If you notice trades in your account that you didn’t give permission for and you’ve suffered significant financial losses as a result of these trades, consult with an unauthorized trading attorney to do what’s possible to recoup your lost investment.
Unauthorized trading occurs when there is a purchase, sale, or trade in your account that was done without your authorization or knowledge. As you can imagine, the risks of unauthorized trading are high, and put simply, poor business practice. Matters can be made worse when you discover that you’ve lost money due to an unauthorized trade.
Your unauthorized trading lawyer at Meissner Associates can help you get the justice you deserve when your broker engages in such misconduct. We’ll assist you in filing your complaint with the Financial Industry Regulatory Authority (FINRA) so you can recover the investments you lost because of your stockbroker or brokerage firm’s irresponsible or negligent actions.
The Risks of Unauthorized Trading
The problem with unauthorized trading isn’t just the fact that your investment is being used without your consent, but that brokers are using you for their own financial gain. Stockbrokers get commissions when there are transactions in their clients’ accounts, so some will make trades or sales in your account in order to increase their commissions.
Unauthorized trading can go undetected for a significant amount of time if you aren’t keeping a close eye on your accounts. If you notice a trade that you do not recognize posted in your account, you should speak with your brokerage firm immediately to see if the discrepancy can be resolved. The sooner you act, the more credible your complaint will be.
If the broker or financial planning institution does not attempt to rectify the issue, you should reach out to your unauthorized trade attorney so you can begin pursuing a FINRA arbitration that could allow you to recover maximum repayment of your stock market losses.
Recover Your Stock Losses
In most cases, filing a complaint with FINRA will be the best way to go about getting your money back. After your arbitration claim is filed with FINRA, you will be given a hearing that both you and your attorney will attend. This hearing will take place in front of a panel of three impartial arbitrators.
To begin, your attorney will plead your case and present evidence that shows the unauthorized trades in question and the losses you endured due to such trading. Then your stockbroker or their brokerage firm will have the chance to defend themselves against our misconduct claims.
Once the hearing has come to a close, the arbitrators will retire to deliberate. However, this deliberation process can be quite lengthy, and many claimants find that a decision isn’t issued for more than a year after the hearing. If the arbitrators find that unauthorized trading has occurred, they will also issue your award at that time.
Schedule Your Free Consultation Today
Going up against a stockbroker and/or large financial institution can be overwhelming, but with an unauthorized trading lawyer at Meissner Associates backing you up, you don’t need to feel intimidated.
We have the experience you need to obtain full compensation for your stock losses. Schedule your free consultation today by completing the online contact form below or by calling our firm directly at 212-764-3100.