FEBRUARY 2018 UPDATE–Heidi Wivolin pleads guilty to mail and tax fraud. Sentencing set for May 2, 2018. See this for details.
Heidi Wivolin, formerly a broker with NEXT Financial Group was barred permanently from the industry by the Financial Industry Regulatory Authority (FINRA) on June 24, 2014.
According to FINRA records Wivolin failed to respond to FINRA requests for information sent to her during the spring of 2014.
Wivolin operated the NEXT Financial office located on AIA in Manalapan, Florida, until late January of 2014, when a client from Finland questioned her about a discrepancy in his account. Wivolin was immediately terminated by NEXT.
In February 2014, a civil complaint was filed in Palm Beach County Circuit court, Pasi Martin, et al v NEXT Financial and Heidi Wivolin, alleging fraud against Wivolin and negligent supervision against NEXT Financial.
The complaint further alleges that from February 2009 until January 2014, the plaintiffs entrusted NEXT Financial and Wivolin with millions of dollars which they believed was being invested in a bond portfolio, and that WIvolin has admitted that the money was not invested in a bond portfolio but rather used to fund personal expenses, purchase real estate in Central America and lost in unauthorized investments.
In July 2014, a FINRA arbitration was filed against 1st Discount Brokerage of Lake Worth, Florida, on behalf of a retired couple from Kansas City, alleging that 1st Discount Brokerage failed to supervise Wivolin and permitted her to operate a ponzi scheme and sell fraudulent and unsuitable investments.
Rex Securities Law provides nationwide representation to investors 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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