Your current state is Virginia
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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.
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.
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.
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 »
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... Read more »
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 »
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 »
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 »
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 »
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 »
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.
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 »
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 »
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 »
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 »
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 »
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 »
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!
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 »
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
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?
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 »
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 »
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."
The person I referred lost money. I did not receive any money from the person I referred or the investor.
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 »
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 »
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.
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 »
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 »
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???
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.
I have my 401K and a 529 account with Charles Schwab. I opened a new acct on the 25th of Sept to attempt to trade. On the 6th they blocked my account for "fraudulent" reasons and the investigative team we supposed to call back within 48 hrs to discuss the matter. After several calls for... Read more »
answered on Oct 12, 2020
You need to put them on Notice in writing of your objection to the freeze, remind them you have open positions and your intention to sue them for any and all damages unless they take your orders and unfreeze the account or hire an attorney to do that immediately.
I invited with HNO
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
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