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?
[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.
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.
What happens if they don’t? Because they haven’t
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.
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).