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Hello I have been recieving constant aggressive cold calls from a particular no name firm in New York on a daily basis to buy stock.I broke down and bought 100 shares and paid for it. The stock went up a couple points and the broker/cold caller begged for more...in fact he wanted 100,000 shares...saying I cant lose...its a given....I refused.I went on vacation and came back to find that he purchased 750 shares and that the stock dropped 50% in the 5 days I was gone....I recieved a bill for the original amount and I called the broker who would not get on the phone...so I told them that I never purchased this stock...a week later I recieve a transaction notice that they sold my original shares for a significant loss and the 750 that I never purchased...all without my authorization...this outfit and the broker are probably boiler room...but what action do I take and whom do I contact?
State/Country relating to Question: Pennsylvania Already Tried: I have been very busy since I own several companies and this is the first I have addressed this....strangely,the firm has not contacted me either....this all happened in a 2 week time period about a month ago...I fear they will sue me for the funds but I want my money back and I want the sec to know these are bad people
HelloCustomerIf you feel that the broker has violated the law you should file a complaint with the Securities and Exchange Commission. You can do so online at: http://www.sec.gov/complaint.shtml. If, on the other hand, you don't think that the broker broke the law, but instead violated a written or oral contract, you should consult with a local attorney who practices business or securities law about filing a breach of contract lawsuit against the broker.
It basically is his word against mine...how do they stop brokers from simply making trades without authorization...how do mI prove that he did so...or is the burden upon them to prove that I did make the trade?
Hello again,Regardless of whether you have a written contract or not, you can still report the broker as discussed above and also potentially sue him for the loss of your money. You can also report him to the state licensing agency in Pennsylvania for investigation. As far as the burden goes, in a civil case you would have to initially establish that you had an oral agreement, assuming that there is nothing in writing, and that he violated that agreement or good faith standards of his profession, by his actions. He would then have the burden to show that he was acting in good faith and under acceptable practices. Many cases that go to court involve two peoples words or opinions that differ. It isn't easy but it may be worth at least speaking to a local attorney about.
Attorney
Licensed Atty, 25 yrs exp in the practice of law.