The Law Offices of Jonathan W. Evans & Associates is investigating possible claims that Wedbush Securities, Inc. broker William Mark Heiden (Newport Beach, California) mismanaged client accounts by over-concentrating investments in several energy stocks.
Overconcentration can occur when a broker or financial adviser unsuitably recommends a sizable and disproportionate investment in one particular stock, security, or group of securities. Over-concentration can also occur in a discretionary account as the result of unauthorized, inappropriate, or excessive trading.
We are investigating William Mark Heiden's activities at Wedbush related to potential over-concentration in the following energy stocks:
> Arch Coal
> Clearbridge American Energy MLP
> Energy XXI Bermuda Ltd
> Goldman Sachs MLP Energy
Heiden (CRD #2885156)'s BrokerCheck Report lists several disclosures filed since 2015, including pending customer disputes concerning structured products, exchange-traded funds (ETFs) and energy stocks, alleging wrongful, intentional, fraudulent and deceptive activities such as unsuitable and unauthorized trading (see the above description of how this relates to overconcentration), falsifying documents, misrepresentation, and omission of material facts.
The disclosure list goes to allege that Heiden engaged in unauthorized trading in a different client's account and accrued margin debt, which the complainants state is alarming since they did not intend to trade on margin whatsoever.
The BrokerCheck report states that Heiden, who also goes by "Mark" instead of William, previously was associated at Morgan Stanley, also of Newport Beach, CA.
If you have invested with Wedbush broker William Mark Heiden or with any broker or financial adviser whose inappropriate trading activity or unsuitable overconcentration in energy or other single-sector stocks or products has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.