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tgrbaitn08
New Orleans Saints Fan
Member since Dec 2007
33145 posts

Securities Lawyers.....Recovering Investment Losses


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?







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barry
Cincinnati Fan
Location, Location, Location
Member since Aug 2006
37163 posts

re: Securities Lawyers.....Recovering Investment Losses


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.





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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
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re: Securities Lawyers.....Recovering Investment Losses


LINK
There are probably other ambulance chasing lawyers trying to contact you....






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tgrbaitn08
New Orleans Saints Fan
Member since Dec 2007
33145 posts

re: Securities Lawyers.....Recovering Investment Losses


quote:

Was it a broker at a major firm?


Yes, EJ.

quote:

frankly for 10k, you could run up that in lawyer fees.


I've got some attorney friends that would probably do it for nothing. I'm just trying to see if I would even have a chance before I approach them.






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tgrbaitn08
New Orleans Saints Fan
Member since Dec 2007
33145 posts

re: Securities Lawyers.....Recovering Investment Losses


quote:

LINK
There are probably other ambulance chasing lawyers trying to contact you....


oh shit, so there is already some momentum. I didnt realize that.






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
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re: Securities Lawyers.....Recovering Investment Losses


quote:

oh shit, so there is already some momentum. I didnt realize that.




I just Googled "ATP Oil and Gas lawsuit" and the link I gave you was one of many links that came up along with several links about the U.S. suing the company for polluting or something.

Anytime a company goes under lawyers line up to see who can come up with the biggest class for a class action lawsuit against all the deep pockets involved.

These lawyer feeding frenzies also happen almost every time a company's stock price takes a big drop due to some company announcement. It's a form of greenmail by underemployed lawyers trying to make it rain. The lawyers end up with the vast majority of any settlement money. Stockholders get back pennies on the dollar from their losses.






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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
28616 posts

re: Securities Lawyers.....Recovering Investment Losses


quote:

Yes, EJ.








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tgrbaitn08
New Orleans Saints Fan
Member since Dec 2007
33145 posts

re: Securities Lawyers.....Recovering Investment Losses


quote:


Yes, EJ.



and hes a very close friend of my family.

I'd hate to do anything to ruin that but frick man, that's my money that I gave him and he never said one fricking word to me about that stock plummeting until one day I realized it on my own and asked him about it and he didn't even know.






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LSURussian
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re: Securities Lawyers.....Recovering Investment Losses


quote:

Yes, EJ.

I guess I'm out of the loop. What's an "EJ"?






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JPLSU1981
LSU Fan
Baton Rouge
Member since Oct 2005
16635 posts

re: Securities Lawyers.....Recovering Investment Losses


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.



This post was edited on 3/11 at 12:12 pm


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RedStickBR
LSU Fan
Member since Sep 2009
9978 posts

re: Securities Lawyers.....Recovering Investment Losses


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.





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RedStickBR
LSU Fan
Member since Sep 2009
9978 posts

re: Securities Lawyers.....Recovering Investment Losses


I take it he's referring to *shudder* Edward Jones. It was by someone who worked there that I was asked the famous, "What's a 10-Q?" question that I've talked about here in the past.


This post was edited on 3/11 at 12:07 pm


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RickAstley
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Reno, Nevada
Member since May 2011
1550 posts

re: Securities Lawyers.....Recovering Investment Losses


quote:

What's an "EJ"?


If you have to ask, you can't afford it.






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LSURussian
LSU Fan
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Member since Feb 2005
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re: Securities Lawyers.....Recovering Investment Losses


quote:

What's an "EJ"?



If you have to ask, you can't afford it.


You're probably right, I can't afford to lose money like he did.....

I never think of Edward Jones as a legitimate "broker."






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LSURussian
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re: Securities Lawyers.....Recovering Investment Losses


quote:

I take it he's referring to *shudder* Edward Jones.






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Fat Bastard
New Orleans Saints Fan
Paradise
Member since Mar 2009
15622 posts

re: Securities Lawyers.....Recovering Investment Losses


quote:

Yes, EJ.


OH MY GOODNESS






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tgrbaitn08
New Orleans Saints Fan
Member since Dec 2007
33145 posts

re: Securities Lawyers.....Recovering Investment Losses


It's just an account that I give him a chunk of money every couple years to play with. It's money left over from our business that we put into retirement accounts or SEP accounts at the beginning of every year.

He hooked me up a couple of years ago when we bought 500 shares of Conoco Philips, and like I said hes a friend of the family and so I throw him a bone every now and then. All my other money is managed by UBS.


I just want to see if there is any way I can recoop some of my loses.






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tgrbaitn08
New Orleans Saints Fan
Member since Dec 2007
33145 posts

re: Securities Lawyers.....Recovering Investment Losses


quote:

. Did he even recommend that stock to begin with or did you just come in with money and say "I wanna buy ATP" ?


no he recommended ATP and we discussed buying it but before I knew it he had already bought it.



On a different note: Im looking at my statement and It seems as though I have $5700 in cash just sitting alone, what if anything could I be doing with this money?






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Fat Bastard
New Orleans Saints Fan
Paradise
Member since Mar 2009
15622 posts

re: Securities Lawyers.....Recovering Investment Losses


quote:

It's just an account that I give him a chunk of money every couple years to play with.


soooooooooooo, he had to play with YOUR $$$? You could not PLAY with it?


quote:

He hooked me up a couple of years ago when we bought 500 shares of Conoco Philips,


again, and you could not do this by yourself? Buy these shares after researching the company?






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tgrbaitn08
New Orleans Saints Fan
Member since Dec 2007
33145 posts

re: Securities Lawyers.....Recovering Investment Losses


quote:


It's just an account that I give him a chunk of money every couple years to play with.


soooooooooooo, he had to play with YOUR $$$? You could not PLAY with it?


quote:
He hooked me up a couple of years ago when we bought 500 shares of Conoco Philips,


again, and you could not do this by yourself? Buy these shares after researching the company?



Like I said, the money comes from my company. I guess I could take it wherever I want, but since its a family business and the broker is a family friend, that's where it ends up. I have the final say so on how it's used though.






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