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FINRA has suspended this individual from acting as a broker. Please see the detailed report for more information
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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.
Resolution
Letter
Sanctions
Suspension
Registration Capacities Affected
any capacity
Duration
N/A
Start Date
12/3/2015
Regulator Statement
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.
10/15/2015
Regulatory
Final
Initiated By
FINRA
Allegations
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.
Resolution
Acceptance, Waiver & Consent(AWC)
Sanctions
Civil and Administrative Penalty(ies)/Fine(s)
Amount
$15,000.00
Sanctions
Suspension
Registration Capacities Affected
any capacity
Duration
seven months
Start Date
10/19/2015
End Date
5/18/2016
11/19/2013
Customer Dispute
Award / Judgment
Allegations
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.
Damage Amount Requested
$410,000.00
Damages Granted
$403,162.00
Broker Comment
[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
3/19/1990
Customer Dispute
Award / Judgment
Allegations
UNSUITABILITY OF INVESTMENT AND
MISREPRESENTATION OF INVESTMENT.
Damage Amount Requested
$71,000.00
Damages Granted
$71,000.00
Broker Comment
CLIENT AWARDED A RECISSION OF THEIR 71 UNITS.
License(s)
The broker is not currently registered with any state or SRO.
A brokerage firm, also called a broker-dealer, is in the business of buying and selling securities – stocks, bonds, mutual funds, and certain other investment products – on behalf of its customer (as broker), for its own bank (dealer), or both. Individuals who work for broker-dealers - the sales personnel are commonly referred to as brokers.
IA
Investment Adviser
An investment adviser is paid for providing advice about securities to clients. In addition, some investment advisers manage investment portfolios and offer financial planning services.
Disclosures
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
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Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.