Sue Financial Advisor

Can a Financial Advisor or Stockbroker get bonded? I currently have E&O insurance through my firm, but it will only cover so much. Would it be a good idea to have myself bonded? In this market and in this financial environment clients and individuals are quite nervous, and it can be a financial nightmare if a client comes after you for compensation of losses or possibly suing you. Would it be a good idea to protect myself as an individual and have myself bonded? Is it even possible to have myself bonded? Any feedback would be greatly appreciated. Thank you.

yes but would the cost off set the risk -- you will have to talk to an agent to find out!!!

2008-10-23 08:12:40 by Jason M

iShares Managing Director Sue Thompson continues her search for a financial advisor. At this point in her quest, Sue and her husband ("the ...

if I sue the adviser , what will the court do regarding documentation, etc? and I heard about Alternative Dispute Resolution, is it possible to go for mediation as a way to recover my losses?

You are bound by the contract you signed with the advisor. If no contract exists, then you pretty much have to prove fraud to win any such case.

2008-03-31 19:12:39 by kylie

Price: $49.95

truthfully but 3 years later when i tried to claim on my cover i was rejected due to one question which my financial adviser had put the wrong answer down and they said because i signed the aggrememt they wouldnt pay up. I trusted this guy because we had dealt with him before so obviously when he handed me the forms to sign i just signed them thinking i wouldnt need to check the forms HOW WRONG WAS I Does anybody know if i could sue him or would i be wasting my time?

As they say - you could sue for anything, but whether or not you would win is another story.

You signed the contract, admittedly without reading the document and this can present a problem. A signature indicates you agree with what is contained in the document - even the incorrect answer.

You may want to try to find an attorney who offers a free or low cost consultation and see if there is a loophole with which to work - just to ensure you have exhausted all options.

2007-09-13 03:24:38 by akasha

I recently had a collection agency send me a document that looked like official court papers summoning me to a pre-trial hearing(even had an attorneys name and signature upon the document). When I called the court house clerk I discovered there was no such case number with my name on it , but the case number was from another closed case from the past. There were a number of discrepencies upon further investigation.

Can this be made into a case where I sue the collection agency, or does this only become a "complaint case" with the WA. State attorney general?

My financial advisor has suggested that this could be a case where I could sue their hynie off and I could "own a collection agency" (not that I want to-but I have been harassed and misled by this collections agencies tactics).

If a court case would happen, how do the damages/settlement get determined?

What kind of attorney would I seek for a consultation?

Your financial advisor is right, it is against The Federal Fair Debt Collections Practices Act (FDCPA). A debt collector may not use deception when trying to collect a debt. This includes deceptions like the following:

Send you anything that looks like an official document from a court or government agency when it is not.

You have the right to sue a debt collector within one year from the date you believe the law was violated.

Hope this helps!

2009-03-26 19:55:06 by Michael R

My friend was fired from Merrill Lynch in Jacksonville, FL as a Financial Advisor at the Financial Advisory center for speaking to the media. Merrill Lynch must approve all outside business ventures and this Advisor told Merrill Lynch what he did and the head compliance manager, Donna Fairclothe approved it as an acceptable business venture. A year goes by. A news article comes out bashing his business venture which Merrill Lynch knew about and approved as ok to do outside of work. Donna Fairclothe, head compliance manager and the Financial Advisory center, informed him to shut down his outside company or be fired. He refused and defended himself to the news reporter and then the news reporter retracted the first article and wrote good things about his business venture. Donna Fairclothe and Brenda Godfrey, head of the FAC by this time terminated my buddy saying he went against company policy about speaking to the media. (They did this before the 2nd news article came out praising my friends outside business venture.) HIs outside business venture had no connection with Merrill Lynch. Was it legal for the Merrill Lynch to fire this employee over this? Is there any legal recourse he can do or bring to sue Merrill Lynch or the head managers responsible for his termination?

A company has the right to fire anyone, any time unless:

1) There is a contractural agreement specifying limited conditions under which termination is permitted
2) The termination was due to legally-prohibited discrimination (racial, religious, etc.) or
3) The termination was in retaliation for some protected activity (whistle-blowing, filing a grievance, etc.)

It doesn't sound like eirther of the latter two could apply and it's doubtful the first does either - in fact, the vast majority of companies these days have new employees sign a document to the effect that they understand the job can be freely terminated by either party at any time. The sad fact is that a company can let someone go for just about any reason whatsoever.

2009-12-09 17:57:03 by T