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Failure to Supervise Lawsuits
Date:
Duration: 1:07
Information about what constitutes a failure to supervise and what legal action can be taken to help those affected by this practice.
Video Transcript
Brokerage firms have legal obligations under their own policy and procedures as well as the rules of the self-regulatory organizations to supervise the activities of their brokers and their firm. If your broker has acted fraudulently, the firm that employs him or her can be held responsible for ineffective management of that broker, or for their failure to supervise.Under the law, a brokerage firm must show that they have effectively implemented and enforced their compliance rules and procedures. Among other things, brokerages have an obligation to review every trade ticket that is submitted by the brokers and the firm. If a broker's client accounts show a pattern of excessive trading or any other questionable acts, the firm has an obligation to investigate for abuse.
You may have the right to seek recovery for any fraudulent conduct by your broker and their employer that results in misappropriation of your money. To contact a securities fraud attorney, complete our free case evaluation now by clicking the on-screen link. A representative will contact you if a legal course of action is appropriate.
