Michael Heath, from Ladera Ranch, California, Subject of FINRA Complaint

Have you lost money with financial advisor Michael Heath of Ladera Ranch, California?  We are looking into allegations made by FINRA (the Financial Industry Regulatory Authority), against Michael Eugene Heath.  FINRA suspended Heath 45 days from the securities industry and fined him $12,500.  FINRA was investigating Heath regarding allegations that he used email without approval from his brokerage firm, First Allied Securities.

FINRA also alleged that Michael Heath created spreadsheets to show to his clients.  FINRA argued that the spreadsheets violated FINRA rules because: a) the spreadsheets failed to distinguish between assets held at First Allied Securities and assets held away from the firm; b) the summaries failed to indicate that valuations for assets had not been verified; and c) the spreadsheets did not provide a basis as to how total return figures were calculated.

Michael Heath was a financial advisor and registered representative of First Allied Securities from 2002 to February 2016.  He also was affiliated with Western International Securities from April 2016 to August 2018.  He worked at a branch office in Ladera Ranch, California.  Heath was allowed to “voluntarily” resign from First Allied Securities, and he was terminated by another firm, Securities America.

Brokerage firms like First Allied Securities have a responsibility to adequately supervise all representatives who are registered through their firm.  Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies.  When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; and Ann Arbor, Michigan.  We represent investors in FINRA arbitration proceedings in all 50 states, including investors in California. Our attorneys have recovered millions of dollars for investors against many brokerage firms in the past.

Click to view:  Heath, Michael FINRA AWC

Click to view:  Heath, Michael BrokerCheck 10.31.18

If you lost money with Michael Heath or First Allied Securities, please CONTACT US at 720-599-3505 for a free evaluation of your case.

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency.  Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency.  All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact.  This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice.  Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis.  In contingent representation, clients may still be liable for costs.