Have you suffered significant losses after your broker made trades in your accounts without your permission? If so, you may be entitled to full financial recovery. Meet with a qualified unauthorized trading attorney to discuss your legal options.
Investors are supposed to be able to trust their stockbrokers and financial planning institutions. Unfortunately, it is all too common for these brokers and brokerage firms to take advantage of investors in order to further their own financial interests. When this happens, investors often endure substantial losses.
If this has happened to you, you may be able to recover these losses in FINRA arbitration. At Wolper Law Firm, we have zero tolerance for stockbroker and broker-dealer misconduct. If we are able to take on your case, your unauthorized trading lawyer will do everything possible to build a compelling case against your broker so they must repay you for the harm their greed caused in your life.
What Constitutes Unauthorized Trading?
Unauthorized trading occurs when your stockbroker makes trades in your accounts without obtaining your permission prior to executing the trades. Brokers are obligated to not only get your permission to trade in your accounts, but also to explain the risks of the trades in question and to ensure that they align with your securities portfolio objectives.
However, it is important to note that this is only true in non-discretionary accounts. If you have a discretionary account, your broker may be well within their rights to make trades in your accounts without asking you for permission. For this reason, it is critical that you know what type of accounts you are signing on for when working with your financial advisor or broker firm.
How to Hold Your Broker Accountable for Unauthorized Trading
Investors who don’t make it a habit to carefully review their transactions may be shocked to discover substantial losses that occurred due to trades made without their consent. When your broker engages in unauthorized trading, you may be able to recover these stock losses by pursuing arbitration with the Financial Industry Regulatory Authority (FINRA).
FINRA arbitration is often preferred over a civil lawsuit for a couple reasons. First, in arbitration, your case will be heard before a panel of one or three arbitrators, depending on the amount of your losses. Arbitration can often be settled in less than two years, whereas court can take significantly longer to settle.
In arbitration, if you win, the liable party will then be ordered to pay their restitution within thirty days of the verdict, but in court, even if you win, the appeals process could delay your award for many years. In some cases, it could ultimately result in an overturned verdict.
Get in Touch with an Unauthorized Trading Attorney
To learn more about how an experienced unauthorized trading lawyer at Wolper Law Firm could help you get the most out of your FINRA arbitration claim, schedule a free, no-obligation consultation during which we can further discuss the individual details of your case.
You can fill out the online contact form below or call 800.931.8452 when you are ready to get started on your case.