Unauthorized Trading Attorneys

I’m An Investor Whose Broker Engaged in Unauthorized Trading. What Should I Do? 

Our  Trusted Securities Lawyers Are Investigating Claims of Losses Involving Aegis Stockbroker Joseph LaScala 

Unauthorized trading is what happens when your financial advisor buys or sells assets in your brokerage account without your prior knowledge and/or permission. This type of broker misconduct is prohibited by the Financial Industry Regulatory Authority (FINRA) and brokerage firms have a duty to have the proper procedures, systems, and rules in place to prevent this from happening.

Unfortunately, unauthorized trading does occur. A couple of reasons that financial advisors engage in this type of wrongdoing is to try to make more in commissions or for some other type of benefit, they might gain through the transaction. Shepherd Smith Edwards and Kantas (investorlawyers.com) represent those with grounds for suing their brokers over resulting losses.

Currently, we are investigating claims of portfolio losses involving Aegis Capital financial advisor Joseph Brian LaScala. The longtime Aegis Capital investment adviser and broker has been under scrutiny after the Financial Industry Regulatory Authority (FINRA) temporarily suspended him for four months earlier this year following allegations of excessive and quantitatively unsuitable trading in a customer’s account. According to FINRA, LaScala engaged in discretionary trading in the client’s IRA without first obtaining their approval or that of the broker-dealer. The New York financial advisor purportedly controlled the frequency/volume of trading, which stocks to trade, and when to make the transactions. As a result, the self-regulatory organization said, the customer suffered over $116K in losses and paid $90,720 in trading costs.

How Can Our Skilled Unauthorized Trading Attorneys Help?

Whether you have a non-discretionary account, in which your broker has to receive your written or verbal approval to make any trades, or a discretionary account, where you’ve given your financial advisor written authorization without having to consult you each time they make a trade, unauthorized trading can happen. However, this type of broker fraud can be difficult to identify let alone prove,  which is why you want a seasoned unauthorized trading law firm representing you.

 

 

Shepherd Smith Edwards and Kantas represent investors who have been the victims of churning, unauthorized trading, overconcentration, excessive margin use, and other types of stockbroker misconduct. For over 30 years, we have pursued damages against brokerage firms and their registered representatives on behalf of our clients.

We have the knowledge, experience, and resources to take on your unauthorized trading lawsuit. Providing quality securities law representation along with personalized attention, we have helped thousands of inventors to collectively recover many millions of dollars through settlements and awards.

How To Contact Our Unauthorized Trading Attorneys:

Call 800-259-9010 or reach out to us online.