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J. Warren
J. Warren, Attorney
Category: Business Law
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Experience:  Experience in general business transaction and formation matters.
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Back in or around 2003-04...I gave my "Financial Advisor" strict

Resolved Question:

Back in or around 2003-04...I gave my "Financial Advisor" strict instructions to COMPLETELY liquidate my investment account with a firm I had been with for over 20+ years....

Three (3) later in 2008, I unfortunately was forced to close/sell my businesses and declare a Chapter 7 bankruptcy. During the bankruptcy hearing, the judge noticed an account I had listed as closed----was instead still active and open. Upon a very quick investigation, we discovered that my "Financial Advisor" FAILED to close this account which was worth almost $ 70,000.00....consequently.

We explained the circumstances to the judge, whom then allowed us in essence to relist this asset-------which the court promptly seized.

MY QUESTION(s):

(Part 1) Do I have any recourse against the "Financial Advisor" for not fulfilling his fiduciary duty to 100% liquidate my investment account---which if he had, I would had my $70,000.00 which instead went to the courts.

(Part 2) In 2009, I sent a complaint to the United States Securities and Exchange Commission to file a complaint concerning this issue. During the investigation, the brokerage house did respond, but the SEC investigating agent was doing a very poor job, so I complained to her boss---whom agreed with me and (in writing) said that the SEC would contact me when a new investigating agent was put in place....however,
--------I never heard another word from the SEC again.

What actions can I take against the SEC.?.? Because they did not properly follow-up with my complaint, I've been told that now there is nothing I can do either way.

I'm absolutely furious. I am tired of one rule for the American public---but another rule for corporations and Federal departments run by idiots who hide behind in the tall weeds when they screw-up.

What are all of my options please.............
Submitted: 1 year ago.
Category: Business Law
Expert:  J. Warren replied 1 year ago.

Hello! Thank you for allowing me to be of service to you. Please note: (1) this is general information only, not legal advice; and (2) I will provide you with honest information and not necessarily to tell you might be hoping to hear.

I am sorry you are dealing with this situation and understand your frustration.

A claim against the financial advisor can be brought for a breach of fiduciary duty and negligence against his errors and omissions insurance. This would entail filing a lawsuit against the advisor which would be tendered to his error and omission insurance. In addition, if he belongs to any certification boards such as the CFP board etc., a complaint could be lodged.

Unfortunately, if you brought a suit against the SEC, it most likely would invoke its immunity privileges. However, a complaint can be filed with the Office of the Inspector General. Here is a link to the OIG's website and complaint information: www.sec-oig.gov/

I apologize that this was probably not the answer you were hoping to receive. However, it would be unfair to you and unprofessional of me were I to provide you with anything less than truthful and honest information.

All my best & encouragement.

Please note that you are asked to rate my courtesy and professionalism, and not whether the answer supports your legal position. I only receive credit when rated 3 or higher. If for any reason you feel that a low rating is appropriate, please first give me the opportunity to address your concerns by clicking the "reply" tab.

 

J. Warren, Attorney
Category: Business Law
Satisfied Customers: 1307
Experience: Experience in general business transaction and formation matters.
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J. Warren
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