My stockbroker has been unresponsive for a while and moved my funds with him out of state. What do I do?

Question:  My stockbroker no longer returns my calls and keeps his answering machine on all day.      Rumor has it that he took all of his clients’ investment funds and moved into a new home on the California coast. How should I go about investigating this possible investment fraud?

Response: You should give serious, immediate thought to hiring a securities law expert. Lawyers in this field can “hit the ground running” while helping you trace your missing stock funds. Investment fraud attorneys have heard all about the current scams and can help you file claims with the proper federal authorities. While you may not be able to recover all or most of your funds, you can at least put the person who may have stolen your  funds out of business – and possibly even into jail or prison.

Be advised that when someone is maintaining accounts for you or investing your funds into various stocks, they are in breach of their “fiduciary” duties if they steal from you or otherwise misappropriate your funds.

Ask your lawyer if he or she thinks your stockbroker may have embezzled funds from you. If not, see if it’s possible to bring a lawsuit against your stockbroker for negligently investing your funds in risky stock investments without fully advising you of all the  dangers.

Answered by Elizabeth Smith

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