He forged my name to move my funds between companies. So I moved my funds to another company and I lost $ in the process. We came to an agreement that he owes me, he has only made two payments to me. Now he works for another company, but tells m...
Your "lawsuit" will actually be filed as a FINRA arbitration claim. Assuming you that your "financial consultant" registered with a securities broker-dealer (almost always the case when an annuity is the product being sold unless it is a pure insurance product), you will be required to arbitrate at FINRA instead of filing a court lawsuit. FINRA has its own unique set of rules of procedure and it is highly recommended that you consult with counsel who are very well versed in this somewhat esoteric area of the law.
As far as your "chances" for recouping and collecting your loss, I have to first respond with words very dear to lawyers: "IT DEPENDS." "Winning" a case isn't necessarily synonymous with "recouping." Often, winning is a lot easier than recouping. In this case, if you can establish and prove the forgery, absent other facts, you have a VERY strong case. The case would be filed against BOTH the broker and the brokerage firm with whom he/she was registered with. There is a general legal principle which holds that an employer is liable for the wrongful acts of its employees. So assuming the firm is still in business, and you prove the forgery, your "chances" of recovery here is substantial.
As in all cases, you must act diligently to secure your legal rights and I strongly suggest you seek the services of a lawyer that specializes in securities claims against brokers and brokerage firms, and who has experience in FINRA matters. Good luck!See question
This has been a few years now. The economy hammered everything. There is no money and I now have him looking for me to repay everyone. I have no problems structuring a payback. I am wondering if he can send me to jail for not being able to pay? Th...
I concur with Attorney Zusman's response. As to your potential criminal or civil exposure, there are implications which depend upon your status as an investment "professional" or not. Additionally, how you represented yourself when you agreed to accept the money to invest is critical. I strongly recommend that you invest in a consultation in the area where you reside, for a more specific review of any documents and a confidential interview. As specific states' statutes and regulations might come into play, and since most states' securities laws and regulations provide for different civil remedies, it is important that you seek the advice of a specialist in the state in which you live. Good luck!See question
Asked broker to repay my money. He said it was gone (investment went belly-up) Contacted FINRA ask for 300,000+ to be repaid. I won, broker appealed, we settled for 70,000, lawyers cost me 20,000 , I'm left with 50K. How do I report this?
I have to begin by repeating a lawyer's common, but necessary response: It depends! First thing I would recommend is notify your CPA and provide him with all of the documents, especially the settlement agreement with the broker, as well as all the source documents pertaining to the investment and the loss. Your CPA would undoubtedly know whether you have a tax loss carryforward from prior years, whether you have other losses to possibly offset the settlement. Because the FINRA award and/or the settlement proceeds likely represent a recovery of "lost capital", you might be able to use the total $70,000 in proceeds to deplete any capital loss carryforward, you might want to treat is as such. There is a vigorous discussion which has been going on for a long time among securities lawyers, CPAs, IRS, and Brokerage firms, as to the tax implications of the scenario you describe. You might have a number of options as to how it is treated, but again, I would derfer to your trusted CPA, assuming you have one who is familiar with your past years tax returns. If you do not, I would swiftly find one (before the end of this tax year) and bring him your past returns and seek his counsel. Good luck and have a safe holiday!See question
The case opinion (according to Merrill Lynch law firm) has this quote: It has been my observation that many people entering into an investment transaction do not wish to understand that there are risks and possible losses; this is true even ...
As a securities attorney, I have access to a number of databases, but was unable to find the case you are looking for. The case citation is incorrect. Please doublecheck it, and I will be happy to pull it up for you. Jonathan W. Evans www.stocklaw.comSee question
Receive a letter that I won, $i000.00. When I called the # I ask her was this Real? and I dont Believe her and Hung-up. She called right back and said, Well just tear it up. I have been trying to find out Thru every App. i can find She has called ...
I agree completely with Mr. Cornish. This sounds and smells like a classic scam, of which there are numerous variations now proliferating across the internet. Report this to your local law enforcement immediately and try to persuade them to aggressively investigate and shut down this attempt to cheat and steal from innocent folks.See question
Members 2 posts 0 warning points Posted 05 July 2012 - 04:56 PM Maryland \r\n I met a man who was interested in dating I was getting over a very recent relationship and didnt want to jump into things however this man I met dove ...
"if it sounds too good to be true, it almost always is"...."a fool and his money are soon departed".....These are maxims which have application to yours and others' situations I hear about on a daily basis. Before you EVER give a nickel of your hard earned money or savings to someone who claims to be someone who wants to help you achieve"financial security" or "economic independence", who doesn't fill you in with references, details, and credentials about himself, you should run, not walk, away with all your energy. Your remedy in this case, based upon your scant facts, is to sue the person in small claims court because of the relatively modest sum involved. Good luck!See question
I received a letter from Legal Claimant Services. How and where do I research to determine if this is legitimate or fraudulent?
Unable to respond to your question as posed. Can you provide a link to the letter? What is the subject matter of the letter and what information does it seek or provide. With all of this information, I or another attorney can respond in an intelligible fashion. Thank you.See question
Six years ago a "friend" told us about a company that you can loan your money to and they would repay your loaned funds with a higher interests rate than normal. We did as much research into the company as we could and could not find problems or c...
The receivership was set up for the purpose of marshaling the entity's assets, utilizing legal process to do so, all with the intent and purpose to distribute what is located and secured, to those making valid and timely claims. The website attached to the question has the claims form and operative dates and claims deadlines.
In addition to presenting a claim, per the above, you might also have a claim against the "friend" who referred you to the investment. If the "friend" is a registered securities broker, you might have a valid arbitration claim, through FINRA, which regulates stock brokers. Visit www.finra.org for information about arbitration.
As with the claims process with the receiver, time is always of the essence, so act as promptly as possible or your claims may be time barred.