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Update on NEXT Financial – Heidi Wivolin Litigation-Suit Filed vs. NEXT Financial Group/Wivolin

Update on NEXT Financial – Heidi Wivolin Litigation-Suit Filed vs. NEXT Financial Group/Wivolin 150 150 Rex Securities Law

By Robert H. Rex, Esq. 

FEBRUARY 2018 UPDATEHeidi Wivolin pleads guilty to mail and tax fraud. Sentencing set for May 2, 2018. See this for details. 

 

On February 19. 2014, Mrachek, Fitzgerald, Rose, Konopka Thomas & Weiss of West Palm Beach, FL, and Dickenson Murphy Rex & Sloan of Boca Raton, FL, filed a complaint against FINRA registered broker-dealer NEXT Financial Group and local resident Heidi Wivolin,  a registered broker with NEXT. 
 

The case , PASI MARTIN; CITY-RAKENNUS MARTIN OY, a foreign entity; CITY-AIR OY, a foreign entity; GPW INTERNATIONAL, INC. , a foreign entity; JALKARNNAN KAUPPAKESKUS OY, a foreign entity; and OCTOPUS GROUP INTERNATIONAL, INC. , a Florida corporation vs. NEXT FINANCIAL GROUP, INC. , a Texas corporation, and HEIDI WIVOLIN, Case # 2014a002961XXXXMBAD, was filed in the Circuit Court of the Fifteenth Judicial Circuit in and for Palm Beach County, Florida. 


The case seeks damages in excess of $15,000 on behalf of Pasi Martin, a Finnish citizen, another Finnish citizen and several other Finnish and Florida entities. The complaint alleges that since 2009, Martin and his co-plaintiffs entrusted millions of dollars to NEXT Financial, through their broker/agent Wivolin, which operated an office in Manalapan, FL. The Plaintiffs were told the funds were invested in municipal bonds. 

Recently Wivolin and Shawn O’Sullivan, who operated FirsTrust Investments from the same location as the NEXT Financial office, admitted to Martin that the purported municipal bond portfolio was actually a fiction and that all the monies had been lost in a number of unauthorized investments.

The complaint further alleges that Wivolin, who is fluent in Finnish and a well known member of the Lake Worth Finnish community, capitalized on that fact to mislead Mr. Martin, who does not speak English. 

It is anticipated that other defendants may be named in the near future. 
 

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

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Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

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