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New York Stockbroker Fraud Questions & Answers
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
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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....
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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 Stockbroker Fraud for New York on
Q: Is HNO a scam

I invited with HNO

Tim Akpinar
Tim Akpinar
answered on Sep 28, 2020

It would be best for an attorney in the area you posted in to advise. But with the question remaining open for three weeks, it's possible that financial advisors or investment brokers might be more familiar with this than attorneys. Good luck

Tim Akpinar

1 Answer | Asked in Banking, Civil Litigation, Identity Theft and Stockbroker Fraud for New York on
Q: What should I do? My account is frozen cause I was given fraud checks and bank took my money when they decline the check

So I was given two checks for a side job I deposit it to my account and they decline next day I was called that the check’s were fraud but they bank never gave me the money. I gave them the emails and address of where I gotten them and they froze my account. When I login into my account I had... Read more »

Michael David Siegel
Michael David Siegel
answered on May 14, 2020

If you never got the money and the checks were declined, the bank must suspect you for fraud. There is something not right but if the whole matter is over $110 there is little a lawyer can do. When the courts reopen, make a small claims suit.

1 Answer | Asked in Consumer Law, Identity Theft and Stockbroker Fraud for New York on
Q: Financial brokerage house paid out funds from the account of a deceased accountholder - the broker did not know of death

Broker was a national security dealer. When broker learned of death did not disclose post-death withdrawals from account to estate fiduciary.

Michael David Siegel
Michael David Siegel
answered on Nov 22, 2019

Who are you to this deal? It may not be prejudicial. Depends on where the money went and where it was supposed to go. If to you, you can sue. The broker cannot be liable for not knowing of death, but can be liable if it should have known authorization was improper.

1 Answer | Asked in Stockbroker Fraud for New York on
Q: I have a question concerning a Ponzi scheme and the subsequent trust liquidation reimbursement(s).

I was the victim of a Ponzi scheme in 2017. The liquidation trust has made its initial distribution and anticipates more payments over the next several years. This first payment represents less than 10% of the expected reimbursement, so it appears this will indeed be a long process. The only... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick
answered on Apr 3, 2019

If I am reading your interesting question correctly, some state and/or federal law enforcement agencies have already shut down the Ponzi scheme that bilked you out of a substantial amount of money and has set up a liquidation trust that is selling off the criminal's assets; and so you are just... Read more »

1 Answer | Asked in Consumer Law, Banking, Collections and Stockbroker Fraud for New York on
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,... Read more »

Michael David Siegel
Michael David Siegel
answered on Jan 2, 2019

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... Read more »

1 Answer | Asked in Stockbroker Fraud for New York on
Q: What does 'churning' mean in the context of investment fraud?
Alex Schmidt
Alex Schmidt
answered on Nov 12, 2018

Churning in connection with investment fraud is simply when a customers investment advisor generates a high amount of trading activity in the customers investment account in order to collect more commissions. Churning is most commonly measured by checking the turnover ratio of the investment... Read more »

1 Answer | Asked in Stockbroker Fraud for New York on
Q: My stockbroker was part of a Ponzi scheme and he subsequently filed for bankruptcy. Can I still recover money I lost

from him?

Alex Schmidt
Alex Schmidt
answered on Oct 29, 2018

Even if your stockbroker has filed for bankruptcy you may still be able to recover investment assets lost in connection with the Ponzi scheme. If your stockbroker was licensed with a registered broker dealer then a FINRA arbitration could be commenced against the broker dealer and recovery of your... Read more »

1 Answer | Asked in Stockbroker Fraud for New York on
Q: I'm trying to figure out if my "financial planner"

was actually qualified to give me advice on investing - do they have any kind of certification they have to have?

Alex Schmidt
Alex Schmidt
answered on Oct 12, 2018

If your "financial planner" is a stockbroker who sells and markets stocks, bonds or other securities products, the easiest way to assess their certifications is checking the FINRA platform Brokercheck. Simply type in the brokers name and you will see what certifications the broker or... Read more »

1 Answer | Asked in Stockbroker Fraud for New York on
Q: Do I have a claim for if there was also a general downturn in the market when I lost money?
Alex Schmidt
Alex Schmidt
answered on Sep 14, 2018

You absolutely may still have a stockbroker fraud claim if their was a market downturn. Much will depend on the violation that you are alleging occurred whether it be fraud, misrepresentation, unsuitability or any number of potential violations. Your investment losses and whether you have sustained... Read more »

1 Answer | Asked in Stockbroker Fraud for New York on
Q: If the stockbroker didn't force you to buy the stock, but did talk it up

and then the investment didn't work out - can we still sue?

Alex Schmidt
Alex Schmidt
answered on Aug 23, 2018

As a former Series 7 and 66 stockbroker I can attest to having personally "talked up" many different securities. Whether there is a cause of action depends on what you mean by "talked up". If the stock broker mispresented the issue or provided false information concerning the... Read more »

1 Answer | Asked in Real Estate Law, Stockbroker Fraud and Landlord - Tenant for New York on
Q: I need advice about deposits to hold apartments during application process and the proper documentation procedures.

I signed a contract before applying for an apartment. It stated what the rent would be and agents fee amount and deposit amount. It should be noted it specifically stated the credit check fee was nonrefundable, but did NOT say that the deposit was nonrefundable. Two days later, after determing the... Read more »

Elaine Shay
PREMIUM
Elaine Shay
answered on Jun 9, 2018

The law varies between states but generally the terms of the contract (deposit agreement) control the rights of the parties. You state that the deposit agreement does not contain language stating the deposit would be nonrefundable but you haven't said it states the deposit would be... Read more »

0 Answers | Asked in Stockbroker Fraud for New York on
Q: I don't think my broker has been giving me all of the pertinent details about my accounts and their trade decisions but

they refuse to let me see any information so I can judge for myself. Can I ask a court to make them disclose this?

1 Answer | Asked in Stockbroker Fraud for New York on
Q: What sorts of ethical guidelines must brokers follow? How do I know if mine is unethical?
Barry E. Janay
PREMIUM
Barry E. Janay PRO label
answered on Sep 28, 2017

The licensing body of the brokerage (SEC, FINRA for most securities) and the local realty association + state licensing division for real estate brokers have ethical codes that must be followed. Contact me directly (preferably via email) to go over the activity and I can give you an opinion.

1 Answer | Asked in Stockbroker Fraud for New York on
Q: Is there anyway to check if a broker's been convicted of fraud before I hire him/her?
Barry E. Janay
PREMIUM
Barry E. Janay PRO label
answered on Aug 9, 2017

Yes, most brokers are licensed through either the Dept. of State (Real Estate Brokers for instance) or a private organization (FINRA for stock brokers for instance). You can go to their website to check the status of your broker.

2 Answers | Asked in Stockbroker Fraud for New York on
Q: Do I need to hire an attorney to sue my broker or can I do it myself?
Barry E. Janay
PREMIUM
Barry E. Janay PRO label
answered on Jul 20, 2017

You can do it yourself, but see this primer: https://www.avvo.com/legal-guides/ugc/abraham-lincoln-had-it-right---he-who-represents-himself-has-a-fool-for-a-client

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2 Answers | Asked in Stockbroker Fraud and Consumer Law for New York on
Q: Any recourse against a broker who lied about an expected timeframe and cost us thousands?

Attempted to rent a co-op in NYC. Their broker said he could definitely get us in within a week of submitting the application, citing inside relationships with the board of directors. It took over a month for 2 such board members to coordinate their schedules to meet with us. Instead of moving from... Read more »

Barry E. Janay
PREMIUM
Barry E. Janay PRO label
answered on Jul 18, 2017

Fraudulent misrepresentation is difficult to prove, actual damages would be difficult to prove in any case since moving is always a disruption of daily life. You can try to put together a list of some damages / out-of-pocket expenses incurred that wouldn't have been incurred otherwise and if... Read more »

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