Stockbroker Fraud Questions & Answers by State
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Puerto Rico
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
Stockbroker Fraud Questions & Answers
Q: Are brokers required to tell me any information or notify me before buying stocks?
Tracy Stoneman's answer
Not only must a stockbroker talk to a client immediately before each trade, the broker must go over pertinent information, such as the price, number of shares, pros and cons, etc. It is to be a detailed conversation. The only exception is if you gave your broker discretion to make trades without talking to you, but most folks don't do that. I hope that helps you.
Not only must a stockbroker talk to a client immediately before each trade, the broker must go over pertinent information, such as the price, number of shares, pros and cons, etc. It is to be a detailed conversation. The only exception is if you gave your broker discretion to make trades without talking to you, but most folks don't do that. I hope that helps you.
Q: I need advice about deposits to hold apartments during application process and the proper documentation procedures.
1 Answer
| Asked
in
Real Estate Law, Stockbroker Fraud and Landlord - Tenant
for
New York
on
Answered on Jun 9, 2018
Answered on Jun 9, 2018
Elaine Shay's answer
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 returnable. If either party could back out of the agreement without any consequence, what was the deposit intended to secure?
In NYC if you were unable to resolve this type of dispute, you could commence a...
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 returnable. If either party could back out of the agreement without any consequence, what was the deposit intended to secure?
In NYC if you were unable to resolve this type of dispute, you could commence a...
Q: Is it realtor fraud when realtor overprices a home in favor of the seller due to relationship with seller?
Erik Steven Fisk's answer
Your question is ridiculous. You don't claim "fraud" to argue a house is priced too high. If the price is too high, don't buy it.
Your question is ridiculous. You don't claim "fraud" to argue a house is priced too high. If the price is too high, don't buy it.
Q: can a felon have his conviction removed from his records without having the crime dismissed?
Steve Miyares' answer
Not in Virginia. If you were convicted of the offense in Virginia, then the conviction is permanent and can not be removered or expunged from your criminal record.
Not in Virginia. If you were convicted of the offense in Virginia, then the conviction is permanent and can not be removered or expunged from your criminal record.
Q: My broker gave me information about my holdings that turned out to be false. If I hadn't relied on his word, I would
Tracy Stoneman's answer
You bet you can. That's called fraud and negligence and allows you to recover your losses. However, the strength of your case will depend on the answers to many other questions.
You bet you can. That's called fraud and negligence and allows you to recover your losses. However, the strength of your case will depend on the answers to many other questions.
Q: Is my broker legally required to explain the trades they've made for me if my transactions statements don't make sense
Tracy Stoneman's answer
Absolutely. By the way, unless the account is a written discretionary account, meaning you gave the broker the ability to buy and sell without talking with you, the broker is required to explain the trades to you BEFORE each and every trade!
Absolutely. By the way, unless the account is a written discretionary account, meaning you gave the broker the ability to buy and sell without talking with you, the broker is required to explain the trades to you BEFORE each and every trade!
Q: I was grossly misrepresented by my listing agent. I feel I am being taken advantage of. How can I canx
Ronald J. Eisenberg's answer
If you feel that your broker committed a breach of duty you are free to hire an attorney and file suit. Contact a couple of attorneys, but unfortunately you might find it cost prohibitive. Some causes of action, such as Missouri's Merchandising Practices Act, however, allow a prevailing plaintiff to recover reasonable attorneys' fees. You need to make sure your contract does not have an arbitration provision.
If you feel that your broker committed a breach of duty you are free to hire an attorney and file suit. Contact a couple of attorneys, but unfortunately you might find it cost prohibitive. Some causes of action, such as Missouri's Merchandising Practices Act, however, allow a prevailing plaintiff to recover reasonable attorneys' fees. You need to make sure your contract does not have an arbitration provision.
Q: I don't think my broker has been giving me all of the pertinent details about my accounts and their trade decisions but
Tracy Stoneman's answer
First, write a letter (or email) to the firm asking for everything you need. Give the firm a deadline to respond. A court won't help you unless you first document your efforts and the firm's refusal first.
First, write a letter (or email) to the firm asking for everything you need. Give the firm a deadline to respond. A court won't help you unless you first document your efforts and the firm's refusal first.
Q: Can I be sued for taking someone’s money and saying that I would invest for them when I don’t actually invest for them.
1 Answer
| Asked
in
Banking, Stockbroker Fraud and Business Law
for
California
on
Answered on Apr 17, 2018
Answered on Apr 17, 2018
Tracy Stoneman's answer
Yes, because that conduct could constitute fraud and possibly breach of contract depending on the consideration paid.
Yes, because that conduct could constitute fraud and possibly breach of contract depending on the consideration paid.
Q: If a stockbroker embezzled my money, is there any way for me to get it back in a court action?
Steve McCann's answer
It is certainly possible, but the chances of recovery are dependent on very specific facts that are not provided here, such as any contracts signed and any representations made by your stockbroker. That being the case, I recommend you organize everything in your possession related to this matter, including any contracts and written communications with your stockbroker, and consult with an attorney individually. A knowledgeable attorney will review the information, and advise as to the best...
It is certainly possible, but the chances of recovery are dependent on very specific facts that are not provided here, such as any contracts signed and any representations made by your stockbroker. That being the case, I recommend you organize everything in your possession related to this matter, including any contracts and written communications with your stockbroker, and consult with an attorney individually. A knowledgeable attorney will review the information, and advise as to the best...
Q: What do I do if sellar won't sign release of contract for home inspection failure?
William F Sulton Esq.'s answer
You could file a lawsuit for a declaration stating that the sale is null and void. But that seems unnecessary in this circumstance. You can probably just walk away from the deal. It happens everyday.
You could file a lawsuit for a declaration stating that the sale is null and void. But that seems unnecessary in this circumstance. You can probably just walk away from the deal. It happens everyday.
Q: Predatory lending?
1 Answer
| Asked
in
Consumer Law, Banking and Stockbroker Fraud
for
Missouri
on
Answered on Apr 3, 2018
Answered on Apr 3, 2018
Ronald J. Eisenberg's answer
You state that they are trying to charge you for something without investing time. What does your written contract state as to what is due?
You state that they are trying to charge you for something without investing time. What does your written contract state as to what is due?
Q: Can a real estate broker in Colorado hire anyone (other than a land surveyor) to mark positions of property corners
Vincent Gallo's answer
In New York only a Professional Land Surveyor may prepare a new survey and made corners.
In New York only a Professional Land Surveyor may prepare a new survey and made corners.
Q: Is it legal for a lender to change an appraisal on a home after CD has been signed by the seller the day of closing ?
Andy Wayne Williamson's answer
Short answer is likely not, but you need to get off line and into an attorneys office in your area asap. There is just no way to say what should be done via this online forum and without reviewing all of the closing paperwork ect.
Good luck,
Short answer is likely not, but you need to get off line and into an attorneys office in your area asap. There is just no way to say what should be done via this online forum and without reviewing all of the closing paperwork ect.
Good luck,
Q: My friend is a day trader who said he'd do some investing for me but it's not worked out well - can I sue him?
Steve McCann's answer
The viability of a lawsuit is a very fact specific determination that cannot possibly be answered definitively without more details. That said, you may have a case depending on specific representations that may have been made by the trader. I recommend organizing everything you have in your possession relative to this situation, and consulting with an attorney individually for an in depth consultation.
The viability of a lawsuit is a very fact specific determination that cannot possibly be answered definitively without more details. That said, you may have a case depending on specific representations that may have been made by the trader. I recommend organizing everything you have in your possession relative to this situation, and consulting with an attorney individually for an in depth consultation.
Q: My deed was drawn up by a real estate broker who carried a license that was on probation for mishandling of funds
David Soble's answer
Real estate sales people should not be drafting conveyance instruments - deeds. You should have your documents reviewed by a real estate attorney.
Real estate sales people should not be drafting conveyance instruments - deeds. You should have your documents reviewed by a real estate attorney.
Q: Hello I am an International student and I have been scammed $ 4700 by somebody, how could I sue him?
Will Blackton's answer
Do you know this person's real identity and are they located in North Carolina, or at least in the US?
If so, you may have a chance at suing them to recover your money.
You can contact the North Carolina Secretary of State's Securities Division to file a complaint if this person committed broker fraud. Filing a complaint will give you a bit more information; but the NC SoS will not get your money back for you; you'll have to hire an attorney.
Do you know this person's real identity and are they located in North Carolina, or at least in the US?
If so, you may have a chance at suing them to recover your money.
You can contact the North Carolina Secretary of State's Securities Division to file a complaint if this person committed broker fraud. Filing a complaint will give you a bit more information; but the NC SoS will not get your money back for you; you'll have to hire an attorney.
Q: Contracted broker hired noninsured carrier to transport in agreement states any carrier to be insured
Andy Wayne Williamson's answer
Absolutely no way to say for sure without first reviewing the documents. If the contract is governed by Florida Law, then you need to consult with a Florida attorney.
Good luck,
Absolutely no way to say for sure without first reviewing the documents. If the contract is governed by Florida Law, then you need to consult with a Florida attorney.
Good luck,
Q: Contract had no dates and broker held it for 6 weeks, then had seller sign, is it valid?
David Soble's answer
If you put in an offer and then revoked the offer in writing BEFORE the seller accepted, you should be able to walk away from the contract. However, Michigan courts have held that signatures on the (bottom lined) merely evidence that the Parties have an agreement. Courts will also look at the surrounding circumstances to determine if you properly revoked your offer. So what evidence do you have that shows you revoked your offer based on the long delay, before January 6, 2018? Finally, only...
If you put in an offer and then revoked the offer in writing BEFORE the seller accepted, you should be able to walk away from the contract. However, Michigan courts have held that signatures on the (bottom lined) merely evidence that the Parties have an agreement. Courts will also look at the surrounding circumstances to determine if you properly revoked your offer. So what evidence do you have that shows you revoked your offer based on the long delay, before January 6, 2018? Finally, only...
Q: Can a listing agent refuse to go to any of her clients about my offers. Every house I like she is listing.
1 Answer
| Asked
in
Stockbroker Fraud, Civil Rights and Real Estate Law
for
Illinois
on
Answered on Jan 17, 2018
Answered on Jan 17, 2018
James G. Ahlberg's answer
Take these facts to a lawyer's office. Something is seriously wrong if a listing agent in a brokerage you ware working with is telling people you are a risk. If your realtor is telling you the listing agent says this, I would question whether the realtor is telling you the truth.
Take these facts to a lawyer's office. Something is seriously wrong if a listing agent in a brokerage you ware working with is telling people you are a risk. If your realtor is telling you the listing agent says this, I would question whether the realtor is telling you the truth.
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.
