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Can i sue a broker for losing most of my pension money. i had 83,000 and i only used 17,000 i need to know what happened

New York, NY |

i went to prudential and mr. eric davis became my broker. within months 36,000 was lost. he went to other companies like aig and told me he know what he was doing. anyway it's all gone i was out of work for a long period of time and i had to use some to live buy. can i ask him to please show me how my money was lost?

Attorney Answers 2

Posted

You can ask him to demonstrate how you money was depleted. It could have been lost in a market downtown, or it could have been improperly invested and churned. You have the right to arbitrate to demonstrate that he handled your money improperly.

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Posted

Generally, ordinary market losses are the basis for a claim against a broker or a broker/dealer. If those losses were occasioned as the result of bad advice from the broker, however, in some (emphasize some) circumstances it may be actionable. Were you getting monthly statements from the broker? What did they show you? Did you ever inquire about what he was doing? And if he was losing your money, why did you follow him to AIG after he left Prudential? Do you suspect that he stole or converted your money?

These are among the questions you'll have to answer at an arbitration hearing and to whomever you hire as counsel to examine the matter further. First things first, though -- check out the broker's record on the FINRA website:

http://brokercheck.finra.org/Search/Search.aspx

If I can be of further assistance, let me know.

Best,

Bob

The foregoing is not legal advice nor is it in any manner whatsoever meant to create or impute an attorney/client relationship.

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