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Stockbroker Fraud Questions & Answers
0 Answers | Asked in Securities Law and Stockbroker Fraud for Illinois on
Q: How to sue an investment company that went bankrupt and owes me money?

As a private client, I have $200,000 stuck in Blockfi inc under an individual contract. The company filed for Ch 11 on Nov 28. I need to get my funds back due to hardship and cost of living and distress.

1 Answer | Asked in Stockbroker Fraud for California on
Q: I developed an algorithm for stocks. It tells you which stock to buy and when. Can I publish these trades in an app ?

I do not have any licenses (7, 63, 65). With the appropriate disclaimer, can I publish these trades in app or newsletter for a monthly subscription fee? If no, would the answer change if I was simply listing the trades I made in my own account (as opposed to providing advice) ? ie....not a... Read more »

Kevin Mcbride
Kevin Mcbride PRO label
answered on Nov 23, 2022

The question is really whether the activities identified in your question would fall under the Investment Advisers Act of 1940 (15 USC s. 80b, et seq.) which identifies advisory activities in section 202(a)(11) (15 USC 80b-2(a)(11) essentially as follows:

an investment adviser means any...
Read more »

2 Answers | Asked in Securities Law and Stockbroker Fraud for Florida on
Q: Broker decided to close my account and sell my securities. They said I broke section 3 of their agreement without detail

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.

Bruce Alexander Minnick
Bruce Alexander Minnick
answered on Sep 22, 2022

Yes, it is legal for a brokerage firm to decide that they no longer want your business.

No, it is not legal for the brokerage firm to liquidate your securities unless they have a good reason.

For any more help you will have to retain a lawyer. Search for one using Justia.

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1 Answer | Asked in Banking, Business Formation, Securities Law and Stockbroker Fraud for California on
Q: Can I manage other people's money (money manager or portfolio manager) with only my series 65 license in California?
Steve A. Buchwalter
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Steve A. Buchwalter
answered on Sep 1, 2022

Anyone can allow you to manage their money. There are no requirements for you to do so. Having a business of, or charging for, managing someone else's money can a different story and is more complicated.

2 Answers | Asked in Arbitration / Mediation Law, Banking, International Law and Stockbroker Fraud for Florida on
Q: How do I get a Brazilian arbitration court default judgment enforced in US (Probably Florida)

I'm a citizen of Florida. A Brazilian company I was a partner in was stolen by forging my signature when I was out of the country. That company is now trading on the NYSE (with my forged signature). I sued and won in Brazilian Arbitration Court under UNCITRAL treaty. The judgment was to... Read more »

David H. Relkin
David H. Relkin
answered on Aug 4, 2022

There are a few distinct issues involved in your inquiry: the recognition of a Brazilian Arbitration Award and the attachment of US Company assets. (In order to answer, I will of course assume all the facts you stated are true unless they are contradictory.)

Even before reaching the...
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2 Answers | Asked in Securities Law and Stockbroker Fraud for California on
Q: My question pertains to potential breach of fiduciary responsibility by my financial advisor, Merrill Lynch.

I have been a client of Merrill Lynch (ML) for more than 20 years. Not until 3 months ago did any of my advisors at ML ever mention that I should be purchasing US Govt issued iBonds, as part of my portfolio, which in almost every year of my ML relationship have paid a substantially higher return... Read more »

David Neuman
David Neuman
answered on Jul 28, 2022

California law finds that stockbrokers and financial advisors are per se fiduciaries to their clients. Thus, the fiduciary has to act in your best interest first. There are a number of other duties that arise when a stockbroker is a fiduciary, such as keeping their clients abreast on changes in... Read more »

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2 Answers | Asked in Securities Law and Stockbroker Fraud for New York on
Q: Financial investment question

I currently have access to a crypto investment fund through an individual who trades to make a group of us money, and I want to open it up to friends and have them go through me in order to invest. I pay $200/mo to have access to the fund, so I would charge them $100/mo and have them go through me.... Read more »

Chris Warren
Chris Warren
answered on Jun 16, 2022

This response does not constitute legal advice.

Yes. If you take your friends' money for access to an "investment fund" an "individual" (read: not a broker) runs, you could be violating several securities laws as well as potential "blue sky" State laws....
Read more »

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1 Answer | Asked in Federal Crimes, Identity Theft, Securities Law and Stockbroker Fraud for Nevada on
Q: Rollover IRA checks mailed to the wrong PO BOX by OneAmerica and were electronically deposited by someone else.

Back in October, I started a rollover IRA with my previous employer’s retirement services company, OneAmerica. Unfortunately, OneAmerica sent the checks (payable to Fidelity FBO w my name on them) to an incorrect PO BOX (1 number off). These checks were electronically deposited by the owner of... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick
answered on Dec 29, 2021

You may have more trouble getting your rollover IRA money back than you had hoped. Why?

Because it was deposited electronically (without prejudice) and credited to some unknown person's account at Wells Fargo Bank, N.A., which is notorious for holding onto money not supposed to be...
Read more »

1 Answer | Asked in Stockbroker Fraud for Arkansas on
Q: I trade options at my online broker. A bad trade yesterday that cost me $8000.00 due to a mistake by my broker.

I made an options call purchase on the 16th at market price. The seller was asking .20 cents per contract (100 shares) After putting in several limit orders in for up to .24 cents that were rejected I put in a market order which normally fills within a percent or so of the asking. When my order was... Read more »

David Mark Gaba
David Mark Gaba
answered on Dec 30, 2021

Have you reviewed your entire contract with your broker-dealer? Depending on the specific language they may have been within their rights to fill your order.

2 Answers | Asked in Stockbroker Fraud for Michigan on
Q: I have a digital currency account through a platform named coinbase.

About 6 weeks ago they blocked led my account due to someone other than me trying to access it. I have contacted them several times. The first time they emailed me back with some generic help to open my account back up. That did not work now they wont email me back despite the several emails I have... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick
answered on Aug 13, 2021

Depending upon the amount of money involved it might be possible to fix this situation--by hiring a very experienced lawyer who has a commercial banking background to "run interference" for you.

If the lawyer you hire is experienced enough to know how to convince the bank's...
Read more »

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1 Answer | Asked in Criminal Law, Identity Theft and Stockbroker Fraud on
Q: I have been scammed by Toptrade.group

Good day,

I'm writing to complain about possible scam by toptrade group. I just realized that I have been scammed after I requested for withdraw of some of the profits I made during trading.

I have deposited in total amount $7,001.59 usd and after several tradings and... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick
answered on Jul 1, 2021

What you just did is called "locking the barn after the horses have been stolen."

As you found out, "Top Trade" is a well-known world-wide scam of the finest kind. The Good news is that you only lost your initial deposit of $7,000.

Standard advice for novice...
Read more »

1 Answer | Asked in Business Law, Securities Law and Stockbroker Fraud for New Jersey on
Q: Can an execution-only company operate without a broker license? Handling the execution of copying securities trades
Leonard R. Boyer
Leonard R. Boyer
answered on Jun 23, 2021

There is no legal trading of any securities without a valid license for the appropriate security. If you do not have the right license for example to trade futures, and you do, then you have a serious problem. Don't do it!

2 Answers | Asked in Criminal Law, Federal Crimes, Identity Theft and Stockbroker Fraud for California on
Q: Who investigates false documents and fraud done to the deceased

Yeah because I have reason to believe that my father's name was changed my mother's name was changed and then they made everything look that way now people are benefiting from everything that's written on the story and then it appears that my father and my mother the identity was... Read more »

Joseph Abrams
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Joseph Abrams
answered on Jun 20, 2021

Most fraud offenses can be investigated by either local or federal authorities. If you have evidence of a criminal fraud or identity theft, you can begin by reporting that evidence to either your local police department of FBI field office.

- Law Office of Joseph Abrams, Anaheim, CA

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1 Answer | Asked in Stockbroker Fraud for Texas on
Q: Problem with investment group. Need to get money owed but SEC involved. Now what?

Have a contract with group. Hired a lawyer previously, but because amount owed was below $150,000, they did not advise to pursue through court. How do I get my money?

Richard  Frankowski
Richard Frankowski
answered on Jun 7, 2021

You should look at the contract you have with your investment group. Most firms include an arbitration provision in their contracts. If your firm is regulated by the Financial Industry Regulatory Authority (FINRA), you likely will have to pursue any claims in a FINRA arbitration. I hope this... Read more »

1 Answer | Asked in Federal Crimes, Stockbroker Fraud and Trademark for Louisiana on
Q: Can you sue Robinhood for outages during an all-time high on funds for fraudulence activity and negligence, if any more?

Recently I invested $1000 into Dogecoin as it was at its lowest of 0.19 and just today this cryptocurrency has just reached its all-time high of 0.60. And because of the surge of this high buying for Dogecoin, Robinhood's crypto services went out and I couldn't sell nor buy during this... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick
answered on May 5, 2021

Sure, anyone can sue anyone else; so f you have $400,000 I am sure you can find a bunch of security lawyers willing to try to slay a giant. But you need to forget about "bribery" and "string-attached manipulation."

1 Answer | Asked in Criminal Law, Civil Litigation, Securities Law and Stockbroker Fraud for New York on
Q: Do I have civil or criminal liability if I unknowingly referred someone to an investment that turned out to be a scam?

The person I referred lost money. I did not receive any money from the person I referred or the investor.

Tim Akpinar
Tim Akpinar
answered on Mar 26, 2021

There are attorneys on this board who are knowledgeable in securities-related matters who could best advise, but your post remains open for two weeks. As a GENERAL premise, for someone to be liable for scamming or defrauding someone, it usually has to be shown that they had an intent to deceive or... Read more »

1 Answer | Asked in Securities Law and Stockbroker Fraud for Kansas on
Q: Is it legal for a stock brokerage to restrict the purchase of stock? I can sell, but not purchase. Market manipulation?

I was able to buy this particular stock in the pre-hours, but once the market closed I was unable to purchase more of the identical stock. I can, however, sell my already purchased stock (at a loss). How is this not someone choosing to make me a loser by locking me in where I am?

No... Read more »

Ross B. Intelisano
PREMIUM
Ross B. Intelisano
answered on Jan 29, 2021

It depends on what your customer agreement states. Often the agreements provide broad discretion for the firms to limit purchases of stocks.

1 Answer | Asked in Stockbroker Fraud for California on
Q: i hired a moving service to bring my stuff from miami to san diego and so far since december 1st they haven't shown up
Maurice Mandel II
Maurice Mandel II
answered on Jan 28, 2021

First, this is not "Stockbroker Fraud". If you do not select the correct category, then attorneys that handle that kind of case do not get a notice. Next, Moving companies are federally licensed, you should look up your company on the internet and you will find out a lot about them,... Read more »

3 Answers | Asked in Securities Law and Stockbroker Fraud for Illinois on
Q: Is it illegal for me to give a friend my login credentials for my brokerage account and have him trade for me?
Samuel B. Edwards
PREMIUM
Samuel B. Edwards
answered on Nov 17, 2020

It is not "illegal" to share your login credentials, but it is likely a violation of your brokerage account agreement. Most brokerage account agreements contain language that says you agree you will not share your login information with a third party. So, it could be a breach of your... Read more »

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1 Answer | Asked in Stockbroker Fraud for Idaho on
Q: Edward Jones has placed a 10 day hold on a very large cash amount that I deposited in a portfolio account.

I would like to withdraw a portion of it but was told it needs to be held there for ten days due to possible money laundering???

Ross B. Intelisano
PREMIUM
Ross B. Intelisano
answered on Oct 13, 2020

It depends on what your customer agreement states. Most firms have broad discretion to hold onto funds if there are AML issues. You may want to be very active with your broker to find out what is happening.

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