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Securities Lawyers.....Recovering Investment Losses
Posted on 3/11/13 at 11:23 am
Posted on 3/11/13 at 11:23 am
Does anyone here have any experience recovering investments that your broker made on your behalf and the company ended up filing Chapter 11 and now you're out a big chunk of money due to his lack of attention to the stock?
Here's the scenario:
I gave a broker $10k about a year, he bought 1000 shares of ATP Oil and Gas and never let me know WTF was gong on. Before I know if the price was at 10 cents and they had filed for Chapter 11.
Now that I'm out $10k and it doesn't look like I'll ever see that money again, is there recourse for at least getting some of it back?
Here's the scenario:
I gave a broker $10k about a year, he bought 1000 shares of ATP Oil and Gas and never let me know WTF was gong on. Before I know if the price was at 10 cents and they had filed for Chapter 11.
Now that I'm out $10k and it doesn't look like I'll ever see that money again, is there recourse for at least getting some of it back?
5
Posted on 3/11/13 at 11:27 am to tgrbaitn08
Was it a broker at a major firm? You may be able to show negligence but frankly for 10k, you could run up that in lawyer fees.
Posted on 3/11/13 at 11:29 am to tgrbaitn08
LINK
There are probably other ambulance chasing lawyers trying to contact you....
There are probably other ambulance chasing lawyers trying to contact you....
Posted on 3/11/13 at 12:04 pm to tgrbaitn08
Are you in a managed account with him or is it just a regular brokerage account?
TBH, it's not really his job to "watch" individual stocks that you buy. Did he even recommend that stock to begin with or did you just come in with money and say "I wanna buy ATP" ?
If he recommended the stock to begin with, you might have a better case, but still probably not. But if you wanted to buy it and he had nothing to do with recomendation and merely transacted your buy order, it was not his job to watch the stock for you.
TBH, it's not really his job to "watch" individual stocks that you buy. Did he even recommend that stock to begin with or did you just come in with money and say "I wanna buy ATP" ?
If he recommended the stock to begin with, you might have a better case, but still probably not. But if you wanted to buy it and he had nothing to do with recomendation and merely transacted your buy order, it was not his job to watch the stock for you.
This post was edited on 3/11/13 at 12:12 pm
Posted on 3/11/13 at 12:05 pm to tgrbaitn08
Dude, people who work at Edward Jones are in no way qualified to make individual stock recommendations. You should have it mandated in your investment policy that they stay away from all such investments unless expressly granted permission from you. The fact you entrusted them to make these investments puts some of the fault on your hands, IMO, but you're merely one of a huge many who are duped by these cons on a regular basis.
Posted on 3/11/13 at 12:41 pm to tgrbaitn08
Edward Jones as an organization is more at fault than your buddy. They are notorious for deploying unqualified "professionals" on low-middle class America. He simply doesn't have the skills or support to make reasonable investment decisions, and likely is oblivious to such.
I love this from EJ's QandA section:
I love this from EJ's QandA section:
quote:
Q. Do I need a college degree?
A. Although we prefer that our applicants have a college degree, it is not a requirement.
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