Misconduct by stockbrokers and financial advisors comes in many forms. Over the past several years, the most common misconduct by brokers is investing too much of their clients' portfolios in high risk stocks (e.g., the technology sector), particularly retired clients on fixed income. Some of the most egregious cases we handled on behalf of investors involve a single broker, who was not adequately supervised by his brokerage firm, who preys on retirees from local companies. For example, our firm has represented numerous retirees who worked and saved their whole life only to have their retirement nest egg improperly invested, resulting in a 40-95 percent decline in its value.
Another abuse that has surfaced in the past several years is when a trusted financial advisor or broker convinces their clients into investing in a product known as a variable annuity. While a variable annuity can be an appropriate investment in certain limited circumstances, more often than not it is unsuitable because of the costs associated with it and its lack of liquidity (it can be as long as 10 years before the investor can access the funds in the annuity without paying a penalty).
Our firm has represented hundreds of individual investors with these types of claims and others against their brokerage firm or insurance company. We may be able to help you recover a portion of your losses. All of our cases are accepted on a contingency fee, meaning our firm earns a fee only if we recover losses for the wronged investor.
Not sure if you have a claim against a brokerage firm? If you would like one of our securities attorneys to review your potential claim at no charge, contact us or complete the online securities case evaluator.
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