The Ohio stock loss attorneys at Elk & Elk take investment fraud seriously
Our stock loss attorneys in Ohio can help reclaim your future.
It’s no secret that investing money comes with its risks. But when unethical brokers and investors use this fact to cheat their clients out of money – especially in the middle of a recession – victims have a legal responsibility to help bring the offenders to justice. They also often have a right – as victims of broker fraud – to compensation for their losses.
What is investment fraud?
Put simply, investment fraud – also known as financial fraud and securities fraud – occurs when a financial adviser, stock broker, investment banker or another type of money manager makes investment decisions for his clients based on false information. “Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements,” www.wikipedia.com reports.
Types of investment fraud:
Unsuitable Recommendations:
The U.S. Securities and Exchange Commission in the 1930’s coined the “shingle theory” to explain the responsibility brokers had to their investors; the idea being that if a broker hung out a shingle it was with his clients’ best interests in mind – that he would represent his clients fairly and responsibly when making financial decisions on their behalf. Over the years, this has become known as the suitability doctrine and it mandates that brokers not only understand the securities with which they’re dealing, but also the clients whose hard-earned money they’re dealing with. This means understanding a customer’s financial status, tax status, investment objectives and all other information needed to make appropriate recommendations to a customer.
When financial advisers neglect any of these factors, they’re acting recklessly and run the risk of losing clients’ savings. If you or someone you know suspects a broker of making unsuitable recommendations resulting in a significant loss of money, get in touch with an Ohio investment fraud attorney at Elk & Elk.
Over-Concentration:
One of the most important features of a strong investment portfolio is diversification – investing money in various types of financial products across an array of industries. It’s the opposite of the proverbial putting one’s eggs “all in one basket” and it’s sound investing.
If a stockbroker over-concentrates clients’ investments, it may be a form of stockbroker fraud and, depending upon how much it cost you, you may be entitled to compensation for your losses. The only way to be certain your broker is paying due diligence to your specific circumstances and is investing accordingly is to speak with an Ohio stock market loss lawyer at Elk & Elk. If you think you or someone you know has been victimized by this kind of flagrant disregard for financial responsibility, call us at 1-800-ELK-OHIO or click here for our free, no-obligation online case analysis form.
Misrepresentation and Omission:
The hallmark of a quality stockbroker is full disclosure. When a stockbroker deliberately conceals facts, distorts figures and omits important information about the risks associated with certain securities, it’s a sure sign he is operating in a less-than-legitimate manner. To misrepresent investments and/or to fail to explain fully the specific risks involved is misrepresentation and it has cost investors millions, if not billions of their hard-earned dollars.
If you or someone you know has experienced significant losses at the hands of an unscrupulous financial adviser and you suspect he or she has misrepresented the viability of the portfolio in question, you need to contact an experienced Ohio stock loss attorney at Elk & Elk. We’re just a phone call away at 1-800-ELK-OHIO; or click here for a free online case evaluation form to fill out with the details of your specific situation.
Selling Away:
Selling away occurs when a certified stockbroker working for a specific brokerage firm sells to a client a financial product not offered by or present on the approved product list of that specific firm. It usually results from a broker’s desire to earn a commission and, in some cases, constitutes stockbroker fraud.
If you or someone you know appears to be a victim of selling away by a less-than-honorable financial adviser, you deserve justice. Just call 1-800-ELK-OHIO for a free case consultation or click here to fill out our free, no-obligation case analysis form online.
Churning:
Churning is when a broker makes an unreasonable amount of trades in a short time, especially when the return on the client’s investments winds up being very little by doing so. Unscrupulous brokers do it simply to generate more broker fees for themselves and it’s a form of stockbroker fraud.
The only way to be certain your broker is investing appropriately on your behalf is to speak with an Ohio stock market loss lawyer at Elk & Elk. If you think you or someone you know has been victimized by this kind of financial irresponsibility, call us at 1-800-ELK-OHIO or click here for our free, no-obligation online case analysis form.
Failing to Execute:
A broker has a duty to comply with the orders given to him by his clients, whether it goes against his own better judgment. After all, it’s his clients’ money he’s investing, not his own.
Sometimes, a broker’s failure to complete a client’s request is an honest mistake, compounded by the literally millions of market transactions occurring daily. But other times, brokers may have an ulterior motive, prompting a failure to execute. In this case, it’s a form of financial fraud and could wind up costing honest, hard-working investors dearly. Be sure your finances have been handled correctly and that you haven’t missed out on making a profit due to a financial adviser’s misconduct. Call Elk & Elk at 1-800-ELK-OHIO or click here for our free, no-obligation online case analysis form.
Have you lost money through an unbalanced investment portfolio?
While those who put their money – sometimes their lives’ savings – in a bond-heavy or stock-heavy portfolio and lost half or even more of the money they had invested; those with a balanced portfolio comprised of a combination of stocks and bonds fared considerably better in recent tough economic climates. In many cases, these diverse portfolios are down only 10 percent or less in two years.
If you have suffered a considerable loss on the advice of your stockbroker, contact the stock loss attorneys of Elk & Elk.
Elk & Elk’s stock loss attorneys in Ohio have the resources, the ability and the desire to help you get the compensation you deserve after being raked over the coals in financial market. We have lawyers, economists, analysts, accountants, financial planners and a virtual army of professionals who will study your case and leave no stone unturned to ensure your rights are protected.
Do you have a case?
Sometimes it’s difficult to determine whether a financial adviser’s negligent money management is to blame for your significant financial loss. Oftentimes, victims of stock market fraud feel as though THEY’VE been foolish and are therefore reluctant to come forward to learn whether they have a case.
While it takes more than just a few clicks of a mouse to learn whether you have an actionable complaint against a stockbroker, financial planner or other money market manager, there are some types of investment fraud that are so prevalent, they’ve even landed themselves pages on Wikipedia:
At Elk & Elk, our experienced Ohio investment fraud attorneys can help you win back what financial mismanagement or fraud has taken from your future financial security.
Just call 1-800-ELK-OHIO for a no-obligation, no-cost phone consultation with one of our financial Ohio stock loss/fraud specialists. We are available 24 hours a day, seven days a week and 365 days a year. You may also choose to fill out our free online case evaluation form. You may begin simply by clicking here.
