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Former Southern California Broker William M. Heiden Faces Claims Over Unauthorized Trades for Elderly Clients

Southern California Financial Advisor William Mark Heiden (CRD# 2885156) has been charged by the federal regulators with engaging in unauthorized trading in the accounts of elderly clients.

Heiden, who is not currently registered with a broker-dealer, was previously employed by:

  • Wedbush Securities Inc. in Newport Beach, CA from August 2013 to June 2018; and
  • Morgan Stanley Newport Beach, CA from April 2007 to August 2013.

Complaints & Regulatory Actions Against Heiden

William Mark Heiden has 16 disclosed actions on his CRD report, according to FINRA’s BrokerCheck database. That includes:

  • A pending FINRA action and investigation over alleged unauthorized trading in elderly clients’ accounts;
  • Three pending customer disputes from July, September, and October of 2018, all of which involve claims that he engaged in making unsuitable investments, churning, fraud, breach of contract and breach of fiduciary duty, and financial elder abuse; and
  • Eleven settled customer disputes, which alleged unsuitable investments and breach of fiduciary duty, and which were resolved through settlements in excess of $100,000 each.

The three pending customer complaints allege a variety of financial advisor misconduct – unauthorized and unsuitable trading, abuse of margin, overconcentration, misrepresentation, fraud, churning, and elder abuse.  The allegations in the 10 settled complaints are just as serious and resulted in settlements totaling over $2.9 million. 

Call (614) 532-4576 to Speak with an Investment Loss Attorney About Your Case

Meyer Wilson is a law firm that represents wronged investors nationwide in matters involving securities / investment fraud and stockbroker misconduct, including unauthorized tradingelder fraud, and more. Our website contains additional information about the investment fraud and misconduct cases we handle, as well as common questions we often receive from investors who want to learn more about their rights and options.

If you have questions about a potential claim, your rights, and how our team of nationally recognized attorneys may be able to help you, call (614) 532-4576 or contact us online.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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