The Securities and Exchange Commission (SEC) has obtained a final judgment against Rand Heckler.
On August 12, 2024, the New York Eastern District Court entered a final judgment against Rand Heckler, enjoining him from violating certain provisions of the federal securities laws.
According to the SEC’s complaint, filed Sept. 30, 2020, since at least 2015, Heckler, a former broker who was barred by FINRA in 2019, allegedly solicited over $700,000 in investments from an elderly investor and the investor’s son by claiming to manage a successful hedge fund through his company, Rand Heckler, Inc.
The complaint alleges that, in reality, Heckler never managed a hedge fund and never invested the funds.
Instead, he allegedly misappropriated most of the funds to pay for his personal expenses, including mortgage payments, car payments and a country club membership.
Further, Heckler allegedly sought to conceal his scheme by, among other things, sending phony account statements and trade confirmations to the investor and his son.
The SEC’s complaint charged Heckler with violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1), 206(2) and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8(a) thereunder. On September 12, 2023, Rand Heckler, Inc. was dismissed from the case as it is defunct.
On August 12, 2024, the Court entered a final judgment against Heckler enjoining him from violating the charged provisions.
