Stockbroker Fraud Q&A by State

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Stockbroker Fraud Questions & Answers
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 stock there would be... Read more »

1 Answer | Asked in Stockbroker Fraud for Illinois on
Q: How often are brokers supposed to contact clients? Is it mandated in any way?
Alex Schmidt
Alex Schmidt answered on Aug 23, 2018

Whether a client needs to be contacted really depends on the context concerning the question. If the investment account is a non-discretionary account then the broker has to contact the client prior to each trade being entered. If the account is a managed account where the broker has received... 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
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 returnable. If... Read more »

1 Answer | Asked in Stockbroker Fraud for Iowa on
Q: Is it realtor fraud when realtor overprices a home in favor of the seller due to relationship with seller?

Tax assessment for the year purchased was $50000 dollars under the amount being asked. When I offered less than asking and more than tax value I was told that if my offer was to be considered I had to give a serious offer. I was reluctant to make higher offer but feeling pressure to buy I raised... Read more »

Erik Steven Fisk
Erik Steven Fisk answered on May 8, 2018

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.

1 Answer | Asked in Criminal Law and Stockbroker Fraud for Virginia on
Q: can a felon have his conviction removed from his records without having the crime dismissed?
Steve Miyares
Steve Miyares answered on May 6, 2018

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.

1 Answer | Asked in Stockbroker Fraud and Real Estate Law for Missouri on
Q: I was grossly misrepresented by my listing agent. I feel I am being taken advantage of. How can I canx

I was met by two realtors working together. They pumped me up like a car salesman as to how easy the sale would be and the price I was asking was almost guaranteed. Signed with them. 4 days later she wanted to drop the price. I agreed to on the 7th day. We dropped by 11k. She wanted to drop... Read more »

Ronald J. Eisenberg
Ronald J. Eisenberg answered on Apr 23, 2018

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... Read more »

1 Answer | Asked in Stockbroker Fraud for Illinois on
Q: If a stockbroker embezzled my money, is there any way for me to get it back in a court action?
Steve McCann
Steve McCann answered on Apr 16, 2018

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,... Read more »

2 Answers | Asked in Real Estate Law and Stockbroker Fraud for Wisconsin on
Q: What do I do if sellar won't sign release of contract for home inspection failure?

Put In and had offer accepted. Walked through house again and found growths in closet ceiling and leaks in garage roof. We did not give them the earnest money because we do not have the money to fix roof and interior of house. We brought the issue to the owners attention and they admitted they knew... Read more »

William F Sulton Esq.
William F Sulton Esq. answered on Apr 6, 2018

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.

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1 Answer | Asked in Consumer Law, Banking and Stockbroker Fraud for Missouri on
Q: Predatory lending?

I was seeking a personal loan to consolidate debt. I contacted personal lending group and a few hours later a group called MJM Lending (located in Florida) called and stated they were a partner of Personal Lending Group. They told me to call Compass Bank and apply for a loan because they did not... Read more »

Ronald J. Eisenberg
Ronald J. Eisenberg answered on Apr 3, 2018

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?

1 Answer | Asked in Stockbroker Fraud and Real Estate Law for Colorado on
Q: Can a real estate broker in Colorado hire anyone (other than a land surveyor) to mark positions of property corners

so as to speed up the process of closing and circumvent the cost of a survey for their client.

Vincent Gallo
Vincent Gallo answered on Apr 1, 2018

In New York only a Professional Land Surveyor may prepare a new survey and made corners.

1 Answer | Asked in Real Estate Law and Stockbroker Fraud for Florida on
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 ?

Appraisal was completed and closings docs signed . The title company provided closing date . Closed two days prior to buyers closing . Day after sellers pre close paperwork was signed , the appraisal was flagged contract expired before lender could provide explanation. 12 hours later , lender... Read more »

Andy Wayne Williamson
Andy Wayne Williamson answered on Mar 19, 2018

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,

1 Answer | Asked in Stockbroker Fraud for Illinois on
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
Steve McCann answered on Mar 2, 2018

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... Read more »

1 Answer | Asked in Real Estate Law and Stockbroker Fraud for Michigan on
Q: My deed was drawn up by a real estate broker who carried a license that was on probation for mishandling of funds

And other money related incidents. Also the notary that notrized my documents had a license that was expired since 2013. (All verfied through Michigan licensing department). Does this affect the validity of any of my paperwork or my deed? Can I file a formal complaint ?

Thank you !

David Soble
David Soble answered on Feb 27, 2018

Real estate sales people should not be drafting conveyance instruments - deeds. You should have your documents reviewed by a real estate attorney.

1 Answer | Asked in Stockbroker Fraud for North Carolina on
Q: Hello I am an International student and I have been scammed $ 4700 by somebody, how could I sue him?

I am an international student, I wanted to learn how to trade forex and I made some research and found good feedback about somebody. I contacted him in order to learn with him but he scammed me $4700. He puts me in a terrible situation because I have almost been expelled form the country because I... Read more »

Will Blackton
Will Blackton answered on Feb 15, 2018

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...
Read more »

1 Answer | Asked in Stockbroker Fraud and Contracts for Florida on
Q: Contracted broker hired noninsured carrier to transport in agreement states any carrier to be insured

My shipment hasn't arrived and now find out the carrier the broker hired had no insurance. Also in terms of agreement any court proceedings were to be handled under Florida law. I'm in Montana. Any suggestions please thank you

Andy Wayne Williamson
Andy Wayne Williamson answered on Feb 8, 2018

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,

1 Answer | Asked in Stockbroker Fraud and Real Estate Law for Michigan on
Q: Contract had no dates and broker held it for 6 weeks, then had seller sign, is it valid?

I singed the contract on Nov. 16, then tried to back out on Jan 1 due to inactivity. On Jan. 1, I was told that I would lose my earnest money deposit if I backed out. Then broker had seller sign contract on Jan. 6. Contract still has no dates on it. Is the contract still valid? Can I ask that... Read more »

David Soble
David Soble answered on Jan 30, 2018

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... Read more »

1 Answer | Asked in Stockbroker Fraud, Civil Rights and Real Estate Law for Illinois on
Q: Can a listing agent refuse to go to any of her clients about my offers. Every house I like she is listing.

My realtor and listing agent are in the same office. The listing agent keeps saying I should find houses that are not hers. We have the down payment and all. She tells people I am a risk and not to take offer. She will even refuse to give my realtor the code to a house.

James G. Ahlberg
James G. Ahlberg answered on Jan 17, 2018

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.

1 Answer | Asked in White Collar Crime, Estate Planning, Securities Law and Stockbroker Fraud for Alabama on
Q: I am looking for an atty, 1) admitted to federal court, to file a suit against a forensic accountant, I have the proof

I have paid for a forensic accounting by Frazier Deeter in GA, and they have discovered MALPRACTICE, & Gross Negligence on the part of the Forensic accountant. The accounting firm is in Alabama. The trustee and trust atty are in Alabama. I also allege that the trustee, has stolen (actutally, the... Read more »

Samuel G McKerall
Samuel G McKerall answered on Jan 13, 2018

I'm sure you can find an attorney who will consider taking your case, if you look hard enough and if your case has merit. An attorney can sue the accounting firm, the trustee and the trust attorney. He or she cannot file criminal charges, or even threaten to file criminal charges, and cannot sue... Read more »

1 Answer | Asked in Stockbroker Fraud and Real Estate Law for Virginia on
Q: Can real estate salespersons legally set their own commission rate or their supervising brokers have legal final say?

I recently got a real estate salesperson license and I’m not getting enough business if I tell clients I charge full 3% instead they say if I can do 1% or less they will work with me. Is it legal for salespersons to set their own commissions rate without getting approval from their supervising... Read more »

Richard Sternberg
Richard Sternberg answered on Jan 12, 2018

You are a sales agent for your broker. You do not define much of anything for your broker as a matter of law. But, as a practical matter in the marketplace for decades now, agents who produce have more power than their supervising brokers. As long as you are producing and covering more than the... Read more »

2 Answers | Asked in Real Estate Law, Arbitration / Mediation Law and Stockbroker Fraud for Florida on
Q: I am selling a home which the buyer backed out of the contract. How can I get the escrow agent to release those funds?

The buyer was in breach and did not secure their loan, apply and get approval from the HOA, but the escrow agent holding the deposit is stating the buyer must agree to releasing the funds.

Hollywood, FL

Andy Wayne Williamson
Andy Wayne Williamson answered on Jan 11, 2018

No way to say without first reviewing the contract documents. The refund of EMD can be a tricky topic that depends upon a variety of facts. Consult with a real estate attorney in the Hollywood, FL area.

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