Get free answers to your legal questions from lawyers in your area.
My mom has several accounts with an investment firm that she has had for over 25 years. She withdraws money as needed without any issue. However, the last time she made a request for a withdrawal, she was told her funds were frozen and after speaking with her broker, was told that she would need to... View More 
Lawyers, want to be a Justia Connect Pro too? Learn more ›
answered on Sep 2, 2024
I am unable to adequately evaluate this situation based on the facts provided, however the facts do suggest that the situation warrants further investigation. If you would like a no charge evaluation of your potential case please contact Nan Thompson at my office.
Is it legal for a brokerage firm to decide they no longer want to manage my account and sell my securities without my permission. They refused to transfer them to another firm.
Lawyers, want to be a Justia Connect Pro too? Learn more ›
answered on Oct 12, 2022
A firm can ask a customer to leave, however they should not liquidate any positions unless authorized by the customer. Generally transfer of securities is done via ACAT which is initiated by the receiving firm. You should ask your new broker to initiate the transfer.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
