One of a stockbroker’s primary responsibilities is to make investment suggestions that align with your objectives and goals as described in your investment portfolio, but it is more common than you might think for brokers to engage in transactions that are to their benefit, without regard to the trades being in your best interest.
In fact, if a broker sells you trades that the financial institution does not offer or hold, they are selling away, a practice that violates Financial Industry Regulatory Authority (FINRA) rules and regulations.
When you suffer stock losses that exceed $100,000, Meissner Associates is prepared to fight for full repayment of your damages. Below, we discuss how you can spot selling away and what you can do to hold your broker accountable.
Signs of a Scheming Stockbroker
Investors should always be able to trust that their brokers are both upholding the law and making appropriate investment recommendations. Unfortunately, this blind trust often allows stockbrokers to commit fraud for a significant period of time without being noticed. If you believe your stockbroker is selling away, there are some telltale signs you can look out for, including:
- Your investment has been outsourced to a third-party.
- Your broker begins dodging your concerns.
- There are multiple or unauthorized transactions in your accounts.
- Your investment account has been taken off of the brokerage firm’s statements.
Each of these red flags alone may not be a cause for concern, but if you notice more than one of these signs in your investment portfolio or transactions, you should reach out to a selling away lawyer as soon as possible so your losses can be filed in a complaint to FINRA.
Protecting Yourself in the Future
Victims of selling away are often leery about continuing to invest. Although investing in and of itself always comes with a certain level of risk, you can protect yourself from stockbroker misconduct such as selling away by keeping a close eye on your accounts.
By keeping your investment portfolio updated and ensuring that your investments continue to appear on your brokerage firm’s statements, you should be able to protect your investments in the future to the best of your ability.
What’s more, knowing that you can always file a FINRA complaint and attend arbitration when you’ve been the target of stockbroker fraud should give you the peace of mind you need to continue investing.
Reach Out to an Experienced Selling Away Lawyer
Selling away is more than just a poor business practice, as it involves making transactions without your explicit consent, and you should never suffer substantial losses as a result of your stockbroker’s actions.
A highly trained selling away lawyer at Meissner Associates may be able to help you put your stock losses behind you and secure the repayment you’re entitled to. Call our office at 212-764-3100 or complete the contact form provided at the bottom of this page if you’re interested in scheduling your free complaint review today.