Stockbroker Fraud Q&A by State

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Stockbroker Fraud Questions & Answers
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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1 Answer | Asked in Consumer Law, Federal Crimes, Elder Law and Stockbroker Fraud for California on
Q: I just found out my mother in laws ira and stocks were stolen by her fin adviser,is there any recourse I can take?

she is deceased now but theystole over 200,000, from her and vanished,and I just discovered this,going through her papers.

William John Light
William John Light answered on Jan 11, 2018

1. Call the police/DA's office. 2. The mother-in law's heirs may be able to pursue a financial Elder Abuse claim against the financial advisor and his employer. 3. Depending on the type of financial adviser, there may be state/federal licensing agencies to whom a complaint can be made. Some... Read more »

1 Answer | Asked in Stockbroker Fraud and Real Estate Law for Michigan on
Q: When a seller lists their home with a realtor, who owns the listing - the agent they signed with or the broker?

Our agent left the office she was working in and now the broker is holding us to the listing agreement and is advertising it as a new listing. Doesn't a new listing agreement need to be signed? We would prefer to follow the agent we originally listed with. Are we going to have to wait until the... Read more »

Brent T. Geers
Brent T. Geers answered on Dec 29, 2017

The listing is with the broker.

1 Answer | Asked in Employment Law, Stockbroker Fraud and Business Law for California on
Q: Someone sent me this 2202. Intentional Interference With Prospective Economic Relations via text should I worry?

What can a person do

Dale S. Gribow
Dale S. Gribow answered on Dec 28, 2017

without all the facts it is hard to analyze.

this kicks in when you are interfering with someone else's business they are trying to sell, enter into contract etc and you are causing them to lose their deal etc

1 Answer | Asked in Stockbroker Fraud and Elder Law for Massachusetts on
Q: We called lawyer to stop auction. A broker paid mortgage, stopped auction. Now they want us to sell home to pay back.

Will left home to husband and brother. Husband and family live in home and have. Broker paid mortgage. Now want us to sell to reimburse fees. We signed nothing other than ok to stop auction

Lillian J. LaRosa
Lillian J. LaRosa answered on Dec 21, 2017

This sounds highly unusual and you should meet with an attorney as soon as possible.

1 Answer | Asked in Stockbroker Fraud, Criminal Law, Federal Crimes and Identity Theft for Virginia on
Q: If a person has 40 charges of identity theft credit card forgery and credit card fraud. What would the punishment be?

Never really been in trouble. The total loss was less than 5,000 and it was done online ordering things. Only evidence is email of the person who used the credit card. 19, were Class 5&6 felony and rest is misdemeanor

Susan Fremit
Susan Fremit answered on Dec 18, 2017

It will depend on whether the alleged offenses can be proven and if yes, how many the commonwealth will proceed on. Sentencing guidelines may be increased by any prior record you have.

Q: Misrepresentation

The bank ordered an appraisal of the home we purchased a few months ago and it appraised higher than the asking price. We purchased in Janesville.

We have an emergency and we needed to borrow against our homes equity and we had our home appraised. The appraisal can in much lower than we... Read more »

William F Sulton Esq.
William F Sulton Esq. answered on Dec 1, 2017

More information is needed to evaluate the facts in your inquiry. Appraisals are subjective. So it is unsurprising there are different opinions about the value of the home. This is not fraud (misrepresentation is a synonym). It may be negligence. More information is needed to see how negligent the... Read more »

Q: Hello I had a friend who introduced me to a lawyer who only talks through texts who says he gets you free federal grant

Then he wants me to send copy of ID then my birthday name and address for money to come proof of income then he says I have to send 470 for a clearance fee then they send me 350,000 after I send it is this a scam I never seen him he only communicate through text messages

Adam Alexander
Adam Alexander answered on Nov 24, 2017

Yes, a scam.

1 Answer | Asked in Contracts, Real Estate Law and Stockbroker Fraud for California on
Q: How can a Realtor structure a promotion to give a portion of commission to a charity?

I would like to set up a Marketing Service Agreement (MSA) to give part of my commission to a charitable organization in my area to buyers and sellers that engage the promotion. I want to advertise on the organizations website and newsletter with the offer. My company says this is an illegal... Read more »

David Keith Hicks
David Keith Hicks answered on Nov 20, 2017

Your commission is yours after you receive it, and not before. It has nothing to do with the company or any "referral" fee. Are you trying to divert or delay income to avoid this years alternative minimum tax?

You don't really need a real estate lawyer. You need a lawyer who knows about...
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1 Answer | Asked in Stockbroker Fraud for Alabama on
Q: This is my first felonie I got a breaking nd entering motor vehicle ND theft of property third will I get pob a finetime
Samuel G McKerall
Samuel G McKerall answered on Nov 8, 2017

There's no way to provide an answer to this without a lot more information.

This is coming up as a "broker fraud" question. I'm moving it to criminal law.

1 Answer | Asked in Stockbroker Fraud, Criminal Law, Identity Theft and White Collar Crime for Utah on
Q: Statues for check fraud in utah
Mr Aric M Cramer Sr.
Mr Aric M Cramer Sr. answered on Nov 6, 2017

Generally four years if you have been in state for the intire 4 years.

1 Answer | Asked in Stockbroker Fraud, Civil Litigation and Landlord - Tenant for California on
Louis George Fazzi
Louis George Fazzi answered on Nov 6, 2017

Generally speaking, extrinsic fraud exists where one obtains a judgment in court by producing some kind of false or fraudulent evidence which could not have been discovered by the adverse party at the time it was presented, and was only discovered afterward.

1 Answer | Asked in Consumer Law, Contracts, Stockbroker Fraud and Civil Rights for California on
Q: Hello - Under Ca State Law is a consumer protected from a late charge if the due date falls on a closed store date?

Let us say Sept 3 - the due date is a Sunday. Is a consumer protected from any ‘late fees’ if paid amount due is paid the following open day? Monday?

Louis George Fazzi
Louis George Fazzi answered on Nov 6, 2017

You need to look at the terms of the contract you entered with the creditor. Generally speaking, if the due date is a day the business is closed, it is generally accepted practice to give a grace period until the next business day. I have not researched the Civil Code on this issue recently, but... Read more »

1 Answer | Asked in Criminal Law, Banking, Stockbroker Fraud and Real Estate Law for Texas on
Q: Can I use my checking account for providing Escrow Services? If not, how can I go about it?

A Company has recruited me as an Escrow Manager, but requires me to open a checking account to provide the Escrow Services.

The Company confirms that -

1) All payments will be in my name because according to the Escrow Service Agreements signed by our clients, they are paying me... Read more »

Tammy Lyn Wincott
Tammy Lyn Wincott answered on Oct 31, 2017

I think you should be very careful as this sounds like a typical scam. Do not use your personal checking account.

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 Eran Janay
Barry Eran Janay 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.

2 Answers | Asked in Stockbroker Fraud and Real Estate Law for California on
Q: how do i file a civil suit for broker fraud and negligence? is a contingency possible after reviewing the merits

if documented proof of fraud and violations of CAL BRE regulations, ca.BPC, just to name a few are documented and verified. I lost my home and this has seriously hurt my family. WHAT CAN I DO ?

Sagar Parikh
Sagar Parikh answered on Sep 26, 2017

Sorry to hear you have gone through this situation. YOu should retain a real estate/business lawyer to file a claim.

Depending on the damages and the strength of your evidence, yes, attorneys may be willing to take this type of case on a contingency.

A full consultation would be...
Read more »

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1 Answer | Asked in Consumer Law, Contracts, Arbitration / Mediation Law and Stockbroker Fraud for Oklahoma on
Q: Does the MLA (military lending act) cover me in this situation?

I was enlisted at the time I signed for a predatory payday loan and have been paying them for almost two years constantly having to renew as it's almost impossible to pay them off. I heard about the MLA and each time I ask the company about it they never answer me and refuse to give anything in... Read more »

David Humphreys
David Humphreys answered on Sep 16, 2017

There is a federal Military Lending Act, but I am not aware of a state law passed in Oklahoma. The federal law does offer protections but you don't say in what way you think the MLA was violated. Please provide more information and I will evaluate. Thank you.

PS Don't let the time to...
Read more »

2 Answers | Asked in Landlord - Tenant, Real Estate Law and Stockbroker Fraud for Florida on
Q: What I do about a sacm landlord
Jennifer Isaksen
Jennifer Isaksen answered on Sep 16, 2017

Your question does not provide enough information to give you a proper answer. If you are saying that you paid a deposit and now the landlord is not returning your calls, I would try to stop payment on the check. If that's not an option, I would write a letter requesting your deposit back and... Read more »

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1 Answer | Asked in Stockbroker Fraud and Real Estate Law for Florida on
Q: If a broker lists a bank owned house at a specified price and I offer to pay that amount, is the broker obligated by law

to accept my offer? There is no mention of bidding or accepting the highest offer in the brokers add.

5 hours later and no answer! Isn't there even 1 lawyer that knows the answer to my question?

Jonathan A. Klurfeld
Jonathan A. Klurfeld answered on Aug 22, 2017

Absolutely no obligation. Multiple offers is a very common situation and they may have already had other full asking price offers. Or there may already be an offer over asking and your offer, or broker is giving everyone a best and final offer chance. And an ad is not a binding contract either.... Read more »

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