Legal Question in Securities Law in California

portfolio

I had $8 K in my portfolio. As the market kept making it drop I opted to take out the $ to pay a house remodel. My broker refused to let me take the money at when it hit 6K. I insisted and now it is less than 4500. Do I have a recourse because he refused to close the account when I wanted to?


Asked on 3/23/09, 9:59 am

1 Answer from Attorneys
Thomas Mauriello Mauriello Law Firm, APC

Re: portfolio

If the broker (registered representative) refused or failed to accept a sell order, the brokerage firm is liable for your losses. Whether you have a case may depend on the following issues among others:

What was your request? Was it to sell a specific stock or sell all of the portfolio?

Did he refuse to sell, or did he talk you out of selling? There is a big difference. You have a case if the former, but if the latter you probably don't.

What were the investment objective and risk tolerance for the account?

Was this your only investment money or do you have other accounts?

Read more
Answered on 3/26/09, 11:25 am


Related Questions & Answers

More Securities Law questions and answers in California