How to File a Complaint against a Stock Broker
Discovering that your stock broker may have wronged you can be devastating. Not only are you likely suffering from considerable financial losses, but someone you trusted to help you achieve your goals put their own interests before yours, leaving you shocked.
Sadly, stock broker misconduct is alarmingly common. But the Financial Industry Regulatory Authority (FINRA) has implemented ways for you to ensure that you not only secure repayment of the money you lost in the investment in question, but you are able to bring this scheming stock broker to justice for their actions. Doing so could mean another investor is saved the same experience you are currently going through.
Continue reading to learn more about when to file a FINRA arbitration claim for a stock loss and the things you need to know most about your FINRA arbitration claim and hearing.
When to File a Stock Broker Complaint
Many investors will put a lot of trust into their stock broker for a number of reasons. Maybe they simply don’t have the time to handle such trades on their own, or perhaps they just came into some money and have no idea where to start with investing.
In any case, you should be able to trust your broker with your money. Sadly, blind faith in your stock broker could mean losing out on substantial monies.
Stock broker misconduct is not only a violation of the duty of fair dealing, but it is against FINRA compliance regulations. This means that if you’ve lost money due to churning, unsuitable investments, unauthorized trading, or some other type of broker misconduct, you can file a FINRA arbitration complaint and be repaid for your losses if your hearing is a success.
Filing a FINRA Arbitration Claim
If you are interested in filing a FINRA complaint, you can do so by first filing a statement of claim against the stock broker who took advantage of you. FINRA will review the claim and determine if the grounds warrant an arbitration hearing. If they do, you’ll be granted a hearing before either one or a panel of three arbitrators, depending on how excessive your stock losses were.
Your hearing will be your chance to tell the arbitrators what has happened to you. We’ll present all of the financial records and documentation needed to support your case and supply fact and expert witnesses to testify on your behalf. Then, the other party will have the chance to do the same.
Then the arbitrators will review all of the evidence and testimony presented on both sides to determine whether the broker engaged in misconduct and if you are entitled to repayment of your losses.
Consult a Stock Broker Misconduct Lawyer
Filing a complaint against a stock broker is the first step you need to take if you hope to recover the financial losses you endured due to broker negligence.
You can contact a highly experienced stock broker misconduct lawyer at Wolper Law Firm for more information about how to start with your FINRA arbitration claim. Give our office a call at 800-931-8452 or fill out the confidential contact form located below to schedule your free consultation at your earliest convenience.
- Former West Park Capital, Inc. and Laidlaw & Company LTD Broker, Bryan Mazliach, Investigated By FINRA For Alleged Violation Of FINRA Rules
- Former BMO Harris Financial Advisors, Inc. Broker, Lori Ann Sacco, Suspended Six Months By FINRA For Allegedly Altering Customer Account Documents
- Former Woodbury Financial Services, Inc. Broker, Jodie Lane, Suspended Six Months By FINRA For Allegedly Accepting Gifts And Becoming Beneficiary Of A Client
- Broker, Kimberley Schkade-Hill, Supsended by FINRA For Four Months And Fined $10,000 For Allegedly Having Clients Sign Documents In Blank
- LPL Financial LLC Broker, Matthew Clason, Is The Subject Of An SEC Enforcement Action For Allegedly Stealing Hundreds Of Thousands Of Dollars From A Client
- Former Capitol Securities Management Inc. Broker, Michael Rubel, Suspended By FINRA For 45 Days For Allegedly Engaging In Short-term Trading Of Unit Investment Trusts
- Recovering Your Investment Losses In Non-Traded Real Estate Investment Trusts And Business Development Companies
- Former Westpark Capital, Inc. Broker, Hary Datys, Suspended By FINRA For Fifteen Months For Allegedly Failing To Conduct Due Diligence Before Selling Promissory Notes
- Former Ameriprise Financial Services, LLC Advisor, Arthur Hoffman, Barred By FINRA For Allegedly Failing To Provide Documents In Relation To Investigation Into Outside Business Activities
- Crown Capital Securities Broker, Kenneth Barroga, Has Had Four Customer Complaint Disclosures