Brokerage Services
What action should I take if I believe a broker has committed fraud?
If you believe a broker has committed fraud then the action you can take will be against the broker himself or the broker's house that you are working with.
If I find myself in a dispute with my broker, what documents should I save to use?
The best documents to have if you find yourself in a dispute with your broker are the written documents. A copy of the opening account statement, a copy of any transactions that you had, and any confirmations or any stocks or bonds that were bought and sold. A confirmation on anything that's written between you and your broker in regards to your goals and objectives.
Do I need a lawyer in brokerage dispute arbitration?
A lawyer would be a good idea to have on a broker's dispute in an arbitration. Those arbitrations operate under different rules than what we are used to when we talk about our daily lives.
How do I begin the process of securities arbitration?
You begin the process of security arbitration by filing a complaint, and by filing a complaint it starts the process going forward with arbitration. Arbitration is really set up through the NASD, which is the National Association of Security Dealers. They start the process and depending on the size of the claim, will determine whether or not there should be one arbitrator there or a panel of arbitrators.
Who will serve as arbitrators in financial law disputes?
Arbitrators are picked on depending again on the particular case that they are presented with. So some Arbitrators might be industry individuals, people that have some financial background. Other arbitrators might be Attorneys, and other arbitrators might be people that are familiar with the general idea or the general format regarding to the process itself, but might not have a lot of knowledge in regards to the actual claim itself.
What are the most common reasons customer claims are denied in arbitration?
The common reasons that customer claims are denied in arbitration have to do with the period time in which a claim is filed, the claim itself, the validity of the claim itself and also how the claim has been put forward, either by the individual or the individual attorney.
How am I notified of the arbitration decision?
You are notified of the arbitration decision in writing by the arbitration board within two to three weeks.
Are there small claims' procedures in securities arbitration?
There are small claim procedures in security arbitration - that's usually for claims with $25,000.00 or less where you usually sit in front of one arbitrator versus a panel.
What does it mean when a broker is said to be 'churning' and is it legal?
When a broker churns an accounts, and it's not legal, it's when a broker trades securities over and over again in order to generate commissions. And the SEC, the NSD and all the regulatory bodies look down upon that severely.
How can I find out if a investment advisor has ever had problems with a government regulator?
The best way to find out about whether or not an advisor has been disciplined or has ongoing legal action against him is through the advisor's ADV part one and ADV part two. Every advisor that is a registered investment advisor like myself has a part one and a part two ADV.
What is an 'ADV form'?
An ADV is a form that's filed with the government or the SEC every year which states your background, states your financials, and states whether or not you have any pending or on-going claims against you in regards to action.
