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New York Stockbroker Fraud Questions & Answers
2 Answers | Asked in Stockbroker Fraud for New York on
Q: What kind of damages can I get if I win a case against my broker for breach of promise?
Barry Eran Janay
Barry Eran Janay answered on Mar 8, 2017

The expectation measure of damages, basically the amount that you could have expected to receive had he fulfilled his promise. There's a lot more to proving damages than that, but this is the category of damages I would argue you would be entitled to.

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2 Answers | Asked in Stockbroker Fraud for New York on
Q: Is there a good way of being able to tell the difference between stock broker fraud and normal investment losses?
Ali Shahrestani, Esq.
Ali Shahrestani, Esq. answered on Feb 15, 2017

What kind of promises, guarantees, or warranties were provided to you? Was the broker licensed?More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney. You can read more about me, my credentials, awards, honors,... Read more »

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1 Answer | Asked in Stockbroker Fraud and Tax Law for New York on
Q: Can I sue my old accountant?

For years my accountant had me add up all my sales & all my write offs and off that they would determine what I owe for taxes(payroll, sales & federal/state taxes). Because of that the IRS saw a mistake so I was audited for 2 years at once. My accountant then had told me to get quickbooks & finally... Read more »

Ali Shahrestani, Esq.
Ali Shahrestani, Esq. answered on Jan 31, 2017

You may consider a malpractice lawsuit, if facts so justify. The best first step is an Initial Consultation with an Attorney. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website. I practice law in CA, NY, MA, and... Read more »

1 Answer | Asked in Stockbroker Fraud, Contracts, Real Estate Law and Landlord - Tenant for New York on
Q: Can a broker keep a fee with a signed but inactive lease?

We signed a lease and paid the landlord and our broker, but the current tenant will not be out by our lease date and the landlord is discarding our lease and returning our money. However, the broker says he is still entitled to keep his fee because we signed the lease. Is this true?

Ali Shahrestani, Esq.
Ali Shahrestani, Esq. answered on Jan 30, 2017

Check your contract with the broker. The best first step is an Initial Consultation with an Attorney. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website. I practice law in CA, NY, MA, and DC in the following areas... Read more »

1 Answer | Asked in Stockbroker Fraud for New York on
Q: I just noticed I'm paying a fee to a person that connected me up with my broker - is that legal?
Barry Eran Janay
Barry Eran Janay answered on Jan 30, 2017

Possibly, would need to know a lot more details. This could be a case of buyer beware. Why do you think there may have been something fraudulent or illegal? How high was the fee?

1 Answer | Asked in Stockbroker Fraud, Real Estate Law and Landlord - Tenant for New York on
Q: Can a broker make copies of my rental application for their own records after the lease has been signed and completed?
Ali Shahrestani, Esq.
Ali Shahrestani, Esq. answered on Jan 27, 2017

I see no reason why not. It's good practice, generally. The best first step is an Initial Consultation with an Attorney. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website. I practice law in CA, NY, MA, and DC in... Read more »

1 Answer | Asked in Stockbroker Fraud for New York on
Q: I signed up with a broker from another state over the phone.

He convinced me he could help with my investments. If the investments haven't done well can I do anything?

Ali Shahrestani, Esq.
Ali Shahrestani, Esq. answered on Jan 26, 2017

Investments are typically risky and typically come with no warranties. Check your contract. The best first step is an Initial Consultation with an Attorney. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website. I... Read more »

1 Answer | Asked in Stockbroker Fraud for New York on
Q: My friend is a day trader and informally invested some money for me.

I feel like he blew it and I lost all the money - do I have any options to sue him?

Ali Shahrestani, Esq.
Ali Shahrestani, Esq. answered on Jan 24, 2017

It depends on whether he's licensed and also the terms of your agreement. The best first step is an Initial Consultation with an Attorney. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website. I practice law in CA,... Read more »

1 Answer | Asked in Stockbroker Fraud for New York on
Q: Are there any laws on the books about selling stocks over the phone?
Barry Eran Janay
Barry Eran Janay answered on Jan 9, 2017

Yes, many.

1 Answer | Asked in Real Estate Law, Stockbroker Fraud and Legal Malpractice for New York on
Q: If I purchased a brand new Condo here in Brooklyn, Ny and Closed on 8/31/16, who was responsible for not advising me

no C of O , temporary or perm. was issued for this building?

I feel I have been frauded and don't know what my recourse of action might be? It was a cash deal .

Michael David Siegel
Michael David Siegel answered on Jan 2, 2017

Your lawyer should have done a title search for title insurance and that would have come up. It clearly violated the standard contract if that is what you used, but that claim did not likely survive closing. This is a big deal issue.

1 Answer | Asked in Stockbroker Fraud for New York on
Q: Is there a chart some place that tells me what "excessive" fees are?
Barry Eran Janay
Barry Eran Janay answered on Dec 12, 2016

No chart, but here is the best guidance:

"Article III, Section 4 requires any NASD member that acts as an agent for its customer to charge only a 'fair commission or service charge, taking into consideration all relevant circumstances including market conditions with respect to such...
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1 Answer | Asked in Stockbroker Fraud for New York on
Q: When buying stock, if the stock broker omitts a piece of information,for his own benefit how can this be punished?

Piece of information not given, if known could have changed the decision made before closing of contract or investing in the stock

Barry Eran Janay
Barry Eran Janay answered on Dec 8, 2016

Depends on the piece of information. Depends on whether you gave the broker discretion over the account. Depends on whether you are a sophisticated or even an accredited investor. Depends on whether you could have researched the claims yourself and could have found out about his omission without... Read more »

1 Answer | Asked in Stockbroker Fraud for New York on
Q: Are all brokers paid on commission? I've read this can be a problem.
Barry Eran Janay
Barry Eran Janay answered on Nov 16, 2016

No, but most are.

1 Answer | Asked in Stockbroker Fraud for New York on
Q: My broker sold some stuff but never called me to confirm - now I have a huge tax bill. Is there anything I can do?
Barry Eran Janay
Barry Eran Janay answered on Oct 26, 2016

Depends on whether he has discretionary authority on the account. A large tax bill certainly isn't a fun thing, but at least you made money, right?

1 Answer | Asked in Stockbroker Fraud for New York on
Q: I believe my mother lost a lot of money due to her broker's failure to diversify her portfolio.

Do we have a claim against the broker?

Barry Eran Janay
Barry Eran Janay answered on Oct 10, 2016

Yes, undue concentration or lack of diversification can prove an unsuitability of investment claim against a brokerage. I would need to learn a lot more about the facts of your particular case however. Please feel free to privately email me so that we can discuss the merits of your claim in... Read more »

1 Answer | Asked in Stockbroker Fraud for New York on
Q: Do day traders have to get the same certification as other stock brokers?
Barry Eran Janay
Barry Eran Janay answered on Sep 29, 2016

A broker is a specific license issued and regulated by FINRA. Anyone can be a "day trader" so long as they are not doing it for others, then they may have to register as an Investment Advisor.

1 Answer | Asked in Stockbroker Fraud for New York on
Q: My new broker is asking for all kinds of information such as my age,

current investments, and tax status. Why does he need to know all of this?

Barry Eran Janay
Barry Eran Janay answered on Sep 23, 2016

He's making sure that the investments you choose are suitable. Broker's can be sued for things such as churning, excessive trading, lack of diversity in a portfolio, or putting people into unsuitable investments based on things like their age. For instance, a 90 year old that needs to have a... Read more »

1 Answer | Asked in Stockbroker Fraud for New York on
Q: Do day traders have to get the same certification as other stock brokers?
Barry Eran Janay
Barry Eran Janay answered on Sep 8, 2016

A broker and a trader are different types of positions. Go to the FINRA website to see the requirements for your position. If you are just trading your own money the answer is no obviously.

2 Answers | Asked in Stockbroker Fraud for New York on
Q: I signed up with a broker from another state over the phone who convinced me he could help with my investments.

If the investments haven't done well can I do anything?

Barry Eran Janay
Barry Eran Janay answered on Aug 25, 2016

Need to know more, but what you've written is not enough to levy fraud charges.

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1 Answer | Asked in Stockbroker Fraud for New York on
Q: My broker convinced me to invest in stocks claiming a large return but that wasn't the case. Can I do anything?
Barry Eran Janay
Barry Eran Janay answered on Aug 12, 2016

Depends on whether he actually guaranteed returns... If he couched this as speculation then you likely can't do anything unless the investment was clearly unsuitable based on your investor profile.

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