Published On: January 27, 2017

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Steve Heath was accused of unsuitable trading. He was fined $5,000 and suspended for two months. He was also forced to pay restitution to his victim in the amount of $7,207. Heath allegedly recommended and effected short-term trades involving Class A mutual funds shares for the account of an elderly customer with conservative investment objectives, without having a reasonable basis for believing that such transactions were suitable. It is a broker’s duty to only recommend and sell those investments that are suitable for his clients. If he does not, his brokerage firm may be liable for losses. Please call our law firm today if you suffered losses with Steve Heath. We may be able to bring a claim against LPL for investment losses.

Heath was registered with Wheat, First Securities in Charlotte, North Carolina from April 1998 until April 1998, First Union Capital Markets in Charlotte from September 1998 until October 1999, Wachovia Securities in St. Louis, Missouri from October 1999 until April 2006, Merrill Lynch in Newport News, Virginia from March 2006 until April 2008, LPL in Newport News from April 2008 until September 2014 and Capitol Securities Management in Newport News from October 2014 until December 2016.

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If you have suffered financial losses because of the negligence or fraud of your financial advisor or broker through unsuitable investment recommendations, over-concentration, churning, misrepresenting risks, conversion or selling away, you have legal rights and options to pursue recovery of those losses.

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