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William Heiden: Complaints Against Newport Beach Financial Advisor

Settled and pending investor complaints against former Newport Beach, California broker and investment advisor William Heiden (CRD#: 2885156) allege conduct including suitability violations, fraud, misrepresentations, and more. Heiden is a former representative of Wedbush Securities, according to information drawn from Financial Industry Regulatory Authority records.

A pending 2019 complaint alleges that as a representative of Wedbush Securities, William Heiden breached his fiduciary duty, committed fraud, misrepresented material facts, executed unauthorized trades, engaged in elder abuse, and violated state and federal securities laws. The complaint alleges damages of $1,195,000.

A 2018 complaint alleged that as a representative of Wedbush Securities, he breached his fiduciary duty, acted negligently, abused margin use, over-concentrated investments, recommended unsuitable products, and executed unauthorized transactions. The complaint reached a settlement in September 2019 of $102,500.

A 2018 complaint alleged that as a representative of Wedbush Securities, he engaged in wrongful conduct, breached his fiduciary duty, misrepresented and omitted material facts, committed fraud, breached contract, and violated state and federal securities laws, as well as FINRA and NYSE Rules. The complaint reached a settlement in August 2019 of $600,000.

A 2018 complaint alleged that as a representative of Wedbush Securities, he omitted material facts, executed unauthorized trades, recommended unsuitable securities, breached his fiduciary duty, and committed fraud. The complaint reached a settlement of $150,000.

A 2017 complaint alleged that as a representative of Wedbush Securities, he breached his fiduciary duty, committed financial elder abuse, and violated industry rules. The complaint reached a settlement of $365,951.

A 2017 complaint alleged that as a representative of Morgan Stanley, he made unsuitable investment recommendations. The complaint reached a settlement of $350,000.

In January 2019 William Heiden was named in a FINRA complaint alleging he executed unauthorized trades in elderly customers’ accounts, and exercised discretion in elderly customers’ accounts without authorization from the customers’ or Wedbush Securities’ acceptance of the accounts as discretionary. He was issued a six month suspension and ordered to pay a fine of $5,000, as well as restitution of $12,084.

William Heiden is currently not registered as a broker or investment advisor. His employment history includes Wedbush Securities in Newport Beach, California; Morgan Stanley in Newport Beach, California; Morgan Stanley & Company in Newport Beach, California; RBC Dain Rauscher in Newport Beach, California; Sutro & Company in San Francisco, California; and Crowell Weedon & Company in Los Angeles, California. He currently holds zero state licenses and has passed five securities industry qualification examinations.

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