Wheaton, IL asked in Stockbroker Fraud for Illinois

Q: I told my stockbroker to buy a significant amount of stock in a certain company and he failed to do so.

Can he be held liable for the resulting losses?

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1 Lawyer Answer
Steve McCann
Steve McCann
  • Chicago, IL
  • Licensed in Illinois

A: It is possible that your stock broker can be liable, but the feasibility of your recovery depends on very specific facts. Do you have a contract with the stock broker that outlines your relationship? Do you have written evidence of your request for him to buy a significant amount of stock? In any event, I would recommend organizing all documents and information relevant to this situation, and consulting with an attorney individually. A knowledgeable attorney will review the details, and advise you as to your options moving forward.

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