Legal Question in Business Law in New York

My moneies are being held up

My broker from morgan stanley mis led my wife and i, we gave him money to invest in cd''s. We told him that we will need it soon, he said that he would put it in 7 day cd''s. We now need the money and he refuses to give it back to us. He says the market is bad and that we will have to wait a long time for it. What can we do to recupe our own money?


Asked on 3/29/08, 6:29 pm

2 Answers from Attorneys
NEAL SPECTOR, ESQ. NEAL S. SPECTOR, P.C.

Re: My moneies are being held up

The broker may not "refuse" to return your money. You are welcome to contact me to discuss your options which range from a "lawyer letter" all the way to arbitration (likely required by your purchase agreement). At present, I would recommend a lawyer letter immediatley. [email protected]

Read more
Answered on 3/30/08, 7:27 pm
Nancy Delain Delain Law Office, PLLC

Re: My moneies are being held up

Morgan Stanley is a large brokerage firm with many levels of management. I'd report this guy to his manager, in writing, and demand my money in the letter.

As a next step, I'd report the matter to the Securities and Exchange Commission.

If that doesn't work, hire a lawyer to help you out. Make sure the lawyer practices in the investment industry; an antitrust or elder-law attorney should know how to handle this problem. Your county's bar association or the NYS Bar Association are good sources of referrals if you need one.

Good luck.

THE INFORMATION PRESENTED HERE IS GENERAL IN NATURE AND IS NOT INTENDED, NOR SHOULD IT BE CONSTRUED, AS LEGAL ADVICE. THIS POSTING DOES NOT CREATE ANY ATTORNEY-CLIENT RELATIONSHIP BETWEEN US. FOR SPECIFIC ADVICE ABOUT YOUR PARTICULAR SITUATION, CONSULT YOUR ATTORNEY.

Good luck.

Read more
Answered on 3/29/08, 9:55 pm


Related Questions & Answers

More Business Law questions and answers in New York