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When you lose your hard-earned money on an investment recommended by a
brokerage firm, it is easy to blame yourself. You start second-guessing
the decision you made to reply on the advice and recommendation of your
broker and wish that you could turn back the clock. While stockbrokers
and brokerage firms are not guarantors of market performance, there are
some scenarios where your financial loss may have been caused by your
Before delving into situations that could indicate broker misconduct, you
do need to understand that sometimes losses happen. People regularly make
money and lose money on such investments as stocks, bonds, mutual funds,
commodities and insurance products. What you need to find out is if misconduct
of your broker played a role in your losses.
Here are some situations that could indicate that your broker was at fault:
Your broker purchased an investment without your permission. Brokers are not supposed to buy anything for your investment account without
asking you first (unless they have a signed power of attorney). Your prior
consent is needed. If you didn’t authorize your broker to buy or
sell the investments in your account, there could be a problem.
Your broker didn’t follow your instructions. Your broker is required to follow your orders. If he or she fails to do
so and you lose money, it could be your broker’s fault.
Your broker didn’t disclose pertinent information. In most cases, brokers have a fiduciary duty to investors to supply complete
information on recommended investments. In a situation where this does
not occur and you lose money, your broker could be liable.
Your broker misled you. If your broker provided you with inaccurate information, such as telling
you that an investment had a good rating and was safe, when it turns out
it wasn’t, your broker could be to blame for your financial loss.
The preceding list is just a sample of the many forms of broker misconduct.
If you have lost money and believe that your broker could be responsible,
you need to talk with an experienced broker misconduct lawyer who can
review your case and provide legal guidance. The attorneys at the law
firm of Meyer Wilson are licensed in Ohio. We represent investors nationwide
in securities arbitration and litigation claims. Call us or fill out our
contact form for your free case evaluation.
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Investment Misconduct Blog
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