Legal Question in Investment Law in Illinois

I am divorcing my husband in the state of Illinois, due to a romance between him and the lady stockbroker whom I have NEVER met. I found out within a few days that this stockbroker allowed my husband to trade, sell and purchase stocks within my account. Since I have NEVER the woman ,there exists NO written OR expressed agreement. Her employer required a written agreement. Since I found out about the affair 5 days after the stockbroker left her employer and went to a new investment company, the previous employer refused to do anything to this stockbroker OR my husband. I have absolutely NO knowledge of stocks, but have found out that she had a fiduciary responsibility to protect my account. She is an 18 year vetrean stockbroker. I also Emailed her when I found the pathetic LOVE LETTER that my husband wrote to her and she refused to call me until 2 days later when I threatened to go in a see her new boss. Of course she LIED so well that I believed her for 1 day. I spoke with her new manager and he could have cared less about the entire incident. Folks park their assets at investment places for security. This has shattered a 30 year marriage. Any sexually promiscuous woman is a liability to any company. This married stockbroker has been going out with my husband for 6 months. I see the charges for flowers , dinner, and hotel rooms on our statement. He is willing to pay these out of his inheritance, but I am so very afraid because he has dissipated monies from our marriage for at least 12 years. The forensic accountant has NOT yet begun her work. 1/2 of our marital assets had been removed from the personal financial statements my husband kept. I have no proof, but I remember the total dollars. All I have left are records that the accountant can go thru and a hefty amount (30+) subpoenas. Can I sue this stockbroker?? My money was routed back to the investment company where the stockbroker first worked. Can I sue them?? Also the manager at the new investment company refused to shut down our joint funds and my husband kept trading. My own attorney did NOT work to fulfill my request and when I finally got the joint account split, alot of money had been lost due to the market. Can I sue the new investment company??


Asked on 3/12/10, 7:32 pm

2 Answers from Attorneys
David Labovitz Labovitz Law Firm, P.A.

If you have issues with a stockbroker, you can check out NASAA:

http://www.nasaa.org/home/index.cfm

and FINRA:

http://www.finra.org/

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Answered on 3/18/10, 5:47 am
Adam S. Tracy Securities Compliance Group Ltd

Thank you for your question. I am a licensed stockbroker, as well as an attorney. Based upon my understanding and experience as both an attorney and broker, yes, you would be able to sue. Feel free to contact me to discuss, as it is a somewhat long explanation - consultations are, of course, free. My email is: [email protected]

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Answered on 3/18/10, 7:59 am


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