Legal Question in Securities Law in New York

broker flee with money

partnership where one flees with clients money is other partner responsible?


Asked on 3/15/07, 10:28 am

2 Answers from Attorneys
Carlos Gonzalez Gonzalez Legal Associates PLLC

Re: broker flee with money

This depends greatly on what type of business it was that you were involved in, if you were a corporation then there would be much greater protections afforded you, if you were only a partnership then this would be a much more difficult situation for you... please contact my office for a detailed free phone consultation. You may reach us via the email provided below, by visiting our website at www.cgonzalezesq.com or calling us directly at 2127098303

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Answered on 3/17/07, 10:03 am
John Friedman Law Office of John K. Friedman

Re: broker flee with money

The rule is that each member of a partnership (i.e. each partner) is both jointly and severally liable for the partnership's obligations. This means that each partner is 100% liable for 100% of the partnership's obligations. Absent some contractual agreement between the client and the partners, then, each partner is jointly and severally responsible for all obligations of the partnership.

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Answered on 3/15/07, 10:40 am


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