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Ohio Churning Fraud Lawyer

Churning refers to excessive securities trading on an investment account. Securities trading can be in an investor’s best interests, but only if it is within reason and in proportion to what is suitable for the client. Trading excessively on an account can lead to financial losses for the investor – but gains for the fraudulent stockbroker who makes money on each trade in commissions and fees.

If you believe you have been the victim of churning or excessive trading in Ohio, please contact the investment fraud lawyers at Meyer Wilson for a free consultation. One or more parties could owe you financial compensation.

Why Choose the Law Firm of Meyer Wilson?

  • We have a 99% success rate and have won more than $350 million.
  • We have more than 20 years of experience in investment fraud in Ohio.
  • We are committed to being transparent and responsive.
  • We have the power to take churning claims to court in Ohio.
  • We accept churning claims on a contingency fee basis with no money down.

When to Call a Lawyer in Ohio

Churning on your account could cost you thousands of dollars in losses before you recognize you have been a victim of fraud. You deserve legal representation for a case involving significant economic losses that could jeopardize you or your family’s future. Hiring a lawyer can be the best way to protect your rights and best interests when going up against a financial advisor or broker in pursuit of damages for fraud or misconduct.

Your attorney can prevent the defendant from taking advantage of you or undervaluing your losses. Your lawyer can also take care of complicated legal processes and nuanced securities laws while you focus on healing.

How Churning Can Hurt an Account

When an account manager buys and sells securities, he or she often generates commissions and fees for the service. While buying and selling securities are normal practices that could benefit the investor, it is the broker’s legal duty to only do so when it is in the interests of investment objectives. Trading on a client’s account when it will not reasonably lead to profits for the investor is a form of broker misconduct. Doing so intentionally to make a profit on commissions is churning, an unethical and illegal practice in Ohio.

You might notice churning if you receive an unusual number of statements or notifications that your broker has bought or sold securities. An excessive amount of trading will exceed the average turnover ratio. The turnover ratio is the total value of annual purchases a broker makes on your account, divided by your account’s average monthly balance. If this equation brings an annualized turnover rate of four to six or higher, you could be a victim of churning. A lower rate could also be excessive trading if it is more than what is reasonable for your account and goals.

File a Claim for Churning in Ohio

The civil justice system in Ohio says you may bring a claim against someone if that party negligently or intentionally caused you harm – including economic losses. If a stockbroker committed churning in your account and it cost you money, you may have grounds to file a lawsuit against the broker seeking compensation for the full amount of your losses. In Ohio, you must bring a fraud claim within four or five years of discovering the issue. This time limit may change, however, depending on the circumstances.

Contact Us Today

Meyer Wilson has attorneys with years of experience handling churning claims against stockbrokers. We can help clients in Ohio go up against individuals or corporations in pursuit of damages for churning or excessive trading. We may be able to help you obtain a fair compensatory award for your economic and non-economic losses. Find out what your case could be worth today during a free consultation.

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