Legal Question in Securities Law in Illinois
Broker ''selling away''
A series 6 broker sold me a bond it turns out to be worth less, not legitimate. The principle was never returned by the person he was representing at the time. The FBI is on the case. I was told by the IL Securities Department that even though he was not ''representing'' the company he is registered with when he sold me the bond, the company he is registered with is on the hook for my loss of principle.
1 Answer from Attorneys
Re: Broker ''selling away''
Thank you for your question. You may in fact be correct and hold a claim against both the representative and the sponsoring principal. There are some nuances to the issue, but, generally speaking, the broker-dealer/company/fund will have liability. Your claims against them range from simple breach of contract to both common law and statutory fraud. If you have any further questions, please dont hesitate to contact me: [email protected]
- Adam Tracy
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