Can a Securities Attorney Help Me Report my Stock Broker for Buying Stocks I did not authorize?

Question: I want to bring a case against my stock broker who lost me a lot of money buying stocks I didn’t authorize.  Someone told me I should consult with a securities attorney.   What types of cases do securities lawyers handle and would my case fit?

Response: If your stock broker lost your money through fraud, malfeasance, or any other breach of his fiduciary duty to you, you definitely should consult with a securities attorney.  Securities lawyers are experienced with laws regulated by the Securities Exchange Commission (SEC) including broker violations.  Specific broker violations include fraud, embezzlement, unauthorized trading, late-trading schemes and other felonious activity.  

A securities attorney can also help you recover any stolen securities certificates and assets through litigation.  In some cases, where the wrongdoing rises to a felony, criminal charges can also be brought.  Additionally, once the SEC is notified, the agency will investigate to determine what action to take, and if necessary, will file suits in both federal and state courts.  As you did not give permission to your broker to purchase the stocks, you may have a malfeasance or fraud case.  Definitely consult with an attorney regarding restitution and other actions.

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Answered by Sharon Cullars

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