Stockbroker Fraud Q&A by State

Your current state is Virginia

Show More States »

Lawyers, Answer Questions  & Get Points Log In
Stockbroker Fraud Questions & Answers
1 Answer | Asked in Stockbroker Fraud for Illinois on
Q: What agency would I complain to about the way my stockbroker is handling my account? I'm not sure if it's legal.
Alex Schmidt
Alex Schmidt answered on Oct 25, 2018

If you feel your investment account is being mismanaged you can report this to Financial Industry Regulatory Authority or ("FINRA"). This self-regulatory organization or ("SRO") oversees brokerdealers and sets compliance rules by which they must act. FINRA is where customer complaints against... 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 "financial... Read more »

1 Answer | Asked in Stockbroker Fraud for Illinois on
Q: I asked for documentation/filings from the

company my broker had me invest in and after two months, nothing - is he required to give this to me?

Alex Schmidt
Alex Schmidt answered on Oct 5, 2018

If you have the name of the company you can simply go onto the SEC platform known as EDGAR and enter the name of the company or its ticker. This SEC platform will contain a trove of data on the company at issue. As for the broker there is no regulation that I am aware of that mandates a stock... 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 Illinois on
Q: I've heard the rules are changing in protecting

me against bad investments and what a broker has to tell me - is that true?

Alex Schmidt
Alex Schmidt answered on Sep 14, 2018

There are rules in place protecting you against bad or unsuitable investments. FINRA suitability rules for instance require that any investment recommendation made by a broker to an investor must be in line with investors stated financial profile and objectives. What I think you might be... 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 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.

View More Answers

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,

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.