Broker Theft

Investor Claims Is What We Do - All Day, Every Day

Since 1999 our law firm has recovered more than $350,000,000 for victims of investment fraud and misconduct.
  • Jury Verdict Won Against Prudential Securities $262 Million
  • Recovered for 100-Year Old Widow $30 Million
  • Recovered in Retirement Losses $10 Million
  • Recovered for a Large Group of Individual Investors $6.5 Million
  • Recovered for Elderly Victim in Ponzi Scheme Case $3.8 Million
  • Recovered for Elderly Ponzi Scheme Victim $3.2 Million
  • Recovered for More Than 50 Families of Ponzi Scheme in California $3.2 Million
  • Recovered for 35 Families in Northeast Ohio $3.1 Million
  • Losses Recovered for 20 Retirees $3 Million
  • Recovered for Retired Physician Against Major Wall Street Firm Prior to Filing FINRA Arbitration $2.5 Million
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  • Million Dollar Advocates Forum
  • AV Preeminent
  • AVVO 10.0
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Can Your Stockbroker or Financial Advisor Steal From You?

Financial advisors are in positions of trust – they manage our life savings, provide financial advice, and protect our best interests. Or, they are supposed to. While most financial advisors are reliable and trustworthy people, some unscrupulous brokers use their position of trust to take advantage of their customers by stealing customers’ money.

In our firm’s experience representing investors for over 20 years, we have seen broker theft carried out in a number of different ways, but there are two schemes that occur most often.

First, in many broker theft cases, the broker solicits his or her customers to purchase some type of investment, or engage in some type of business dealings, that requires them writing a check. The check could be made out to the broker or some entity that the broker controls. Instead of using the customer’s money for a legitimate investment or business deal, the broker diverts the money for his or her own personal use.

Second, brokers who set out to steal from their clients often do so simply by making unauthorized withdrawals from their customers’ investment accounts, either through forgeries, misrepresentations, or some other method of concealment that works for a period of time.

The best thing an investor can do to protect him or herself from broker theft is to be aware of common fraud tactics and to watch out for the recognized "red flags." Never, ever hand your broker a check payable directly to the broker or his or her own company. You should send your money to the institution that is going to take custody of your money, rather than the person who is selling you the investments.

It’s also important that you keep an eye on your investment account statements to look for potential signs of unauthorized withdrawals. Theft from brokerage accounts directly is unfortunately more prevalent with elderly investors who are more vulnerable due to medical issues or cognitive impairment – so it’s a good idea to follow up on your elderly loved one’s accounts and their withdrawals as well.

The silver lining is that a person who has suffered financial loss because of a broker’s theft often has options to recover their hard-earned savings. Most often, the best solution is not to bring a legal claim against the broker directly because he or she probably won’t be able to satisfy a personal judgment. However, all brokerage firms have a duty to reasonably supervise their brokers and vigorously investigate red flags. It is our experience that theft cases often leave a trail of missed red flags that were neither adequately identified nor investigated by the brokerage firm.

If you suspect that a broker may have stolen funds from you or a loved one, contact our firm today for a free consultation to discuss your legal rights.

The Meyer Wilson Way

Results-Focused Representation
  • More than $350,000,000 Recovered
  • Voted Best Lawyers in America┬« for Ten Years Running
  • David Meyer is President-Elect of Public Investors Advocate Bar Association (PIABA)
  • Over a Thousand Investor Claim Cases Since 1999
  • Exclusive Focus on Investor Claims & Class/Mass Action Lawsuits
  • Deep Bench of Skilled Attorneys and Staff Members

TRUSTED BY OVER 1,000 INVESTORS

Meyer Wilson has represented over 1,000 individual investors in high-stakes claims across the country, and has recovered over $350 million on their behalves. See what former clients have to say about our team.

  • “I primarily worked with Courtney Werning throughout the process and she was informative and knowledgeable. I trusted and fully recommend Courtney and her team.”

    - S.R.
  • “The communication throughout the process was on par - and they took the time to indulge me with the various questions and opinions.”

    - R.G.
  • “What I truly appreciated was getting a great result for my Mom with limited involvement/stress on her.”

    - S.W.
  • “We went to arbitration with the other respondent and I got to see firsthand the level of professionalism and expertise the Meyer Wilson firm can deliver.”

    - D.V.
  • “Chad would take the time to call and talk with me. His explanations were always clear and concise. I also appreciate all the effort put into the details and statistics required to argue this case.”

    - P.N.
  • “Meyer Wilson was able to produce the results that we felt were obvious and warranted while several other firms and even state offices simply had trouble understanding let alone moving the case forward.”

    - B.K.
  • “My overall experience was positive and I would encourage anyone who even thinks they have been a victim of stockbroker misconduct to call David.”

    - S.T.
  • “Meyer Wilson represented me in a suit brought last year against my brokerage firm, securing a very fair and equitable settlement for me.”

    - R.G., M.D.
  • “Right from the start, you had the passion and desire to win this case for us. I have never worked with an attorney or firm as compassionate as yours. I would highly recommend your firm to anyone.”

    - G.A.
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