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William B. Esq.
William B. Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 2677
Experience:  I am a civil litigation attorney with experience representing individuals and businesses.
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under what statutes can I sue an investment firm if they refuse

Resolved Question:

under what statutes can I sue an investment firm if they refuse to release my money with the excuse of fraud if I can prove no fraud was committed and they cannot prove fraud was committed? Thanks
Submitted: 8 months ago.
Category: Consumer Protection Law
Expert:  William B. Esq. replied 8 months ago.

CalAttorney2 :

Dear Customer, thank you for choosing Just Answer. I would like to assist you with your question today.

Customer:

OK

CalAttorney2 :

Under standard tort causes of action you may sue for "conversion" (the primary cause of action for a situation such as this), and "trespass to chattel".

CalAttorney2 :

Is this a national investment firm? and what state are you in? (I can see if there are additional and specific statutes)

CalAttorney2 :

(The third cause of action in a situation like this would likely be for "declaratory relief" to determine each party's respective rights).

Customer:

I am from NM the firm is Capital One Share builders Capital One has been in trouble numerous times

CalAttorney2 :

Give me a moment to look this up (sometimes the statutory research can take a couple of minutes).

Customer:

OK can they be sued for some kind of fraud

CalAttorney2 :

Yes they can be sued for fraud if they told you something that was false at the time you invested that caused you to invest.

CalAttorney2 :

Were your rights to shares liquid or illiquid, or semi-liquid? (under your contract - the right to your funds is governed by the terms of your contract, if they are refusing you funds that you have a right to under false claims in the contract - you say they are accusing you falsely of fraud - then they are in breach of contract and owe you the funds).

Customer:

Not sure if the shares are liquid....I have been able to cash out shares and receive the money in the past they told me if I try to sue they can make me go through something like mediation, but I could sue but it would take longer according to them

CalAttorney2 :

They would probably force you to go through arbitration (mediation is quicker and usually easier - it is "collaborative" and both sides must agree on the result while arbitration is more like litigation in court with a third party arbitrator, usually a more experienced attorney, that makes a final decision on the case). Court cases do take longer, but lately depending on the venue, arbitration has been taking almost as long, and costing about the same too.

Customer:

yes it was arbitration, they are really being belligerent about the whole thing not sure what to do

CalAttorney2 :

Depending on how much money is at stake, you can consider "lawyering up" and see how that goes. I cannot give you a specific course of action or legal strategy (we cannot practice law through this site), but I can tell you that shareholders are traditionally at a disadvantage unless you are in litigation. Arbitration is similar to litigation, but usually the arbitration rules limit discovery so that you do not receive all of the same documents that you would in litigation through discovery, and you do not have the same rights, such as the right to a jury, when you are in arbitration. If you have the means to hire counsel, and it makes good business sense to do so (the amount at stake is worth the cost of hiring a lawyer) that is usually a good investment in these matters as the case might turn on procedural matters (I know customers do not come to this forum to be told to "go hire an attorney" but if you want to go to civil court against a large corporation, it is a fact that being represented gives you a better chance of success).

William B. Esq., Lawyer
Satisfied Customers: 2677
Experience: I am a civil litigation attorney with experience representing individuals and businesses.
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