William Mark Heiden of Newport Beach California a stockbroker registered with Wedbush Securities Inc. is the subject of a customer initiated investment related arbitration claim which was settled for $475,000.00 in damages based upon allegations that (1) unauthorized trades were effected in the customer’s account (2) the customer was defrauded through misrepresentations (3) a fiduciary duty that was owed to the customer had been violated (4) the customer was subject to elder abuse and (5) transactions violated federal and state securities laws when Heiden was associated with Wedbush Securities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-00753 (Oct. 30, 2019).
FINRA Public Disclosure confirms that Heiden has been identified in fifteen more customer initiated investment related disputes concerning accusations of his misconduct during the time that he was employed by securities broker dealers including Wedbush Securities.
On December 10, 2019, a customer initiated investment related complaint concerning Heiden’s activities was settled for $297,500.00 in damages founded on accusations of churning of the customer’s account and unsuitable recommendations of master limited partnerships and stocks when Heiden was employed by Wedbush Securities.
On August 15, 2019, another customer initiated investment related arbitration claim pertaining to Heiden’s conduct was settled for $600,000.00 in damages. FINRA Arbitration No. 18-03418. According to the claim, transactions effected by Heiden ran afoul of FINRA and NYSE rules as well as federal and state securities laws. The customer’s investment agreement had allegedly been violated and fiduciary duties owed to the customer were breached through the stockbroker’s activities at Wedbush Securities.
The claim also alleged that the customer was defrauded through misrepresentations and omissions that had been made in regard to securities transactions facilitated by Heiden.
Heiden is referenced in another customer initiated investment related arbitration claim which was resolved for $250,000.00 in damages based upon accusations including the violation of securities laws and breach of fiduciary duty causing the customer of Wedbush Securities to experience unwarranted losses. FINRA Arbitration No. 19-02432 (Aug. 27, 2019).
On September 4, 2019, a customer initiated investment related arbitration claim involving Heiden’s conduct was settled for $102,500.00 in damages. FINRA Arbitration No. 18-03035. The claim alleged that securities transactions effected in the customer’s account were unsuitable and unauthorized. Margin was allegedly used in an abusive manner and the customer’s losses were attributable to Heiden’s negligence and failure to comply with a fiduciary duty that he owed to the customer.
Heiden has been fined $5,000.00 and suspended by FINRA from associating with any FINRA member in any capacity according to a Decision and Order of Offer of Settlement containing findings of Heiden’s unauthorized trading in the accounts of two elderly Wedbush Securities clients. Department of Enforcement v. William Mark Heiden Disciplinary Proceeding No. 2017053182001 (July 5, 2019).
According to the Order, between 2013 and 2016, the stockbroker effected trades on a discretionary basis in two customers’ accounts. Those customers did not provide written authorization to Heiden. FINRA determined that Heiden’s conduct was violative of FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 2510(b). Heiden’s registration with Wedbush Securities has been terminated as of June 26, 2018.
