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Back in or around 2003-04...I gave my "Financial Advisor" strict

instructions to COMPLETELY liquidate my...
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.............
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Answered in 17 minutes by:
4/3/2013
J. Warren
J. Warren, Attorney
Category: Business Law
Satisfied Customers: 2,250
Experience: Experience in general business transaction and formation matters.
Verified

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
J. Warren, Attorney
Category: Business Law
Satisfied Customers: 2,250
Experience: Experience in general business transaction and formation matters.
Verified
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J. Warren
J. Warren
J. Warren, Attorney
Category: Business Law
Satisfied Customers: 2,250
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Experience: Experience in general business transaction and formation matters.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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