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CalAttorney2
CalAttorney2, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 10244
Experience:  I am a civil litigation attorney representing individuals and businesses.
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Past ten years I have been investing with several financial

Customer Question

For the past ten years I have been investing with several financial advisors, which have not fully disclosed to me the actual cost of several vehicles. I was not told I had to pay taxes on some earnings, the total cost of management fees. I had my information reviewed and I've only made 1.4% on my earnings, which I was told it would be at least 4%. add on management fees which I always questioned, then the unpaid taxes which amount to $42,000. I was informed whenever I asked that all my investments were deferred until I withdraw at retirement, which I have not done. I intend to file a claim against the bank, for not adhering to regulatory rules, and specifically lack of full disclosure as they are to disclose any and all relavent info about an investment, such as cost, including taxes. I've alway's asked if I pay taxes and all have said no not until you take money out when retired or before.
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  CalAttorney2 replied 1 year ago.

I am sorry to learn about this situation. If you wish to pursue independent civil claims against these brokers (in addition to reporting their misconduct) you can explore these claims with a local attorney. Usually these claims fall under breach of fiduciary duty, breach of contract, and negligence (as well as financial abuse of an elder). Due to the complexity of these claims, I highly recommend that you retain a plaintiff's lawyer (also called trial attorneys). Fortunately the majority of these attorneys will provide you with a free consultation, and many will represent you on a contingency basis (they will advance the costs of litigation and legal services in exchange for a portion of your successful settlement or judgment). You can find local attorneys using the State and Local Bar Association directories, or private directories such as www.AVVO.com; www.FindLaw.com; or www.Martindale.com (I personally find www.AVVO.com to be the most user friendly).

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