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Investment Fraud
I read someone’s blog the other day and they wrote that a brokerage firm defrauded them. It turns out that he followed the recommendation of one of the firm’s analysts and wound up losing over $1000. I informed him that he was not a victim of investment fraud. Investment fraud is a relatively rare occurrence, but it does happen. Excessive trading, unsuitable recommendations, and unauthorized trades are examples of Investment fraud. There are other circumstances, but these are the main ones. I was an investment advisor for one of the largest brokerage firms in the country for over 22 years, and I spent eight years as a professional investor. During that 30 year period, I only know of one individual who was accused of investment fraud. However, if you believe you’ve been defrauded, there are some steps you can take. First and foremost, talk to someone in a supervisory position and explain the circumstances in detail. In many cases, you can get the situation resolved by going this route. If that doesn’t work, you can contact the Securities and Exchange Commission. This step will almost always get the firm’s attention, and if you’ve been defrauded, it will probably be resolved. Of course, if you can't resolve the issue using these methods, you always have the right to contact an attorney.
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