Fraud in the Financial Sector
The financial sector is an important part of the nation’s economy. This means when fraud or misconduct occurs within the financial sector, the entire country can be affected financially. Fortunately, the Financial Industry Regulatory Authority (FINRA) provides opportunities to investors like you who may have been defrauded in the financial sector to recover their losses.
With the help of a respected lawyer, you may be able to get your money back and consequently help to stabilize the economy. Read on to learn more about what the financial sector is and what types of fraud you might see there.
What Is the Financial Sector?
The financial sector is a part of the economy that provides financial services to retail and commercial customers. It consists of some of the most well-known global banking institutions, including Bank of America, Wells Fargo, JPMorgan Chase, as well as investment companies, real estate firms, and insurance companies.
Together, they advance business loans that allow for expansion, provide opportunities to build retirement savings, issue insurance policies, and employ millions. In providing these services, such as mortgages and loans, they generate revenue that helps stabilize the economy. The economy can only remain healthy and stable if the same is true for the financial sector.
Types of Fraud In the Financial Sector
Fraud occurring within the financial sector is often termed as banking fraud. There are several ways banking fraud and other schemes happen in the financial sector. Some more common types of fraud seen in Financial Industry Regulatory Authority (FINRA) arbitration include:
- Accounting fraud
- Identity theft
- Money laundering
- Credit card fraud
- Unauthorized trading
- Bill discounting fraud
- Insider trading
- Fraudulent loans
- Demand draft fraud
- Uninsured deposits
These are only a few types of fraud you could encounter in the financial sector. If you are an investor or an individual who may have suffered considerable financial losses as a result of fraud in the financial sector, you may be able to recover your losses when pursuing a FINRA arbitration complaint.
Here, you will have the opportunity to hold your financial advisors or other liable parties accountable for their misconduct and even be awarded full restitution for your losses. You can learn more about the FINRA arbitration process and what to expect from your complaint after your lawyer has had an opportunity to review the individual details of your case.
Meet with a Reputable Lawyer
If you have been a victim of fraud in the financial sector and are interested in recovering your losses in full, contact a determined lawyer at Wolper Law Firm.
When you are ready to work on your FINRA arbitration complaint, fill out the quick contact form included at the bottom of this page or call 800-931-8452. Wronged investors across the nation can schedule a free, no-obligation consultation to get started.
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