Articles Tagged with Newport Beach

Stoltmann Law Offices continues to investigate William Heiden, a Wedbush Securities registered broker, who has been subject to nine customer complaints. Allegedly, Mr. Heiden, according to a claim filed in June 2017, breached his fiduciary duty, committed violation of industry rules, and financial elder abuse causing $855,299 in losses. The claim is currently pending. He was also previously accused of making unsuitable investments in a client’s account causing $950,718 in losses. Some of the recommendations were in oil and gas investments. Before a broker can recommend or sell a security such as this, he must do his due diligence on the security in order to determine that it is suitable and appropriate for the client, by taking into account his age, net worth, investment sophistication and investment risk tolerance, among other factors. If he does not, his brokerage firm may be liable for losses on a contingency fee basis. The brokerage firm has a duty to reasonably supervise its employees.

Oil and gas and energy investments can be highly illiquid and risky investments, because of the drop in the price of oil since last year. Many investors have lost money because of unsuitable placements by their brokers in these investments. William Mark Heiden was previously registered with Crowell, Weedon & Co. in Los Angeles, California from June 1997 until September 2000, Sutro & Co. in San Francisco, California from September 2000 until March 2002, RBC Dain Rauscher in Newport Beach, California from March 2002 until April 2007, Morgan Stanley in Newport Beach from April 2007 until June 2009 and Morgan Stanley in Newport Beach from June 2009 until August 2013. He is currently registered with Wedbush Securities in Newport Beach and has been since August 2013. He has nine customer disputes against him, two of which are currently pending. This is according to his online, BrokerCheck report with FINRA. It is public record.

Stoltmann Law Offices is investigating Mark Heiden, a Wedbush Securities broker. Heiden is accused of using sales practices that were related to the overconcentration of energy related stocks investments in customer accounts. These investments included

Energy XXI Bermuda Ltd.(EXXI):

Energy XXI was an independent oil and natural gas development and production company whose growth strategy emphasized acquisitions and organic drilling programs. The company’s properties are located in the U.S. Gulf of Mexico waters and the Gulf Coast onshore.  Unfortunately, the security lost over 95% of its value in an approximate six month period and is now valued at less than 10 cents a share.

According to an Order Accepting Offer of Settlement with the Financial Industry Regulatory Authority (FINRA), John Joseph Arnold, a former broker with Merrill Lynch, was accused of securities law violations. Arnold was terminated from Merrill Lynch on June 17, 2016. Allegedly, in August 2013, a customer of the firm requested that two wire transfers totaling $127,200 be sent to third-party bank accounts. Arnold instructed a sales assistant to process the wire requests, telling her that the transaction had been verbally confirmed with the customer. It had not, and Arnold had not spoken with the client about it. Arnold then allegedly entered additional fictitious information in the firm’s books concerning the purpose of the wire request. Arnold also split up the wire requests so as not to have to obtain specific documentation regarding it, as is required by Merrill Lynch with transfers totaling over $50,000. For this, he was fined $15,000 and suspended from the industry for 60 days.

John Joseph Arnold was a registered broker with Montgomery Securities in San Francisco, California from May 1997 until October 1997, Banc of America Securities in New York, New York from October 1997 until December 2001, Citigroup Global Markets in Irvine, California from December 2001 until July 2008, Merrill Lynch in Newport Beach, California from June 2008 until September 2013 and Raymond James in Newport Beach from November 2013 until June 2016. He is not currently registered with any firm and not licensed. Call us today at 312-332-4200 if you would like to speak to an attorney for free about your options of recovering your financials with John Joseph Arnold and his former firm, Merrill Lynch. Merrill Lynch can be sued in the FINRA arbitration process on a contingency fee basis.

Did you lose money with William Watson III of Newport Beach, California? Stoltmann Law Offices is investigating Watson after an investigation by the Financial Industry Regulatory Authority (FINRA). Watson allegedly used unfair, unbalanced and misleading marketing materials regarding the sale of investments for four issuers, including the company Bill the Butcher, stock. Watson allegedly allowed the companies to use unbalanced and misleading risk disclosures regarding the investments he was selling. He did not disclose Bill the Butcher’s accumulated deficits, net loss, or the fact that the company’s auditor had a “going concern” opinion. For these allegations, Watson was suspended from the industry for 10 days and fined $5,000. Bill the Butcher has since closed its shops in the Seattle, Washington area. Watson was registered with Finance 500 from February 2011 until August 2014. He worked in Newport Beach and Irvine, California. If you would like to bring a claim against his former firm, Finance 500, you may do so by calling our securities law offices in Chicago. The call is free with no obligation.

Stoltmann Law Offices is investigating John Schooler and his firm, First Financial Equity Corporation. According to Schooler’s Financial Industry Regulatory Authority (FINRA) BrokerCheck report, he allegedly made unsuitable investment recommendations, was negligent, made misrepresentations, breached fiduciary duty, committed fraud and violated blue sky statutes in many states. He also allegedly made private placement transactions in direct participation programs and limited partnerships with included investments in oil and gas ventures and non-traded real estate investment trusts (REITs). Private placement transactions are commonly referred to as “selling away” and is when a broker sells a security that is not sold or offered by his member firm. This is to garner large commissions for the broker and is against securities rules and regulations. Brokers have a duty to take into account the client’s age, net worth, portfolio, and investment objectives when making recommendations and many oil and gas and REIT securities are risky and not suitable for all clients.

John Schooler was registered with Montano Securities Corporation in Orange, California from July 1993 until January 1994, WFP Securities in San Diego, California from January 1994 until July 2011, JRL Capital Corp in Newport Beach, California from June 2011 until July 2011 and WFP Securities in San Diego from July 2011 until July 2011. He is currently registered with First Financial Equity Corp in Scottsdale, Arizona and has been since July 2011. He has 25 customer disputes against him, one of which is currently pending.

If you suffered losses with John Schooler, you may be able to recover your investment losses by calling our Chicago-based securities law firm at 312-332-4200 and speaking to an attorney. We may be able to help you bring a claim against his firm, First Financial, for not reasonably supervising him. They may be liable for your losses. The call is free with no obligation. Please call as soon as possible because time is of the essence.

Stoltmann Law Offices is investigating Jack West, formerly with LPL Financial. According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report, a customer alleged that West, while employed at LPL Financial in Santa Ana, California, breached fiduciary duty and misrepresented material facts related to an investment. Another customer alleged that West failed to sell certain securities in compliance with FINRA rules, resulting in the cancellation of a sale. He was also accused of recommending unsuitable investments, executing excessive trades and churning in customer accounts. Churning is excessive trading in a customer account, designed to garner massive commissions for the broker. It is against securities rules and regulations.

Jack Charles West was registered with Equity Programs Corporation from September 1987 until March 1989, Vestcorp Securities in Irvine, California from February 1989 until April 1991, Unison Capital Group in Mountain View, California from May 1993 until January 1994, Lazar Frederick & Company in Beverly Hills, California from January 1994 until September 1995, Roth Capital Partners in Newport Beach, California from August 1995 until April 2001, Hagerty, Stewart & Associates in San Diego, California from May 2001 until November 2001, The Seidler Companies Inc. in Irvine from May 2001 until December 2006, Crowell, Weedon & Co. in Irvine from December 2006 until September 2008 and LPL Financial in Santa Ana, California from August 2008 until February 2015. He is currently registered with NFP Advisor Services in Brea, California and has been since February 2015. He has four customer disputes against him.

If you or someone you know invested money with Jack West, please call our securities law firm based in Chicago, Illinois at 312-332-4200 to speak with one of our attorneys. The call is free with no obligation. You may be able to sue LPL Financial for not reasonably supervising West while he was employed there. They may be liable for investment losses. We take cases on a contingency fee basis only, so we don’t get paid unless you recover money. Please call as soon as possible as time is of the essence in cases such as these.

Stoltmann Law Offices is investigating John Joseph Arnold, a representative with Merrill Lynch. Arnold is accused of processing two wire requests for a client, falsely representing to his firm that he had verbally confirmed each of the wire transfers of hers. He then allegedly entered fictional information in Merrill Lynch’s books and records concerning the wire transfer request. He also allegedly did not obtain a Letter of Authorization from the customer for her transfer exceeding $50,000. He also allegedly disguised the true amount of the transfer. These are against securities rules and regulations.

John Joseph Arnold was registered with Montgomery Securities in San Francisco, California from May 1997 until October 1997, Banc of America in New York, New York from October 1997 until December 2001, Citigroup Global Markets in Irvine, California from December 2001 until July 2008 and Merrill Lynch in Newport Beach, California from June 2008 until September 2013. He is currently registered with Raymond James in Newport Beach and has been since November 2013.

If you or someone you know invested money with John Joseph Arnold, please call our securities law firm at 312-332-4200 to speak with an attorney. The call is free with no obligation. We takes cases on a contingency fee basis. His former firm, Merrill Lynch, may be liable for investment losses. We sue firms such as Merrill Lynch in the Financial Industry Regulatory Authority (FINRA) arbitration forum.

Stoltmann Law Offices is investigating Robert Alan Horning for Tenant-in-Common complaints. Horning was a former advisor with Cantaurus Financial. He is accused of recommending unsuitable investments, breaching contract, breaching fiduciary duty, acting negligently, violating state and federal securities law and committing common law fraud. Horning was registered with Wealth Resource Capital Corporation in Newport Beach, California from January 1993 until December 1994, United Pacific Securities Inc. in Carlsbad, California from December 1994 until June 1995, Aragon Financial Services in Irvine from March 1999 until August 2000, NNN Capital Corp in Santa Ana, California from June 1995 until July 2003, MCL Financial Group in Santa Ana from July 2003 until December 2004 and Direct Capital Securities in Austin, Texas from November 2004 until July 2009. He is currently registered with Direct Capital Securities in Los Angeles, California and has been since July 2009. He has eight customer disputes against him, one of which is currently pending. If you invested money with Robert Alan Horning, please call our securities law office at 312-332-4200 to speak with an attorney. The call is free with no obligation. We take cases on a contingency fee basis. We sue firms such as Centaurus Financial for failing to supervise representatives such as Horning in the FINRA arbitration forum.

Michael Gates was recently sanctioned by the Financial Industry Regulatory Authority (FINRA). According to his BrokerCheck report online, from January 2011 until October 2011, he allegedly effected 22 transactions for two firm customers without written authorization from the customers or approval from the firm. This is against FINRA rules because Gates was not approved by his firm to exercise discretion in customer accounts. Michael Gates was registered with Sentra Securities Corporation, WM Financial Services, Cal Fed Investments, and Wells Fargo Advisors in Huntington Beach, California. He is currently registered with Morgan Stanley in Newport Beach, California, and has been since March 2012. He has two customer disputes against him. Wells Fargo, Gates’ former firm, can be sued to recover financial losses if you invested with them or Michael Gates. They had a duty to reasonably supervise him while he was employed there. Please call us at 312-332-4200 to speak to an attorney. We sue firms such as Wells Fargo in the FINRA arbitration forum.

CNBC
FOX Business
The Wall Street Journal
Bloomberg
CBS
FOX News Channel
USA Today
abc NEWS
DATELINE
npr
Contact Information