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Stephen Hecker Subject of a Variable Annuity Dispute

Stephen Hecker (CRD #: 821625), a broker registered with Fortune Financial Services, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on December 18, 2023. Details concerning the dispute are provided below. 

On November 20, 2023, an investor alleged Stephen Hecker mistakenly moved money from the guaranteed interest rate portion of a variable annuity into sub-accounts that invested into the stock market. These sub-accounts allegedly led the client to suffer losses. The investor is seeking $55,000. 

What is a Variable Annuity? 

Variable annuities are complex investments. They are insurance products that come with an investment component. The investment portion is subject to losses, and these losses may cause the insurance policy to lapse. 

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Mismanagement of variable annuities may violate this rule. 

Background Information 

Stephen Hecker has passed the following exams: 

  • Series 63 Uniform Securities Agent State Law Examination 
  • Series 6TO Investment Company Products/Variable Contracts Representative Examination
  • Series 22TO Direct Participation Programs Representative Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 1 Registered Representative Examination 
  • Series 26 Investment Company Products/Variable Contracts Principle Examination 

He is a registered broker in 13 states and D.C. He is also a registered investment adviser in Ohio. 

During his 47 years of experience, he has registered with nine firms: 

  • Fortune Financial Services (CRD #: 42150) 
  • Prosperity Wealth Management (CRD #: 174328) 
  • Prosperity Financial Group (CRD #: 145540) 
  • Sterne Agee Investment Advisor Services (CRD #: 174182) 
  • Sterne Agee Financial Services (CRD #: 18456) 
  • Sterne Agee Investment Advisor Services (CRD #: 7365) 
  • WRP Investments (CRD #: 7365) 
  • WS Griffith Securities (CRD #: 10410) 
  • Phoenix Equity Planning Corporation (CRD #: 3036) 
  • Connecticut Mutual Life Insurance Company (CRD #: 173) 

Kurta Law Can Help 

If you have worked with Stephen Hecker and you have concerns about your investments, do not hesitate to contact us at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.

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