerning Heckler’s activities in which the customer sought $10,000.00 in damages based upon accusations that unauthorized over-the-counter equities trades were effected in the customer’s brokerage account.
Then, a customer initiated investment related complaint in regards to Heckler’s conduct was resolved for $22,000.00 in damages supported by allegations that an unsuitable investment strategy involving over-the-counter equities trading had been executed in the customer’s investment account which caused the customer to suffer unwarranted losses. Subsequently , another customer filed an investment related complaint involving Heckler’s conduct where the customer requested $10,000.00 in damages founded on accusations that margin was utilized without the customers permission to effect over-the-counter equities in the customer’s account.
Thereafter, a customer initiated investment related complaint concerning Heckler’s activities was settled for $25,000.00 in damages based upon allegations that misrepresentations were made to the customer by Heckler in regard to the private placement transactions; and the customer was placed into an inappropriate customer loan arrangement that caused the customer losses. Moreover, on December 19, 2018, a customer filed an investment related complaint regarding Heckler’s activities in which the customer sought $312,090.00 in damages supported by accusations that customers placed assets in investments recommended by Heckler but were later denied any information about the status of their holdings.
Heckler’s registration with Benjamin Jerold Brokerage I LLC has been terminated as of April 16, 2019. FINRA Public Disclosure reveals that Heckler has been associated with at least eleven different securities broker dealers which have been expelled by securities regulators for violation of federal securities laws or which are otherwise defunct. #cockroach
