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Alex J. Esq.
Alex J. Esq., Attorney at Law
Category: Legal
Satisfied Customers: 16721
Experience:  Experienced Licensed Attorney
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We Transfer our money to a legal financial adviser to help

Customer Question

We Transfer our money to a
legal financial adviser to help us with our money.
It is now missing around 100K in less than 2 year, do we have a recourse or is it lost forever?
Submitted: 2 years ago.
Category: Legal
Expert:  Alex J. Esq. replied 2 years ago.
Hello. My name is***** am a Florida licensed attorney and I will be happy to answer your question.
I am sorry to hear about this unfortunate situation.
Can you please provide me with more details how your money went "missing"?
Customer: replied 2 years ago.
He is a financial adviser and said he can manage the best ways to invest our money, now with the stock market down, the account is 100K lower than we gave him, my husband meet him somewhere and he make me transfer my IRA as well. I signed the papers at the time because I was sure that he is was the same type that my IRA was with at the time at a fix rate of 6%. Now I realize that is was on the stock market and we lost 100K on money.
I feel sick, My husband didn't see it and me neither trusting this guy. What can I do? Lisette
Customer: replied 2 years ago.
we just receive a statement every month, but we trust the guy to tell us what to do, I just realize how low it went.
Customer: replied 2 years ago.
I am not sure you can help
Expert:  Alex J. Esq. replied 2 years ago.
Thank you for your follow up.
Did you and your husband sign documents authorizing this financial adviser to invest money for you and also signed a document stating that such investments are subject to financial risks and the results are not guaranteed?
Customer: replied 2 years ago.
Yes my husband did and made me sing the papers also, I really didn't know it place it on the stock market, I guess I didn't really realized what I was signing. But it was my IRA retirement account, so I just thought it will stay as it was but with a different administrator.
Customer: replied 2 years ago.
I was so stupid, I can believe it
Customer: replied 2 years ago.
Are you still there
Expert:  Alex J. Esq. replied 2 years ago.
Thank you for your follow up.
While I cannot comment on your specific case, unfortunate, generally if the clients signed documents authorizing the financial adviser to invest money for them and also accepted the risks, there would be generally not be any legal recourse against the adviser, unless there are some evidence that advise might have committed any illegal practice or misappropriated client's funds for his own person gains.
I am very sorry to provide you with this bad news, but please understand that I do have professional obligation to provide JustAnswer.com customers with correct answers, even when answer is not favorable to the customer.
I wish you the best of luck and God bless you!
Expert:  Alex J. Esq. replied 2 years ago.
Do you have any related follow up questions?
If not, please positively rate and accept my answer, so I can be compensated for my work.
Thank you.
Expert:  Alex J. Esq. replied 2 years ago.
Do you have any related follow up questions?