Q: I let my boyfriend make trades on my brokerage account and it resulted in a $20,000 loss
I am looking to what I can do to recoup losses. He does not have a license to trade other peoples money. I told him he could. I told him what I did not want to hold within the account and he would not sell them. I was not monitoring the account as I was at work. He told me to trust him multiple times and that I would not lose money and told me multiple times not to sell what was in the account
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- New Jersey
- (973) 798-6131
- View Profile
- Answered
A: You allowed him to do it, so who are you going to take legal action against? Any Court would treat this case as a he said -she said and it will almost certainly be a useless exercise. Good luck.
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- (916) 704-3009
- View Profile
- Answered
A:
I'm really sorry to hear about what you're going through. Start by gathering all records of your account transactions and any communications with your boyfriend regarding the trades. This documentation will be crucial if you decide to take legal action.
Next, contact your brokerage firm immediately to inform them of the unauthorized trading. They may have procedures in place to address such situations and could help in freezing further unauthorized activities. Additionally, consider reaching out to a legal professional who can guide you on the best steps to take to possibly recover your losses.
Lastly, think about reporting the incident to local law enforcement or financial regulatory authorities. Protecting your financial future is important, and taking these steps can help you regain control and prevent similar issues in the future.
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.
