Investors Accuse Cetera Of Energy Sector Overconcentration

Abraham Heimann of Alpharetta Georgia a stockbroker formerly registered with Cetera Advisors LLC is referenced in a customer initiated investment related arbitration claim that was resolved for $42,500.00 in damages founded on accusations that fiduciary obligations to the customer were breached and the customer’s account had been negligently administered. FINRA Arbitration No. 17-02785 (Dec. 26, 2018).

Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Heimann has been identified in seven additional customer initiated investment related disputes which pertain to accusations of Heimann’s misconduct while he was employed with Cetera Advisors LLC and Oppenheimer Co. Inc. Specifically, a customer initiated investment related arbitration claim concerning Heimann’s conduct was settled for $155,000.00 in damages supported by allegations that misrepresentations had been made to the customer concerning common or preferred stocks; fiduciary duties owed to the customer had been breached; contractual obligations were not fulfilled; unauthorized trades were executed; the customer’s account was administered negligently; and trades placed in the customer’s account were not suitable. FINRA Arbitration No. 15-03220 (Sept. 17, 2018).

Another customer initiated investment related arbitration claim regarding Heimann’s activities was resolved for $500,000.00 in damages founded on accusations that the customer’s account was handled in a negligent manner, and fiduciary duties failed to be complied with as it pertained to the purchases executed in the customer’s equity portfolio. FINRA Arbitration No. 17-00766 (Mar. 26, 2018). Heimann is also the subject of a customer initiated investment related arbitration claim which was settled for $40,000.00 in damages based upon allegations of negligence, breach of fiduciary duty, and over-concentration of the customer’s assets in speculative equity investments causing the customer to experience losses. FINRA Arbitration No. 17-01009 (Mar. 26, 2018).

On April 19, 2018, another customer initiated investment related written complaint concerning Heimann’s conduct was settled to resolve accusations of the customer’s equity portfolio having been mishandled resulting in undue losses. Also, a customer initiated investment related arbitration claim involving Heimann’s activities was settled for $10,000.00 in damages supported by allegations of the violation of FINRA Rules; unauthorized trading effected in the investment account; misrepresentation of investment related information; failure to abide by the customer’s contract; violation of fiduciary duties; mismanagement of the customer’s account; and fraudulent activities which led the customer to experience unwarranted losses on oil and gas and equities purchases. FINRA Arbitration No. 17-02498 (June 11, 2018).

Heimann is additionally the subject of a customer initiated investment related written complaint which was settled on June 12, 2018 to resolve allegations that energy sector securities transactions effected in the customer’s account were unsuitable for the customer.

Heimann’s employment with Cetera Advisors was terminated on February 8, 2016.