William Mark Heiden of Newport Beach, California, a stockbroker formerly registered with Wedbush Securities, is identified in a customer initiated investment related FINRA securities arbitration claim which was resolved for $70,000.00 in damages based upon accusations of unsuitable and unauthorized trading of stocks by Heiden during the time that he was registered with Wedbush Securities Inc. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-00676 (December 31, 2020).
FINRA Public Disclosure shows that Heiden has been identified in eighteen customer initiated investment related disputes concerning allegations of his conduct while he was registered with securities broker dealers, including Wedbush Securities. Heiden is referenced in a customer initiated investment related FINRA securities arbitration claim which was settled for $600,000.00 in damages founded on accusations of violation of federal securities laws, misrepresentation, fraud, omissions, breach of contract, and breach of fiduciary duty when Heiden was associated with Wedbush Securities. FINRA Arbitration No. 18-03418 (August 15, 2019).
On October 30, 2019, another customer initiated investment related FINRA securities arbitration claim concerning Heiden’s activities was resolved for $475,000.00 in damages supported by allegations of unauthorized trading, elder financial abuse, fraud, breach of fiduciary duty, and violation of federal and state securities laws concerning the customer’s account at Wedbush Securities. FINRA Arbitration No. 19-00753.
Heiden is also the subject of a customer initiated investment related FINRA securities arbitration claim which was settled for $102,500.00 in damages based upon accusations including unsuitable and unauthorized trading in the customer’s account while Heiden was employed by Wedbush Securities. FINRA Arbitration No. 18-03035 (September 4, 2019). According to the claim, the customer’s account was overconcentrated, and margin was inappropriately used by the stockbroker. The claim also contains allegations of negligence and breach of fiduciary duty.
On October 12, 2020, a different customer initiated investment related FINRA securities arbitration claim regarding Heiden’s conduct was resolved for $15,000.00 in damages founded on accusations of Heiden’s unsuitable trading in the customer’s Morgan Stanley Smith Barney account between April 2007 and August 2017. FINRA Arbitration No. 20-00832.
Heiden has been fined $5,000.00 and suspended for six months from associating with any FINRA member in any capacity supported by a FINRA Office of Hearing Officers’ Order Accepting Offer of Settlement containing findings of unauthorized trading by Heiden during the time that he was registered with Wedbush Securities. Department of Enforcement v. William Mark Heiden Disciplinary Proceeding File No. 2017053182001 (July 5, 2019). According to the Order, Heiden violated FINRA Rule 2010 and NASD Rule 2510(b) for discretionary trading without written authorization relating to two customer accounts. He also was found to have violated FINRA Rule 2010 for unauthorized trading in two other accounts.
Heiden’s registration with Wedbush Securities was terminated on June 26, 2018.
