Advisor Alert: Our Attorneys Are Investigating Herbert H Hafen For Investment Fraud
Did You Lose Money Because of Herbert (Elias) Hafen?
Filed: February 9, 2024
Herbert Hafen (also known as Elias Herbert Hafen and Elias Niggebrugge) has been the subject of three (3) regulatory events, one (1) termination event, four (4) customer complaints, one (1) civil event, and one (1) criminal event. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Herbert H Hafen.
Who Is Herbert H Hafen?
- Advisor Name: Herbert H Hafen
- Aliases: Elias Herbert Hafen, E Herbert Niggebrugge, Elias Niggebrugge
- CRD: 867068
- Location: New York, New York
- Current Employer: No Longer Allowed to Practice in the Securities Industry
- Previous Firms: Wells Fargo Clearing Services, LLC, Morgan Stanley, and Morgan Stanley & Co. Incorporated
- Number of Known Customer Complaints: 4
- Number of Known Regulatory Events: 3
- Number of Known Termination Events: 1
- Number of Known Criminal Events: 1
- Number of Known Civil Events: 1
- Can Herbert Hafen Be Sued: Yes, in Private Arbitration
- Can Herbert Hafen’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $675,000
- Highest Settlement: $430,000
If you have suffered investment losses by Herbert Hafen, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining an investment fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Herbert (Elias) Hafen For Broker Misconduct
As of this publication date, Herbert Hafen has been the subject of 3 regulatory events, 1 termination event, 4 customer disputes, 1 criminal event, and 1 civil event. Let’s review them below.
In October 2020, a complaint was filed against or in reference to Herbert Hafen by a customer of MSSB alleging that Mr. Hafen made unsuitable investments in the client’s account. Per the customer, she lost over $20,000 because of Mr. Hafen’s actions. On October 13, 2020, Mr. Hafen settled the claim for $20,000, and some or all of this amount may have been paid by Mr. Hafen’s employer and/or insurance carrier.
In March 2020, United States Securities and Exchange Commission initiated a regulatory action against or in reference to Herbert Hafen after pleading guilty to one count of investment adviser fraud in violation of 15 U.S.C. §§ 80b-6 & 80b-17 and Title 18, U.S.C. § 2 before the United States District Court for the District of New York, in Criminal Case No. 1:19-cr-00637.
In February 2020, a complaint was filed against or in reference to Herbert Hafen by a customer of MSSB alleging that Mr. Hafen misappropriated client’s funds. Per the customer, he/she lost over $50,000 because of Mr. Hafen’s actions.
In February 2020, a complaint was filed against or in reference to Herbert Hafen by a customer of Wells Fargo Advisors alleging that Mr. Hafen defrauded her by encouraging her to send her retirement funds to his personal account for a high yield investment. Per the customer, she lost over $110,000 because of Mr. Hafen’s actions. On March 9, 2020, Mr. Hafen settled the claim for $120,000, and some or all of this amount may have been paid by Mr. Hafen’s employer and/or insurance carrier.
In February 2020, Connecticut initiated a regulatory action against or in reference to Herbert Hafen for allegedly violating Section 36b-5(f) of the Connecticut Uniform Securities Act by engaging in dishonest or unethical practices in connection with his investment advisory activities.
In September 2019, felony charges were pressed against Mr. Hafen in United States District Court for the Southern District of New York. Mr. Hafen received 1 felony charge for investment adviser fraud.
In September 2019, United States Securities and Exchange Commission initiated a civil action against or in reference to Mr. Hafen for allegedly engaging in a scheme to defraud his clients.
In October 2018, FINRA initiated a regulatory action against or in reference to Herbert Hafen for failing to respond to FINRA request for information.
In September 2018, a complaint was filed against or in reference to Herbert Hafen by a customer of MSSB alleging that Mr. Hafen misappropriated client’s funds. Per the customer, he/she lost over $675,000 because of Mr. Hafen’s actions. On May 9, 2019, Mr. Hafen settled the claim for $430,000, and some or all of this amount may have been paid by Mr. Hafen’s employer and/or insurance carrier.
In August 2018, Wells Fargo Clearing Services, LLC terminated Herbert Hafen after admitting to entering into financial arrangements with clients that were not approved by the firm.
How To File A Claim Against Herbert (Elias) Hafen (previously with Wells Fargo Clearing Services, LLC, Morgan Stanley, and Morgan Stanley & Co. Incorporated) To Get Your Money Back
If you have questions about Herbert Hafen, Wells Fargo Clearing Services, LLC, Morgan Stanley, Morgan Stanley & Co. Incorporated, or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.