Publicly available records recently provided by the Financial Industry Regulatory Authority (FINRA) indicate that former broker/advisor Timothy B. Hetrick (CRD # 2048466), formerly with Boise, ID based U.S. Brokerage, Inc. (CRD # 39307) was recently barred from the securities industry by FINRA’s Department of Enforcement. The sanction was the result of an “investigation into potential forgeries… of customer signatures on penny stock disclosures and authorization forms.” The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Hetrick.
Registration Background for Timothy B. Hetrick
Mr. Hetrick became registered in the securities industry in 1990 and was most recently registered with U.S. Brokerage, Inc. from May 2002 to August 2019. His prior registrations include Paulson Investment Company, Inc. (CRD # 5670) from March 1993 to May 2002 and Northwestern Mutual Investment Services, Inc. (CRD # 2881) from May 1990 to February 1993.
FINRA’s Finding and Conclusions against Timothy B. Hetrick
FINRA’s investigation led to Mr. Hetrick entering into a Letter of Acceptance, Waiver and Consent (AWC) on April 7, 2020. According to the April 7, 2020 AWC, Mr. Hetrick consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- On March 26, 2020, FINRA sent Mr. Hetrick a request for on-the-record testimony pursuant to FINRA Rule 8210, “[i]n connection with an investigation into potential forgeries by [Mr. Hetrick] of customer signatures on penny stock disclosure and authorization forms”;
- In response to FINRA’s request, Mr. Hetrick informed FINRA through his counsel, that he had received the request but “will not appear for on-the-record testimony at any time”; and
- By refusing to appear for on-the-record testimony, Mr. Hetrick violated FINRA Rule 8210 and FINRA Rule 2010.
FINRA Sanctions Timothy B. Hetrick
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s April 7, 2020 AWC also indicates that Mr. Hetrick consented to the sanction of being barred from association with any FINRA member firm in any and all capacities.
Timothy B. Hetrick has a History of Customer Complaints
In addition to the above findings in the April 7, 2020 AWC, FINRA BrokerCheck for Timothy B. Hetrick reveals he has a history of securities related customer complaints/arbitrations.
In particular, on December 1, 2017, a customer initiated arbitration was filed naming Mr. Hetrick as a Respondent. The customer alleged damages in the amount of $95,000.00 and securities violations including but not limited to conversion, unauthorized trading, breach of contract, breach of fiduciary duty, violation of the Idaho Uniform Securities Act and negligence. The arbitration resulted in an Award issued on November 28, 2018 finding Mr. Hetrick liable for the sum of $35,000.00 in compensatory damages; U.S. Brokerage, Inc. liable for $5,000.00; and both Mr. Hetrick and U.S. Brokerage, Inc. liable for $2,500.00 in costs.
If you or someone you know has or had a brokerage account with Timothy B. Hetrick and have concerns regarding losses in your investments or possible fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.