Jul 21, 2022

Can a Broker Sell My Stocks Without My Permission?

You looked into your investment account and discovered that a number of your shares had been sold without your permission. You didn’t give the go-ahead, so you’re understandably confused, frustrated, and angry. What do you do now? First, you need to determine who sold your stocks. If it was your broker, you may be finding yourself asking whether or not your broker can sell stocks without your permission. Can my broker sell my stocks without permission? Your broker cannot sell stocks without your permission, unless you have given written authorization to do so. This is called unauthorized trading and not permitted under securities industry rules. Need Legal Help? Let’s talk. or, give us a ring at 561-338-0037. However, while the appropriate authorization must always be obtained, a broker does not necessarily need to obtain express permission for every transaction. In this article we will review the two circumstances in which a broker may sell securities without prior notice to or consent from the client. Note: If you believe you have suffered losses on your investment as a result of unauthorized trading, you should speak to a stockbroker fraud attorney about your legal rights. Is Your Investment Account a Discretionary Account? The first instance when a broker may sell stocks without your permission is if they are trading in a discretionary account. A discretionary account is one in which the broker has the authority to make investment decisions on behalf of the client, without prior approval from the client. If you are unsure whether or not you have a discretionary account, you learn about the difference between a non-discretionary and discretionary account here. In order for a broker to sell stocks in a discretionary account, they must have what is called “discretion.” This means that the broker must have reasonable grounds to believe that the sale is in the best interests of the client. The key word in this definition is “reasonable.” This means that a broker cannot simply sell stocks without your permission because they feel like it. There must be a reason for the sale, such as an expectation of a market decline or other adverse event that could impact the value of the security. If you do not agree with a decision made by your broker in a discretionary account, you have the right to object and have the decision reviewed by a supervisor. Is There a Margin Call on Your Account? The second instance when a broker may sell stocks without your permission is in response to a margin call. A margin call is when the broker demands that the client deposit additional funds or securities to cover the cost of the stock purchased on margin. Technically, you probably gave him permission when you opened your margin account. If you do not meet the margin call, the broker has the right to sell the securities to cover the margin debt. This is done in order to protect the interests of the broker and the securities lending institution. Trading on a margin account is a risky investment and can result in substantial losses. For this reason, it is important to understand the risks before opening a margin account. You can learn more about margin trading on FINRA’s website. Get a Second Opinion: Contact a Stockbroker Fraud Lawyer Today If you have discovered that your broker sold stocks without your permission, you may be feeling overwhelmed and confused. You may be wondering what your legal rights are and whether or not you can take action. The best way to determine your legal rights and options is to speak with a stockbroker fraud lawyer. The Law Offices of Robert Wayne Pearce, P.A. specializes in representing investors who have suffered losses as a result of investment fraud. We offer free, no-obligation consultations so you can learn more about your legal rights and options. Call us today at (800) 732-2889 to speak with an stockbroker fraud lawyer.

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Dec 21, 2021

Can an Oil Investment Fraud Lawyer Help Me Recover Losses?

Are You Dealing with Oil & Gas Investment Fraud? The Law Offices of Robert Wayne Pearce, P.A. are investigating claims against brokerage firms that sold either oil or gas stocks and other related products. Investments in the oil and gas sector have been very popular over the last few years, and depending upon when your financial advisor recommended you purchase and/or sell the investments, you may have suffered catastrophic losses.  These losses may have been the result of your financial advisors misrepresentations, omissions and misleading statements, failure to do his/her due diligence investigation, and/or unsuitable recommendations. If you believe you are dealing with oil investment fraud, now is the time to consider hiring an experienced investment fraud lawyer. The attorneys at The Law Offices of Robert Wayne Pearce, P.A. help oil and gas investors review their oil-related investments to determine if they have been the victim of oil investment fraud. Investors who have suffered large losses may be able recover some of their losses through FINRA arbitration against oil brokerage firms which improperly sold oil or oil futures contracts while withholding material information on the risks of investing in oil. Give us a call at 800-732-2889 or contact us online. Let’s discuss your case and see what we can do to help get you the compensation you deserve. What is Considered Oil & Gas Investment Fraud? Oil and gas investments take many different forms, including oil and gas stocks, oil and gas drilling programs, oil and gas limited partnerships, oil futures contracts, oil or gas royalty interests in wells which produce oil through a “fee title” arrangement. Fraudulent oil investment activity may fall into one of two categories: fraud by omission or fraud by commission. Fraud by omission occurs when the seller fails to disclose material information, while oil investment fraud by commission occurs when the seller provides false information to oil investors. Both forms of oil and gas investment fraud can occur at any point during oil or gas investments, including before an oil investor purchases oil stock; while oil stock is held; on the date of purchase; or after oil stocks are sold. The oil and gas industry is heavily regulated, and oil investments are subject to many federal securities laws. If oil brokerage firms fail to follow the law, oil investors may be able to recover damages for oil investment fraud by FINRA arbitration. This means that you only need help finding oil investment fraud cases where brokers failed to comply with federal securities laws or breached their fiduciary duty to oil investors. Investors should always consider oil and gas investments to be high risk due to the volatility in oil prices. Some oil stock brokers have been accused of selling oil stocks at inflated oil prices based on false information, while others may have failed to inform investors of risks associated with a particular oil or gas company. If a brokerage firm did not disclose the risks or oil prices to an oil and gas investor prior to a sale, the oil investment fraud lawyer at The Law Offices of Robert Wayne Pearce, P.A. can help investors recover losses from oil-related investments through FINRA arbitration. Some Oil & Gas Investment Fraud Allegations Include: – Misrepresentation of oil company facts made to oil and gas investors. – Failure to disclose oil stock risks prior to oil & gas investments. – Misleading oil companies by encouraging oil companies to change accounting methods in order to show higher oil reserves than actually exist. Give us a call at 800-732-2889 or contact The Law Offices of Robert Wayne Pearce, P.A. oil investment fraud law firm online to speak with oil investment fraud attorney Robert Wayne Pearce today about oil and gas stock investments, oil and gas limited partnerships, oil futures contracts and oil and gas drilling programs. Recovering Oil & Gas Investment Losses Through FINRA Arbitration If oil brokerage firms failed to disclose oil stock risks or oil prices prior to oil & gas investments, oil and gas investors may be able to recover oil-related losses by FINRA arbitration. FINRA, the acronym for Financial Industry Regulatory Authority, is a non-governmental regulatory association which governs disputes between investors and brokerage firms, including disputes on oil investment fraud allegations. You can learn more about the FINRA arbitration process here. File a Claim with FINRA The formal arbitration process for oil and gas, oil stock fraud cases begins with the filing of a statement of claim by you or your investment fraud attorney. The investor who files the FINRA claim against the brokerage firm is referred to as the “Claimant” in the FINRA arbitration proceedings. If you are an investor, the state of claim is the most important document in your case. This document describes what happened to cause you to lose capital in your oil & gas investment and why you or your FINRA arbitration attorney believes that you are entitled to win a monetary award or relief against the brokerage firm. IMPORTANT: It’s critical that you and/or your attorneys write a clear, concise, accurate, and honest description of what happened as well as a strong case in favor of winning the arbitration. You can learn more about how to file a FINRA complaint and the FINRA complaint process here. The oil fraud attorneys at the Law Offices of Robert Wayne Pearce, P.A. are experienced FINRA arbitration lawyers who have a thorough understanding of the arbitration process. We understand what’s at risk in securities, commodities, and investment law issues, and we fight to obtain the best possible outcome every time. Past Investor Recoveries The Law Offices of Robert Wayne Pearce, P.A., has helped recover millions of dollars in valuable compensation for defrauded investors. Below are some notable victories in past investor recoveries.  $21,041,285 FEDERAL COURT FINAL JUDGMENT In 2010, Robert Pearce won a case in federal court for $21,041,285. The final judgment was entered against the defendant for fraud, breach of fiduciary duty, and civil theft pursuant to Florida Statutes Sections 812.014 and 772.11. $7,840,000 FINRA ARBITRATION SETTLEMENT...

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Aug 2, 2021

How to Report a Ponzi Scheme

Ponzi-like schemes swindle investors out of millions of dollars every year. A common form of investment fraud, a Ponzi scheme occurs when existing investors receive distributions from funds provided by new investors rather than as a result of profits. Because Ponzi schemes can only function as long as new investors are providing funds, the schemes eventually collapse, resulting in significant losses for new and old investors. While Ponzi schemes are illegal, they nevertheless continue to exist. In fact, some sources have noted that in 2020 Ponzi schemes hit their highest levels in a decade.  If you are a victim of a Ponzi scheme, you may be wondering what recourse you have. Fortunately, there are actions you can take. By reporting a Ponzi scheme, you can help hold these fraudsters accountable and prevent other victims from being taken advantage of as well.  Don’t know where to begin? Contact attorney Robert Wayne Pearce today to learn more about how to report a Ponzi scheme and see what our team can do to help.  What Is a Ponzi Scheme? Financial advisors recommend investment strategies to investors based on their investment profile. In many situations, investors seek investments likely to result in returns based on the profitability of the investment. In a Ponzi scheme, investors do receive “returns.” However, these returns are not from the profits of their investment. Rather, the operator of the Ponzi scheme will issue payments to earlier investors from the new investment funds provided by newer investors. Inevitably, Ponzi schemes will run out of new investors who are willing to invest in the scheme. This results in the inability to issue the fraudulent returns to older investors and causes the entire scheme to crumble. In an ideal world, these types of fraudulent schemes would not exist. Unfortunately, however, there is always some risk that you could fall victim to a Ponzi or Ponzi-like scheme. What’s important is that you know where to turn and what steps you can take moving forward.  If you suspect you invested in a Ponzi scheme, consult with an investment lawyer who can explain the steps you should take next. With over 40 years representing investors, attorney Robert Pearce has the knowledge and experience you need to help you fight for your rights and recovery.  Examples of SEC Enforcement Actions Against Ponzi Schemes In April 2021, the SEC charged Los Angeles-based actor Zachary Horwitz and his company, 1inMM Capital, LLC, in connection with a Ponzi scheme that reportedly raised over $690 million from investors.  Horwitz and his company represented to investors that the investment funds would be used to purchase film rights and that the films would then be sold to Netflix or HBO. Horwitz allegedly claimed to have an extensive track record of selling movie rights to Netflix and HBO, despite the fact that he never maintained a business relationship with either company.  1inMM and Horowitz reportedly promised investors returns in excess of 35%. Instead, Horwitz paid early investors with the funds provided by new investors and misappropriated millions of dollars for himself. In January 2020, the SEC charged California-based husband and wife Jeffrey and Paulette Carpoff with orchestrating a nearly billion-dollar Ponzi scheme involving alternative energy tax credits.  The pair reportedly raised approximately $910 million from 17 investors between 2011 and 2018 by offering securities in the form of investment contracts through two solar generator companies, DC Solar Solutions, Inc., and DC Solar Distributions, Inc. The SEC alleged that the couple used at least $175 million of the investors’ funds to fund their lifestyle and used the remaining funds to issue dividends to earlier investors. If you have fallen victim to a Ponzi scheme, know that you are not alone. Reach out to our investment loss attorneys today to get started on the pathway toward recovery.  Indicators of a Ponzi Scheme Ponzi schemes come in many different shapes and sizes. However, there are certain common indicators of a Ponzi scheme that you should be aware of.  Many red flags associated with Ponzi schemes present themselves prior to and during the investment process. Recognition of these characteristics before making your investment can prevent you from suffering serious losses down the road. Common indicators of a Ponzi scheme include: Promises of high returns with little or no risk; Returns that are overly consistent; The sale of unregistered investments; A lack of transparency regarding the investment strategy; Errors or discrepancies on account statements; and Difficulty receiving or cashing out your payments. The presence of red flags such as these may signal the existence of illegal activity. If you experience any of these issues with your investments, a securities lawyer can help you determine if you invested in a Ponzi scheme.  Reporting a Ponzi Scheme Ponzi schemes can cost investors millions of dollars in losses. In an attempt to curb the operation of the fraudulent schemes, the SEC and FBI provide resources for individuals who suspect Ponzi schemes to report the misconduct. Federal Bureau of Investigation (FBI) The FBI provides an electronic tip form to individuals wishing to report federal law violations. Additionally, for internet-based crimes, the FBI offers another way to submit a tip. Because many Ponzi schemes begin and operate online, this might be the best place to report a Ponzi scheme. Securities and Exchange Commission (SEC) The SEC also provides defrauded investors an avenue to report suspected Ponzi schemes and other fraudulent activities. SEC Ponzi scheme tips can be submitted online directly through the SEC website.  Contact an Investment Loss Attorney Today Losing your valuable and hard-earned money in a fraudulent Ponzi scheme is never easy. If this has happened to you, we want to help. At the Law Offices of Robert Wayne Pearce, P.A., we have decades of experience helping investment loss victims in need. Firm founder and lead attorney Robert Pearce has recovered funds for over 99% of his investor clients and recovered over $100 million in the last 20 years alone through court litigation, arbitration, and settlements.  Want to know more about...

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Dec 1, 2020

Non-Discretionary vs. Discretionary Investment Accounts

When investors first set up an account with a brokerage firm, that account is designated as either discretionary or non-discretionary. Unfortunately, many investors are simply unaware of the status of their account or what it means. This is usually because investment brokers fail to properly explain each type of account. However, knowing what kind of investment account you have is important. The claims available to a victim of investment fraud or broker misconduct depend on the status of your account. Discretionary vs. Non Discretionary Accounts A discretionary account is an investment account in which an investment advisor has the power to make individual trades without requiring client approval. A non-discretionary account is one in which the client has complete control over whether or not to execute a trade. Need Legal Help? Let’s talk. or, give us a ring at 561-338-0037.

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Sep 10, 2020

Securities-Backed Lines of Credit Can Ce More Dangerous Than Margin Accounts

Many investors have heard of margin accounts and the horror stories of others who invested on margin and suffered substantial losses. But few investors understand that securities-backed lines of credit (SBL) accounts, which have been aggressively promoted by brokerage firms in the last decade, are just as dangerous as margin accounts. This is largely due to the fact that the equity and bond markets have been on an upward trend since 2009 and few investors (unless you are a Puerto Rico investor) have experienced market slides resulting in margin calls due to the insufficient amount of collateral in the SBL accounts. Securities-Backed Lines of Credit Overview It is only over the last several months of market volatility that investors have begun to feel the wrath of margin calls and understand the high risks associated with investing in SBL accounts. For investors considering your stockbroker’s offer of a line of credit (a loan at a variable or fixed rate of interest) to finance a residence, a boat, or to pay taxes or for your child’s college education, you may want to read a little more about the nature, mechanics, and risks of SBL accounts before you sign the collateral account agreement and pledge away your life savings to the brokerage firm in exchange for the same loan you could have obtained from another bank without all the risk associated with SBL accounts. First, it may be helpful to understand just why SBL accounts have become so popular over the last decade. It should be no surprise that the primary reason for your stockbroker’s offering of an SBL is that both the brokerage firm and he/she make money. Over many years, the source of revenues for brokerage firms has shifted from transaction-based commissions to fee-based investments, limited partnerships, real estate investment trusts (REITs), structured products, managed accounts, and income earned from lending money to clients in SBL and margin accounts. Many more investors seem to be aware of the danger of borrowing in margin accounts for the purposes of buying and selling securities, so the brokerage firms expanded their banking activities with their banking affiliates to expand the market and their profitability in the lending arena through SBL accounts. The typical sales pitch is that SBL accounts are an easy and inexpensive way to access cash by borrowing against the assets in your investment portfolio without having to liquidate any securities you own so that you can continue to profit from your stockbroker’s supposedly successful and infallible investment strategy. Today the SBL lending business is perhaps one of the more profitable divisions at any brokerage firm and banking affiliate offering that product because the brokerage firm retains assets under management and the fees related thereto and the banking affiliate earns interest income from another market it did not otherwise have direct access to. For the benefit of the novice investor, let me explain the basics of just how an SBL account works. An SBL account allows you to borrow money using securities held in your investment accounts as collateral for the loan. The Danger of Investing in SBL Accounts Once the account is established and you received the loan proceeds, you can continue to buy and sell securities in that account, so long as the value of the securities in the account exceeds the minimum collateral requirements of the banking affiliate, which can change just like the margin requirements at a brokerage firm. Assuming you meet those collateral requirements, you only make monthly interest-only payments and the loan remains outstanding until it is repaid. You can pay down the loan balance at any time, and borrow again and pay it down, and borrow again, so long as the SBL account has sufficient collateral and you make the monthly interest-only payments in your SBL account. In fact, the monthly interest-only payments can be paid by borrowing additional money from the bank to satisfy them until you reach a credit limit or the collateral in your account becomes insufficient at your brokerage firm and its banking affiliate’s discretion. We have heard some stockbrokers describe SBLs as equivalent to home equity lines, but they are not really the same. Yes, they are similar in the sense that the amount of equity in your SBL account, like your equity in your house, is collateral for a loan, but you will not lose your house without notice or a lengthy foreclosure process. On the other hand, you can lose all of your securities in your SBL account if the market goes south and the brokerage firm along with its banking affiliate sell, without prior notice, all of the securities serving as collateral in the SBL account. You might ask how can that happen; that is, sell the securities in your SBL account, without notice? Well, when you open up an SBL account, the brokerage firm and its banking affiliate and you will execute a contract, a loan agreement that specifies the maximum amount the bank will agree to lend you in exchange for your agreement to pledge your investment account assets as collateral for the loan. You also agree in that contract that if the value of your securities declines to an amount that is no longer sufficient to secure your line of credit, you must agree to post additional collateral or repay the loan upon demand. Lines of credit are typically demand loans, meaning the banking affiliate can demand repayment in full at any time. Generally, you will receive a “maintenance call” from the brokerage firm and/or its banking affiliate notifying you that you must post additional collateral or repay the loan in 3 to 5 days or, if you are unable to do so, the brokerage firm will liquidate your securities and keep the cash necessary to satisfy the “maintenance call” or, in some cases, use the proceeds to pay off the entire loan. But I want to emphasize, the brokerage firm and its banking affiliate, under the terms of almost all SBL account agreements,...

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Sep 1, 2020

Investors With “Blown-Out” Securities-Backed Credit Line and Margin Accounts: How do You Recover Your Investment Losses?

If you are reading this article, we are guessing you had a bad experience recently in either a securities-backed line of credit (“SBL”) or margin account that suffered margin calls and was liquidated without notice, causing you to realize losses. Ordinarily, investors with margin calls receive 3 to 5 days to meet them; and if that happened, the value of the securities in your account might have increased within that period and the firm might have erased the margin call and might not have liquidated your account. If you are an investor who has experienced margin calls in the past, and that is your only complaint then, read no further because when you signed the account agreement with the brokerage firm you chose to do business with, you probably gave it the right to liquidate all of the securities in your account at any time without notice. On the other hand, if you are an investor with little experience or one with a modest financial condition who was talked into opening a securities-backed line of credit account without being advised of the true nature, mechanics, and/or risks of opening such an account, then you should call us now! Alternatively, if you are an investor who needed to withdraw money for a house or to pay for your taxes or child’s education but was talked into holding a risky or concentrated portfolio of stocks and/or junk bonds in a pledged collateral account for a credit-line or a margin account, then we can probably help you recover your investment losses as well. The key to a successful recovery of your investment loss is not to focus on the brokerage firm’s liquidation of the securities in your account without notice. Instead, the focus on your case should be on what you were told and whether the recommendation was suitable for you before you opened the account and suffered the liquidation.

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Aug 15, 2020

UBS Yield Enhanced Strategy Investors: How Do You Recover Your “UBS-YES” Investment Losses?

If you are reading this article, you probably invested in the UBS Yield Enhanced Strategy (“UBS-YES”) and were surprised to learn the UBS-YES program you invested in was not exactly a “market neutral” investment strategy during the recent COVID 19 market crash. Despite your UBS stockbroker’s representations about the UBS-YES managers ability to “manage risk” and “minimize losses” through its “iron condor” option strategy you still realized substantial losses. You are not alone because that is just what many other UBS-YES investors have told us about the pitch made to them to invest in the UBS-YES program and their recent experience.

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Aug 5, 2020

UBS Financial Services, Inc. Sued for Florida and Ohio Advisor’s Alleged Misconduct Involving a Credit-Line Investment Strategy

UBS Financial Services, Inc, (“UBS”) employed a financial advisor (the “FA”) who has offices in Bonita Springs, Florida and Sylvania, Ohio. UBS held out the FA and other UBS employees on his team as investment advisers, investment managers, financial advisers, and financial planners with special skills and expertise in the management of securities portfolios and financial, estate, retirement, and tax planning matters.

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Jul 6, 2020

Oil and Gas Investors: How Do You Recover Your Oil and Gas Investment Losses?

Oil and Gas Investors: How Do You Recover Your Oil and Gas Investment Losses? If you are reading this article, we are guessing you invested in one or more of those misrepresented and unsuitable oil and gas stocks, bonds, limited partnerships, commodities, commodity pools and/or structured products as alternative investments linked to the oil and gas sector of the stock and commodities markets. We would not be surprised if you were told that the large oil and gas conglomerates had a proven track record of great dividends much higher than the yields on the fixed income investments you were accustomed but said nothing about the volatility of those types of investments. Maybe you are reading this webpage because your financial advisor recommended you invest your retirement savings in some those more complex and leveraged oil and gas structured products packaged as Exchange Traded Funds (ETFs), Exchange Traded Notes (ETNs) or other Exchange Traded Products (ETPs), that were leveraged two to three times and crashed in March this year. These were not suitable investments for retirees with conservative or moderate investor risk profiles. Did your financial advisor recommend you invest without explaining the nature, mechanics or risks of any of those oil and gas investments? Were your investments over-concentrated (more than 10% of your portfolio) by your stockbroker or investment advisor in the oil and gas sector to replace the bonds you owned for the higher dividend paying stocks? Did you lose fifty percent (50%) or more on those oil and gas investments? We’re not shocked because that is just what many other investors have told us about what happened to them recently. Now we are going to tell you what to do about those oil and gas investment losses. Your stockbroker had a duty to not only understand but explain the nature, mechanics and all of the risks associated with those investments before he/she sold you those investments, particularly some of the provisions within the ETNs where the broker-dealer who issued the ETNs or ETPs could redeem or retire them and force you to realize huge losses. Your stockbroker also had a duty to make sure they were suitable investments before they were recommended in light of your risk tolerance and financial condition and not over-concentrate investments in the volatile oil and gas sector in your portfolio. Unfortunately, many financial advisors who did not understand the nature, mechanics or risks sold these investments to clients with conservative and moderate risk who were seeking to enhance their income for their retirement. These were not suitable investments for investors with that kind of profile. If your financial advisor misrepresented the nature, mechanics or risks of those oil and gas investments or the risks were not fully explained, or you were over-concentrated (more than 10%) in the oil and gas sector, or if it was not in your best interest (or unsuitable), and/or your investments were liquidated without notice due to margin calls, you may have the right to bring an arbitration claim against your financial advisor and/or the brokerage firm who employed him. There is no way you will recover your losses on these oil and gas investments without some legal action. At The Law Offices of Robert Wayne Pearce, P.A., we represent investors in investment disputes for misrepresented and unsuitable investments in oil and gas stocks, bonds, limited partnerships, commodities, commodity pools and/or structured products as alternative investments linked to the oil and gas sector of the stock and commodities markets in FINRA arbitration and mediation proceedings. The claims we file are for fraud and misrepresentation, breach of fiduciary duty, failure to supervise, and unsuitable recommendations in violation of SEC and FINRA rules and industry standards. Attorney Pearce and his staff represent investors across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award. Se habla español CONTACT US FOR A FREE INITIAL CONSULTATION WITH EXPERIENCED STRUCTURED PRODUCT INVESTMENT ATTORNEYS IN FINRA ARBITRATIONS The Law Offices of Robert Wayne Pearce, P.A. have highly experienced lawyers who have successfully handled many oil and gas investment cases and other securities law matters and investment disputes in FINRA arbitration proceedings, and who work tirelessly to secure the best possible result for you and your case. For dedicated representation by an attorney with over 40 years of experience and success in structured product cases and all kinds of securities law and investment disputes, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

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Jul 1, 2020

FINRA Arbitration: What To Expect And Why You Should Choose Our Law Firm

If you are reading this article, you are probably an investor who has lost a substantial amount of money, Googled “FINRA Arbitration Lawyer,” clicked on a number of attorney websites, and maybe even spoken with a so-called “Securities Arbitration Lawyer” who told you after a five minute telephone call that “you have a great case;” “you need to sign a retainer agreement on a ‘contingency fee’ basis;” and “you need to act now because the statute of limitations is going to run.”

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