Articles Tagged with Chicago Illinois

AdobeStock_35532974-1-300x200Were you a client of TD Ameritrade, Charles Schwab, ETrade or Fidelity? Were your account positions sold out to satisfy margin calls? If so, under some circumstances, the brokerage firm can be sued to recover the losses associated with the margin blowout activity.

Ordinarily, brokerage firms have the right to liquidate investors out of various positions to satisfy margin calls. We are currently representing clients who were told by the brokerage firm they had a specific period of time to satisfy the margin calls. Unfortunately, the firms then proceeded to sell the clients out of those positions prior to the time given to satisfy the margin calls. The verbal representations made by the firm modified the contract and required the firms to give the investors that period of time to satisfy the calls.

The FINRA arbitration claims process or class-action lawsuits can be used to recover damages associated with the margin blowouts. Please call our law firm in Chicago Illinois for a no-cost review by an attorney.

Brokerage firms are required to only distribute money to people who are authorized by the owner of the account. Sometimes brokerage firm’s allow funds to be withdrawn or taken from an account without the account holder’s approval or authorization. Sometimes the people who abscond with the funds are family or friends. Other times the people who take the funds are unknown to the account holders. This week Ameriprise got tagged in a FINRA arbitration claim for $435,000when the farm made an improper distribution to a person Who was not a proper beneficiary of a nonqualified account and to two IRAs

If you were a client of Merrill Lynch, Morgan Stanley, Ameriprise, E*TRADE, Wells Fargo, Scottrade, Schwab, Fidelity, Vanguard, or any other brokerage firm, and funds were illegally taken from your account through hacking, fishing or simply a brokerage firm allowing funds to be taken, stolen or converted you have legal options to recoup those funds through the FINRA arbitration process. Please call our law firm in Chicago Illinois at 312-332-4200 for a no-cost review by an attorney to see whether those losses can be recovered on a contingency fee basis.

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