If you have ever been the victim of broker fraud, you know how devastating it can be. You may feel like you have lost everything, and that there is no hope for recovery. But don’t give up yet! There are things you can do to fight back and get your life back on track. From filing a complaint with the SEC to taking your broker to court, here are six things you can do if you’ve been the victim of broker fraud.
1. File A Complaint With The SEC
The first thing you should do if you believe you have been the victim of broker fraud is to file a complaint with the Securities and Exchange Commission (SEC). The SEC is responsible for enforcing federal securities laws, and they will investigate your claim. If they find that your broker has committed fraud, they may take action against them, including ordering them to pay restitution to you. No matter which complaint you choose to file, you can’t do it without a reputable options losses attorney who will evaluate your claim and help you prepare the necessary documentation. For example, in a case of churning (excessive and unnecessary trading in your account), you will need to show evidence of the number of trades made, the dates they were made, and the commissions charged.
2. File A Complaint With FINRA
Another avenue you can take is to file a complaint with the Financial Industry Regulatory Authority (FINRA). FINRA is a self-regulatory organization that oversees broker-dealers and brokers. If you believe your broker has committed fraud, you can file a complaint with them. They will then investigate your claim and take action if they find that your trading broker has violated FINRA rules. One advantage of filing a complaint with FINRA is that they have a Dispute Resolution Program that can help resolve your claim without going to court.
3. File A Lawsuit Against Your Broker
If you want to take more aggressive action, you can file a lawsuit against your broker. This is the last resort option, and you should only consider it if you have tried filing a complaint with the SEC or FINRA and they were unable to help you. When you file a lawsuit, you will need to prove that your broker committed fraud and that you suffered damages as a result. This can be difficult to do, so it’s important to have an experienced attorney on your side. Additionally, you will need to file your lawsuit within the statute of limitations, which is usually two or three years from the date of the fraud.
4. Get A Restraining Order Against Your Broker
If you are in immediate danger of being harmed by your broker, you can get a restraining order against them. This will prevent them from contacting you or coming near you. It’s important to note that this is not a criminal restraining order, so it will not stop your broker from committing fraud. However, it can provide some protection and peace of mind if you are worried about your safety. This might be an option to consider if your broker is making threatening phone calls or showing up at your home or work.
5. Contact Your State Attorney General
If you live in the United States, you can contact your state attorney general’s office to file a complaint against your broker. The attorney general’s office will investigate your claim and take action if they find that your broker has committed fraud. This might be a good option if you have been unable to get help from the SEC or FINRA. In addition to taking action against your broker, the attorney general’s office might also be able to help you get restitution.
6. Contact The Authorities
You can also contact your local police department to file a report against your broker. This is not the same as filing a criminal complaint, but it can put pressure on your broker and might deter them from committing further fraud. In addition, if you have been the victim of identity theft or other crimes, filing a police report can help you resolve those issues. And, if you believe your broker has committed federal crimes, you can contact the FBI. The FBI will investigate your claim and take action if they find evidence of criminal activity. This might be a good option if you have been unable to get help from other agencies. Additionally, if you want to gather evidence against your broker but don’t want to do it yourself, you can contact a private investigator. A private investigator can conduct surveillance, interviews, and background checks.
There are a few things you can do if you believe you’ve been the victim of broker fraud. You can file a complaint with the SEC or FINRA, file a lawsuit, or contact your state attorney general’s office. You can also contact the authorities or get a restraining order against your broker. If you want to gather evidence, you can contact a private investigator. No matter which option you choose, make sure it’s the best one for your particular situation.
