CASSANDRA N. HEITZ Investment Fraud Investigation

March, 2025 | Based in Columbia Falls, MT

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Critical Information About Cassandra N. Heitz

• Full Name: Cassandra N. Heitz
• CRD Number: 6171982
• Current Location: Columbia Falls, MT
• Current Status: Not currently registered
• Registration History: Previously registered with LPL Financial LLC (11/2017 – 06/2024) and Investment Centers of America, Inc. (08/2014 – 11/2017)
• Disciplinary History: 1 regulatory event, 2 criminal disclosures, 1 employment termination, 2 judgment/liens
• Regulatory Actions: FINRA suspension (effective 01/07/2025)
• Criminal History: Felony charge of Criminal Child Endangerment (2024), Misdemeanor for Unlawful Use of Driver’s License (2005)
• Employment Termination: Discharged from LPL Financial (06/13/2024) for failure to timely report felony charge
• Outstanding Liens: Two tax liens ($790.84 and $1,914.12)
• Industry Exams: Series 7, Series 63, Series 65, Securities Industry Essentials (SIE)
• Ability to Recover Losses: May be eligible for FINRA arbitration depending on timing of investments

Recent FINRA Disciplinary Actions Against Heitz

Our law firm is currently investigating former financial advisor Cassandra N. Heitz, who was recently suspended by FINRA following a history of concerning regulatory and criminal issues. Investors who worked with Heitz should be aware of these serious developments and understand their options for potential recovery of investment losses.

On January 7, 2025, FINRA suspended Heitz from association with any FINRA member firm in all capacities after she failed to respond to FINRA requests for information. According to FINRA’s regulatory action (Docket/Case Number 2024082464401), if Heitz fails to request termination of the suspension within three months of the Notice of Suspension (dated October 31, 2024), she will automatically be barred from the securities industry on February 3, 2025.

This regulatory action came after Heitz was discharged from her position at LPL Financial LLC on June 13, 2024. According to her FINRA BrokerCheck report, LPL terminated her employment because she “failed to timely report felony charge to Firm.” This termination followed a March 7, 2024 felony charge of Criminal Child Endangerment in Flathead County, Montana, to which Heitz ultimately pled guilty.

Professional Background and Registration History

Cassandra N. Heitz entered the securities industry in 2014, beginning her career with Investment Centers of America, Inc. in Whitefish, Montana. Her FINRA BrokerCheck report indicates that she passed several securities industry examinations, including:

• Securities Industry Essentials Examination (SIE) – October 1, 2018
• General Securities Representative Examination (Series 7) – August 13, 2014
• Uniform Investment Adviser Law Examination (Series 65) – October 9, 2015
• Uniform Securities Agent State Law Examination (Series 63) – July 30, 2015

Heitz’s employment history in the securities industry includes:

• LPL Financial LLC (November 2017 – June 2024) – Columbia Falls, MT
• Investment Centers of America, Inc. (June 2014 – November 2017) – Whitefish, MT

Her BrokerCheck report also lists non-investment related activities, including working as a ski race coach for the Flathead Valley Ski Education Foundation since October 2013 and as a substitute teacher for the Columbia Falls School District since January 2023.

Troubling Disclosure History and Red Flags

Heitz’s regulatory record reveals multiple concerning disclosures that raise serious questions about her fitness to serve as a financial advisor. In addition to her recent FINRA suspension and termination from LPL Financial, Heitz has disclosed:

1. Felony Criminal Charge (2024)

In March 2024, Heitz was charged with Criminal Child Endangerment, a felony offense, in Flathead County District Court (Case #DC-24-70D). She pled guilty to this charge, and on May 30, 2024, received a deferred imposition of sentence with probation from May 30, 2024, to May 30, 2027. The court also ordered her to pay court costs and fines.

2. Prior Criminal History (2005)

Heitz also has a prior misdemeanor conviction from July 2005 for Unlawful Use of a Driver’s License. For this offense, she received a six-month driver’s license suspension and approximately $100 in fines.

3. Outstanding Tax Liens

Her record indicates two outstanding tax liens:

• A $790.84 tax lien filed by the City of Kalispell on December 14, 2023
• A $1,914.12 tax lien filed by the Flathead County Treasurer on August 10, 2023

These financial difficulties, alongside her criminal history and regulatory problems, present a concerning pattern of behavior for someone entrusted with managing client investments.

Implications for Investors

Financial advisors like Cassandra Heitz are held to high standards of professional conduct and integrity. When advisors fail to meet these standards, investors may suffer financial harm through various forms of misconduct. While her BrokerCheck report does not indicate any customer complaints, the pattern of disclosures raises significant red flags that warrant further investigation.

Potential Areas of Concern for Heitz’s Clients:

1. Failure to Disclose Material Information: Heitz’s termination from LPL Financial was specifically for failing to timely report her felony charge. This raises questions about her transparency in other aspects of her professional responsibilities, including her communications with clients.
2. Regulatory Non-Compliance: Her failure to respond to FINRA’s requests for information (leading to her suspension) suggests a disregard for regulatory obligations that protect investors.
3. Financial Instability: The presence of two outstanding tax liens may indicate financial pressures that could potentially influence investment recommendations or handling of client funds.
4. Questionable Judgment: The serious nature of her criminal charges, particularly the recent felony, raises legitimate concerns about her judgment and decision-making capabilities.

Legal Framework and Regulatory Considerations

Financial advisors are subject to numerous regulations designed to protect investors from misconduct. Key rules that may be relevant to Cassandra Heitz’s situation include:

FINRA Rule 8210 – Provision of Information and Testimony

This rule requires that registered representatives respond to FINRA’s requests for information. Heitz’s failure to comply with this rule led to her current suspension.

FINRA Rule 4530 – Reporting Requirements

This rule requires prompt reporting of certain events, including criminal charges and convictions. Heitz’s failure to timely report her felony charge to LPL Financial constituted a violation of firm policies implementing this rule.

FINRA Rule 2010 – Standards of Commercial Honor and Principles of Trade

This fundamental rule requires brokers to observe high standards of commercial honor and just and equitable principles of trade. Criminal convictions, particularly those involving dishonesty or breach of trust, may violate this standard.

Form U4 Reporting Requirements

Registered representatives must update their Form U4 (Uniform Application for Securities Industry Registration) within 30 days of becoming aware of certain events, including criminal charges. Failure to do so can result in regulatory actions.

Steps for Affected Investors

If you were a client of Cassandra N. Heitz and are concerned about your investments, consider taking the following steps:

1. Review Your Account Statements and Investment Performance

Carefully examine all account statements and investment performance reports. Look for unexplained losses, unauthorized transactions, or investments that don’t align with your stated objectives and risk tolerance.

2. Request Copies of All Account Documentation

Contact LPL Financial to request copies of all account documentation, including account opening forms, investment recommendations, and transaction confirmations. These documents may be crucial in determining if inappropriate investment advice was provided.

3. Document Any Verbal Communications

Make detailed notes about any verbal communications with Heitz, particularly regarding investment recommendations or representations about risk and potential returns.

4. Consult with a Securities Attorney

Perhaps most importantly, consult with an experienced securities attorney who specializes in investor representation. An attorney can help you understand if you have a viable claim for recovery and guide you through the FINRA arbitration process.

5. Be Aware of Time Limitations

Keep in mind that there are strict time limitations for filing claims against brokers and brokerage firms:

• FINRA arbitration claims generally must be filed within six years of the event giving rise to the claim
• State statutes of limitations may also apply, potentially limiting the time to bring certain claims to as little as one to three years

How Our Securities Attorneys Can Help

Our law firm specializes in representing investors who have suffered losses due to broker misconduct, unsuitable investment recommendations, or securities violations. We have extensive experience handling cases involving advisors with disciplinary histories like Cassandra Heitz.

When you work with our investment fraud attorneys, you benefit from:

Thorough Investigation of Your Case

We conduct a comprehensive review of your investments, account documentation, and communications with your advisor to identify potential misconduct and violations of securities laws and regulations.

Specialized Knowledge of Securities Law

Our attorneys are well-versed in the complex regulations governing the securities industry, including FINRA rules, federal securities laws, and state regulations. We understand how to navigate the FINRA arbitration process effectively.

Contingency Fee Representation

We handle investment fraud cases on a contingency fee basis, which means you pay no legal fees unless we recover money on your behalf. This allows you to pursue justice without additional financial burden.

Strategic Approach to Recovery

We develop a customized legal strategy based on your specific situation, whether that involves FINRA arbitration, mediation, or negotiation with the brokerage firm. Our goal is always to maximize your recovery while minimizing stress and delay.

If you invested with Cassandra N. Heitz during her time at LPL Financial or Investment Centers of America and have concerns about how your investments were handled, don’t hesitate to contact us. Taking prompt action is essential to protect your rights and maximize your chances of recovery. Reach out today for professional guidance on your potential case. Call 800-950-6553 or complete our online form to schedule your confidential, no-obligation consultation with an experienced securities fraud attorney.

Chetan Patil

Chetan Patil is the founder and Managing Partner of the Patil Law. He brings over 15 years of extensive experience in diverse complex disputes and transactions, across the country. Mr. Patil specializes in litigations, trials, arbitrations, and appeals of complex securities, FINRA, financial and business disputes, with an emphasis in securities, financial services, and financial regulatory law.