Securities Fraud - James Hoyer Newcomer & Smiljanich

Securities Fraud

Investors trying to avoid becoming victims of securities fraud should remember this timeless admonition: “If it sounds too good to be true, it probably is.”

There are things every investor can do to lessen the chances of becoming a securities fraud victim:

Choose a broker or investment advisor very carefully. Do your homework. Seek recommendations from trusted friends, family and business associates. Interview several different brokers or advisors. Listen carefully to their advice and recommendations. Ask questions about their education and employment background, qualifications, prior job experience and regulatory record. Ask about consumer complaints, regulatory actions or arbitration cases. Make sure the broker or advisor is sensitive to your present and future investment needs and your tolerance for risk. Also make sure you clearly understand the broker or advisor’s investment philosophy and how much they charge for their services. Check the broker or advisor’s record with your state’s securities regulation division or the National Association of Securities Dealers [NASD].

Read all new account documents and applications very carefully. Make sure you clearly understand all the documents you sign particularly as it relates to your investment experience, objectives, and risk tolerance. Do not sign any documents that are not properly filled out. Get copies for your records.

Review and store all account statements, trade confirmations, prospectuses and correspondence from the broker and brokerage firm. If you have a problem with your statement or confirmation ask your broker or advisor for an explanation. Schedule an appointment with the broker’s supervisor or branch manager to discuss any an issue that is not answered by the broker. Put your complaints in writing.

Survivor Checklist:

1) Be skeptical: assume unsolicited offers made over the Internet or by “Cold-calls” are scams until you can prove they are legitimate by your own independent research or professional advice.

2) Consider the Source: People promoting a stock, fund or other investment may be insiders or paid promoters who are trying to profit at your expense.

3) Do your research and confirm any investment is legitimate.

4) Get the facts in writing. Don’t get swept away by a slick sales pitch. Ask for and read company reports and prospectuses.

5) Guaranteed returns aren’t. All investments involve some element of risk.

6) Resist pressure to send money right now. Scam artists often promote once-in-a-lifetime offers that must be accepted immediately. Take the time you need before investing.

7) Understand your rights. Most brokerage firms require disputes be resolved through NASD arbitration. This is a long, expensive and complex process. It is likely you will need a qualified attorney to assist you in filing and prosecuting an NASD arbitration claim.

If you have suffered substantial investment losses, you may be able to recover lost assets through arbitration. You can contact our lawyers for a no-cost consultation by filling out the e-mail form below.

NASD - Fighting Fraud 101
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NASD - How to avoid problems with your broker
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NASD - Investors Best Practices
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SEC - Investor Alert - How to avoid fraud
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SEC - Investor Alert Affinity Fraud
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The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask us to send you free information about our qualifications and experience. You should be aware that contacting us via e-mail, telephone or other means does not mean you have automatically become our client. Nor does contacting us mean you have automatically become a member of a class-action, whether the class has been certified or not. We greatly appreciate any information you are able to provide to us because it will assist us in investigating consumer frauds.

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