QUESTION
Can I recoupe my lost personal investment through account representative poorly manage my account without any discloser to risk?
Asked on Sep 18th, 2012 on Business Law - New Jersey
More details to this question:
I have invest large sum of money about $90,000 in buying gold. however, the account representative has persuaved me in shorting the market with NO risk discloser. He initiate all trades and assure me of no risk. if I let him manage the account he would recoupe and gain profit. in and out buying for a year. finally decided he could not get me out of the mess he put me in. he turned away. I called the compliance department to investigate and they see the problem. The Account reprentative to them is " very aggresive" in trade but little knowledge on market. he lied all the way. they could not find any discloser that the account representitive disclosed. They are looking for settlement. I rather used my lost pay for attorney. it is the principle I am seeking.
1 ANSWER
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It sounds as if you have been dealing with a commodities broker and have experienced losses in your account. Your right to a recovery and the manner in which your dispute must be resolved are governed by your account agreement. Your inquiry does not provide enough information to consider the ultimate question of how the "settlement" the broker is seeking should be evaluated or what you want someone to tell you. Generally, a settlement means just that -- taking less than the amount to which you are entitled in order to avoid the expense, risk and vexation of litigation. If you just insist on being paid 100 cents on the dollar, that's not a settlement.
Answered on Sep 20th, 2012 at 12:45 AM