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.
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