Legal Question in Investment Law in California

About three years ago, I have given a financial advisor with Ameriprise, $100,000. He invested it in various funds, and in the first years the balance increased to about $118,000. When the recession started, I also started loosing money. I wrote him several times and I told him I do not want to see the account under $102,500. Finally the account went to about $85,000 and I decided to close the account to avoid further loses, and because I also needed the money. But I had significant loses.

Can I sue the financial advisor and/or Ameriprise Financial for losing my money, since he could have taken the money and put them in a CD or something else. Thank you.


Asked on 9/09/09, 11:16 pm

4 Answers from Attorneys
Andrew Harrell W. Andrew Harrell, Attorney at Law

Did you keep copies of the correspondence that you sent to the broker-dealer? Can you scan and send them to me?

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Answered on 9/09/09, 11:21 pm
Terry A. Nelson Nelson & Lawless

IF you have evidence that they violated your specific instructions, and if you were not negligent yourself in failing to take action to stop the losses, and if you are still timely in taking action within the Statute of Limitations period, yes, you could bring such action. If serious about doing so, feel free to contact me.

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Answered on 9/10/09, 1:47 pm
Mark Tepper Mark A. Tepper P.A.

Since your matter would have to be evaluated and we have several questions to ask, we suggest that you call our office to discuss it further.

We offer a no-charge consultation.

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Answered on 9/11/09, 1:51 pm
Daniel Bakondi The Law Office of Daniel Bakondi

Maybe. A financial advisor has certain duties. Also, did you give him instructions to sell? Send me an email and let me know.

Best,

Daniel Bakondi, Esq.

The Law Office of Daniel Bakondi, APLC

870 Market Street, SUite 1161

San Francisco CA 94102

[email protected]

415-450-0424

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Answered on 5/19/10, 3:26 pm


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