If your investment broker has lied by omission or misrepresentation, you may be eligible to file a complaint against them and pursue compensation. That said, finding the evidence required to file a strong claim and arguing your side of the case during hearings can be complex.
To ensure you have the best chance possible at receiving a positive outcome, you’ll want to work with an Ohio investment fraud lawyer from Meyer Wilson. Our highly skilled team has over 75 years of combined experience working on cases like yours. You can rest assured that we have what it takes to hold your broker liable.
How do I Know if My Investment Broker Lied by Omission or Representation?
According to the law, your investment broker has a duty to you to provide you with factual and complete information regarding any investment opportunity they recommend. If your broker fails to provide all the information about a given investment or provides inaccurate information about the investment, they can potentially be held liable for any losses you incur.
If you believe your investment broker is being dishonest with you, you might have a feeling that something is wrong but are unable to point to specific evidence that proves your suspicion. That’s where a lawyer can step in and help. A knowledgeable attorney can explain the ways in which investment brokers often misrepresent the facts or lie by omission.
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Examples of Omission and Misrepresentation an Attorney Can Seek Compensation For
There are many ways that investment brokers can misrepresent the facts and lie by omission. If you’ve been lied to by your broker, you’ll want to work with a lawyer who has handled a variety of different cases. The ideal attorney will be familiar with the following types of omission and misrepresentation:
While some investments might be better than others, there are no investments that are guaranteed to make you money. If your broker has guaranteed returns or told you that a given investment has no risk, you should proceed with caution and consult with an attorney.
Fees You Weren’t Informed About
Whenever you work with a broker, they’re required to inform you about the fees and commissions they’ll charge you. If your broker has failed to disclose this information, your attorney may be able to take legal action against them for misrepresentation or lying by omission.
Misrepresented Investment Performance
Over the years, unscrupulous investment brokers have developed many tricks to make investment performance seem better than it really is. According to the law, brokers must accurately represent the performance of your investments whenever you meet with them.
If you have reason to suspect your broker has misrepresented performance, you’ll want to reach out to an attorney right away. They’ll investigate your case and work hard to prove misrepresentation.
Other Forms of Misrepresentation and Lying by Omission
These are just a few of the ways a broker may deceive you. If you believe your financial advisor or broker isn’t telling you the whole story, an attorney can determine if they’ve been lying to you in one or more of the following ways:
- Providing false statements about company finances
- Failing to disclose investment strategy changes
- Misrepresenting qualifications or credentials
- Withholding information about a particular investment opportunity
How to Seek Justice if an Investment Broker Lied to You by Omission or Misrepresentation
If your broker has lied to you by omission or misrepresentation, causing you to incur financial losses, you have the right to seek financial remedies. However, the process involved with pursuing compensation for investment fraud is very different from the process of filing a civil lawsuit.
Instead of taking your case to court, you and your lawyer will seek damages at a Financial Industry Regulatory Authority (FINRA) arbitration hearing. Arbitration also differs from civil court in that there isn’t a judge or jury involved. Instead, your case will be decided by a panel of arbitrators.
Luckily, you and your attorney will have some say in who is selected to oversee your case. Working with a lawyer who has connections in the industry and knows how to select fair and impartial arbitrators can help your case immensely.
Once the panel of arbitrators is selected, you and your broker will be given the chance to present evidence, make arguments, and tell your sides of the story. Then, the arbitrators will deliberate and give a final ruling on the dispute.
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Compensation You Could Receive if Your Investment Broker Lied to You
If the panel of arbitrators finds that you are owed compensation for the money you lost due to your investment broker’s misrepresentation or omission, you could receive several helpful financial remedies. Depending on the losses you’ve taken on, the panel of arbitrators could award any of the following damages to you:
- Money you would have earned if your broker hadn’t lied to you
- Profits that your broker obtained illegally
- Trading losses, interests, and dividends
- Attorney’s fees
- Punitive damages
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Schedule a Free Consultation With a Skilled Investment Fraud Attorney Today
When you sign a contract with a seemingly reputable broker, you expect them to uphold their professional duty to you and provide comprehensive and accurate information regarding all investments. Sadly, this isn’t always what happens. If your investment broker has lied by omission or representation, you could be dealing with serious financial losses.
The good news is that the team at Meyer Wilson can take swift and effective action against your broker. Contact us today to schedule a free consultation with a trusted attorney from our firm and learn more about your options moving forward. If you hire us, we’ll fight relentlessly to get the remedies you deserve.
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