FINRA

Respondent Heimowitz failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

Letter

Suspension

any capacity

N/A

12/3/2015

Pursuant to Article VI, Section 3 of FINRA By-Laws, and FINRA Rule 9554, Respondent Heimowitz is suspended on December 3, 2015 for failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

FINRA

Without admitting or denying the findings, Heimowitz consented to the sanctions and to the entry of findings that he participated in private securities transactions without providing prior notice to his member firm. The findings stated that Heimowitz recommended that customers of his member firm purchase securities in companies that did not offer securities through the firm. Specifically, Heimowitz recommended that one customer invest in a company, for which his son served as the CEO. Heimowitz provided this customer with promotional materials. Subsequently, this customer invested a total of $26,000 in the company. In addition, Heimowitz recommended that all of the customers invest in two other companies that he was a consultant for. After Heimowitz provided the customers with promotional materials, each of the customers invested in each of these companies collectively investing a total of $255,000. The findings also stated that Heimowitz engaged in an outside business activity without providing prior notice to his firm.

Acceptance, Waiver & Consent(AWC)

Civil and Administrative Penalty(ies)/Fine(s)

$15,000.00

Suspension

any capacity

seven months

10/19/2015

5/18/2016

ALLEGED BREACH OF FIDUCIARY DUTY, MISREPRESENTATION AND MATERIAL OMMISSIONS OF FACT, NEGLIGENCE, VIOLATION OF SECURITIES LAWS AND BREACH OF CONTRACT FROM AUGUST 2008 THROUGH 2012.

$410,000.00

$403,162.00

[CUSTOMER] OPERATED A BOOK PUBLISHING BUSINESS FOR TEN YEARS. ALSO, HE OPERATED A CLINICAL PSYCHOLOGY OFFICE FOR MANY YEARS. [CUSTOMER]FOLLOWED HER INVESTMENTS ON THE INTERNET AND PROVIDED NUMEROUS SOURCES OF OUTSIDE INFORMATION. SHE INSISTED ON CLOSING HER ANNUITY ACCOUNTS AND INCURRING SURRENDER CHARGES. WHICH WERE STRONGLY DISCOURAGED BY AARON HEIMOWITZ

UNSUITABILITY OF INVESTMENT AND MISREPRESENTATION OF INVESTMENT.

$71,000.00

$71,000.00

CLIENT AWARDED A RECISSION OF THEIR 71 UNITS.