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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 118201
Experience:  Attorney experienced in commercial litigation.
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I was told by my stock trading firm that transferring money

Customer Question

I was told by my stock trading firm that transferring money to a managed account would be as easy as switching the cash from one pocket to another. On 03/20/15 I was asked to fill out a risk-tolerance questionnaire which I did. I was ordered to sell my original portfolio on April 9th, which I did reluctantly with the understanding my funds would be reinvested immediately. Then I was told they didn't have the correct date on the form. I resubmitted that form immediately. I was patient but still no progress finally calling again on Thursday May 1st they said they would overnight it, Friday I called again and they assured me the form was in the mail, Saturday no response, Monday no response until I called. I want my account put back to the way it was before all the bungling started. I've lost over $4000.00 and would like to know if I'm entitled to compensation
Submitted: 2 years ago.
Category: Consumer Protection Law
Expert:  Law Educator, Esq. replied 2 years ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
If the trading firm was negligent in handling the documents to process the transfer, they are indeed liable to you for that negligence. If you can show you sent all of the proper forms to them and they failed to either send you the correct forms or mishandled the forms you sent then you can file suit against them in small claims court (unless your contract with them, which you need to review, mandates arbitration of disputes and if it does then you need to request arbitration and prove you sent them all of the correct forms and it was the brokerage company's fault and ask for damages from the arbitrator).