Brooklyn, NY asked in Consumer Law, Banking, Collections and Stockbroker Fraud for New York

Q: about a stock purchased

i have invested $20,000 in a company selling securities, i was told they would send the certificate of stock after 6 months, it has been more than a year i have yet to receive a certificate, the company is still online selling securities but their information have chnaged i cannot get any contact, i paid via wire transfer, the company is located in california i am in NY, how can i sue to get my money back, since the bank says all transaction are fdic insured, my bank refuse to assist they say there is nothing they can do, can i sue my bank for failing to protect the account and to file a farud investigation with the other bank?

1 Lawyer Answer

Michael David Siegel

Answered
  • Business Law Lawyer
  • New York, NY
  • Licensed in New York

A: It sounds like you were scammed. Call the Securities and Exchange Commission enforcement office and the FBI. Your bank has nothing to do with this. They just sent a wire to a place you ordered. Am I missing something? The "company" you are dealing with likely does not really exist in a way a civil lawsuit would lead to recovery.

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