Herbert Hafen Barred After Misappropriating Client Funds

Herbert Hafen (CRD#: 867068, aka Elias Herbert Hafen, E Herbert Niggebrugge, Elias Niggebrugge) is a former registered broker and investment advisor whose last employer was Wells Fargo Clearing Services, LLC (CRD#:19616) of New York, NY. Hafen’s previous employers include Morgan Stanley (CRD#:149777 and CRD#: 8209), and Bear Sterns (CRD#: 79), also of New York City. He has been in the industry since 1979.

Hafen was discharged by Wells Fargo on 8/21/2018, after “entering into financial arrangements with clients that were not approved by the firm.”

On 9/27/2018, a customer dispute was filed by the customer’s attorney alleged that from 7/2011 through 1/2018, Hafen misappropriated the customer’s funds. The attorney and client requested damages of $675,000, and the firm settled for $430,000.

On 10/29/2018, Hafen failed to respond to a request for information from FINRA. Two letters of suspension were sent to Hafen on 10/29/2018 and 11/23/2018, and was barred by FINRA on 2/1/2009 from associating with any FINRA member in any capacity. Hefen failed to request termination of his suspension within 90 days of issuance, and is now permanently barred from association with any FINRA member.

Did You Invest With Hebert Hafen?

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