If a financial advisor loses your money, you may be able to take action against them and recover compensation. That said, your financial advisor can’t be liable for every loss you take on. Further, determining whether your advisor is legally responsible for a loss is complicated. You’ll need an attorney to help you decide if you should file a complaint.
At Meyer Wilson, we have over 75 years of combined experience handling cases like yours. We can review all the evidence and information and determine if you’re eligible to pursue damages from your financial advisor. If you are, our investment fraud lawyers serving Ohio and the entire nation can fight tirelessly to get your money back.
Can You Get Your Money Back if Your Financial Advisor Loses It?
As mentioned above, you may be able to get your money back if your financial advisor loses it. However, you’ll only be able to take legal action against your financial advisor if the loss you incurred as a result of their fraudulent or unlawful conduct.
If an attorney is able to find sufficient evidence of fraud or other misconduct, they can file a complaint against the financial advisor and represent you during legal proceedings. If your case is successful, you could receive several different forms of compensation to make up for the losses you’ve been forced to endure.
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Types of Fraud You Can File a Complaint for
If your financial advisor has engaged in fraudulent practices and lost your money, an attorney can investigate the situation and pursue compensation. In situations like this, it’s helpful to work with a seasoned lawyer who is familiar with all the forms of negligence, misconduct, and fraud that might lead to an investment loss.
A skilled attorney will be able to identify and pursue damages for any of the following types of unlawful conduct:
- Unsuitable investment recommendations
- Misconduct
- Churning
- Pump-and-dump schemes
- Ponzi schemes
- Real estate scams
- Advance fee fraud
- Excessive 401(k) fees
- Market manipulation
- Oil and gas scams
- Offshore securities scams
As you can see, there is no shortage of tactics that financial advisors can use to take your hard-earned money. In recent years, unscrupulous advisors have figured out ways to defraud investors like yourself that are extremely hard to detect.
The good news is that a skilled lawyer can conduct an in-depth investigation into your case and determine if your advisor has defrauded you. Your attorney can work with forensic accountants and other experts to find evidence of fraud and build a strong claim on your behalf.
How You Can Get Your Money Back After a Financial Advisor Loses It
If an attorney determines that your financial advisor is liable for the investment losses you’ve incurred, you can seek remedies by filing a complaint with the Financial Industry Regulatory Authority (FINRA). Once you’ve filed a complaint, you’ll be able to seek damages during the arbitration process.
However, many investment disputes are settled outside of arbitration through mediation. A lawyer can meet with the offending financial advisor’s representatives to negotiate a settlement. If a fair settlement isn’t agreed upon, your case will be decided at arbitration.
During arbitration, a panel of arbitrators from different backgrounds will hear your case and decide if you should receive a financial award. Once they’ve come to a decision, the final ruling will be legally binding, meaning you probably won’t be able to take further action to change it. You’ll want to hire a highly skilled attorney to ensure the proper steps are taken on your behalf with the goal of the final decision benefitting you.
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Remedies You Could Receive if a Financial Advisor Lost Your Money
Whether the outcome of your case is decided through mediation or arbitration, your attorney will work hard to see that your losses are replaced. Depending on how the financial advisor’s fraudulent conduct has impacted your finances, a successful claim could yield several or more of the following damages:
- Money you would have earned if your advisor had handled your investment properly
- Illegally obtained profits
- Trading losses
- Interest and dividends
- Punitive damages
Losing money to the fraudulent actions of a financial advisor can leave you financially unstable and worried about your future. Fortunately, you don’t have to stay that way. The above-listed forms of compensation can replace your losses and give you the confidence you need to pursue future investments.
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Schedule a Free Consultation With a Skilled Investment Fraud Lawyer
Now that you know what happens if a financial advisor loses your money, it’s time to get in touch with an attorney and find out if you’re eligible to take legal action. A knowledgeable lawyer from Meyer Wilson can review the details of your unique situation and determine if your financial advisor is liable.
Contact us today to schedule a free consultation with a trusted attorney and get started on your claim. If we agree to help with your case, you’ll gain the experience and resources of a team that knows how to get real results. We look forward to hearing from you soon.
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