Broker and financial advisor Abraham Heimann (CRD #1315922) of Cetera Advisors is facing customer disputes from three clients that were filed with the Financial Industry Regulatory Authority (FINRA) over several allegations of misconduct by Heimann.
The alleged violations at issue in the customer disputes include breach of fiduciary duty, negligence, failure to diversify the portfolio, breach of contract, misrepresentation, fraud, unauthorized trading, and investment unsuitability. The types of investments involved include common and preferred stock, oil & gas, penny stocks, and investments in the energy and medical industries.
Heimann is not currently a registered broker. His most recent registration was with Cetera Advisors LLC in Alpharetta, Georgia from 2013 through 2016. He was with Oppenheimer & Co. Inc. in Atlanta, Georgia from 2002 to 2013.
Brokers Can Avoid Investment Unsuitability by Knowing the Customer
All brokers have an obligation to learn enough about you and your finances, including your income and assets, to know which investments are appropriate for you.
Investment unsuitability becomes a factor when a broker goes out on a limb and makes investments without considering your current financial state and your tolerance for risk.
A broker should take into account your reasons for investing and what your investment goals are. Your future financial and situational needs are also factors that a broker should learn about in order to avoid investment unsuitability.
Just as life circumstances change, so do your investment needs. A broker needs to continuously evaluate your situation because the investments that suit you today could become less suited for you in the future.
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