FINRA Claim Against Wedbush Securities Energy Limited Partnership
Contact Us If You Have Lost Money to Wedbush Securities
Wedbush Broker William Mark Heiden
The Wedbush Securities broker, William Mark Heiden, who worked out of Wedbush’s Newport Beach, California office, is accused of recommending and selling unsuitably risky, high-commission limited partnerships to the elderly investor. Even worse, virtually every dollar in her account was invested in the risky investments. This created an enormous risk of loss by over-concentrating the account in a single, volatile sector of the economy.
The elderly investor had told Wedbush that she had an investment objective of conservation of capital and a conservative risk tolerance, clearly telling Wedbush that she was not willing to take risks with her money. Wedbush Securities and its broker Mark Heiden appear to have ignored their customer’s instructions and instead made investment decisions based on what would put the most commissions dollars in their pockets.
Wedbush Securities and Heiden Have a History of Problems
This latest customer complaint against Wedbush Securities should come as no surprise. Wedbush has a long history of customer complaints and regulatory fines against it. California law and regulatory rules required Wedbush to properly supervise Heiden, including making sure that Heiden only recommended investments that were consistent with the customer’s conservative investment objectives. But Wedbush appears to have failed to supervise Heiden properly. This is especially disturbing because Heiden has been the subject of no fewer than 9 other customer complaints, including claims that he made unsuitable and unauthorized trades.
Did You Lose Money with Wedbush Securities?
If you lost money with Wedbush Securities, you may have certain rights that require your immediate attention. Cases of this nature are handled through private FINRA arbitration and must be brought timely or you may be prohibited from pursuing your claims.
Call an Investment Fraud Attorney Today
Dimond Kaplan & Rothstein, P.A.’s securities fraud attorneys have filed numerous FINRA arbitration claims against Wedbush Securities over the years and have helped recover more than $100 million from some of the largest banks and brokerage firms in the world.