The Financial Industry Regulatory Authority (“FINRA”) is moving forward with a proposal that would give broker-dealers limited abili...
If your broker, investment professional, or investment adviser performs a financial action or authorizes a transaction in your investment account or brokerage account without your permission, they have committed an unauthorized trade. Unauthorized trading can occur in several forms and may involve various financial products, securities, or investment accounts. Investors can file a claim to seek compensation for losses resulting from unauthorized trading. Such actions may involve fraudulent or deceitful practices, fraudulent schemes, or deceptive practices. The firm or brokerage firm involved has legal and regulatory responsibilities in these cases, and both brokers and investment firms must adhere to all applicable rule and rules to avoid regulatory sanctions. FINRA rules and SEC rules, including SEC Rule 10b-5, specifically prohibit brokers from making trades in a customer's account without proper authorization and prohibit engaging in fraudulent, deceptive, or manipulative practices in connection with securities transactions.
Our attorneys at Eccleston Law have provided high-quality legal services and representation to those who have fallen victim to unauthorized trading nationwide. Claims related to unauthorized trading are handled through arbitration. Consulting with a lawyer is crucial for those who have concerns about unauthorized trading or suspect deceptive practices.
Schedule a phone conference with an attorney at Eccleston Law today.
What is unauthorized trading?
Unauthorized trading occurs when a broker or financial advisor makes trades in your account without your permission or without having discretionary authority. Unless you've signed a written agreement giving them control, every trade should be explicitly approved by you.
What are the common signs of unauthorized trading in my account?
If something doesn't feel right, it's important to investigate immediately.
What is the difference between discretionary and non-discretionary accounts?
What should I do if I suspect unauthorized trading in my account?
Immediately:
Time is critical—unauthorized trading cases have strict filing deadlines.
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