My stock broker is lagging on delivering my monthly statements. I think he made poor investments. Can I get legal help?

Question: My stockbroker keeps telling me over the phone that his last secretary just quit and he hasn’t had the time to replace her. Otherwise, he would have already mailed my most recent monthly statements to me. I’m worried that he just made some poor investments and is using all that I have left to try and recoup his losses in other trades. How should I handle this?

Response: If, indeed, your broker has invested poorly on your behalf or has even borrowed your money without permission and can no longer afford to pay it back, you need to have an investment fraud lawyer ready to act immediately on your behalf. Your broker has a duty to get your statements to you on a timely basis and should hire someone else, even if on a temporary basis, to make sure you’re kept abreast of what’s happening with your stock portfolio.

Make an appointment with your broker. If you feel certain that something unethical or illegal is going on, take your attorney with you. Carefully review all of your broker’s records so you and your attorney can determine how best to proceed.

Answered by Elizabeth Smith

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