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Dec 18, 2008 8:52 pm

I have a client who has been trying to transfer his account for 6 months to my firm.  The broker at the previous firm made an unauthorized trade just before the paperwork went to the old broker-then, the client lost 1/2 of his money.  He wants the old firm to make him whole so that he can transfer the original amount and we can decide together how to invest it.  He wrote 3 letters to the BD, including one that went to the brokers supervisor and he has received the retrun receipt showing that the supervisor received the letter.  This was 2 months ago and he has not heard from the broker dealer.  Isn’t there some rule that a supervisor must address an aunauthorized trade?

Dec 19, 2008 2:06 pm

What happens if they don’t?  Because they haven’t

Dec 19, 2008 2:11 pm

[quote=ivebeentaken]What happens if they don’t?  Because they haven’t[/quote]

I don’t see any upside to you getting involved in this.

Dec 19, 2008 4:21 pm

What happens if they don’t?  Because they haven’t

  They are forced to listen to a mix tape of Backstreet Boys, NSYNC, Milli Vanilli, and Hannah Montana for 22 hours a day.  The other two hours they are allowed playground rights on an extremely bumpy basketball court, overinflated balls, warped backboards, and no nets.    Why don't you hire a securities attorney and ask him these questions?  It sounds like you really need one.  Asking a group of anon FAs on a forum isn't really my idea of great legal counsel.    
Dec 19, 2008 10:49 pm

Don’t be mean.  I do have legal councel, but this is not exactally my fight.  I just want to see the right thing done by the client.  I haven’t been in the business very long.  I just thought that a group of my peers would be able to help me with their experiences.  I thought that this was what this forum was for.

Dec 22, 2008 1:54 pm

Have your client contact FINRA.  They should have had follow up already from the first B/D.  FINRA should speed things up (and good luck on having the firm make the client whole).