Team Member Liability

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Feb 8, 2006 12:19 am

Since teams are becoming more popular, I thought I would ask this...


Broker 1 brings in a rookie, Broker 2.  They each have their own rep #3.   All the assets stay in their joint number, but broker 1 drops a lot of the tickets under his own number because broker 2 does get paid on production.


If Broker 1 does something wrong, Ex: exercises discreation w/o written authority.  Are both Brokers liable because it was in a joint number, or just the Broker who placed the trades?


Any other Questions on Team Member Liability are welcome.