Securities & Exchange Commission Warns Investors to be Wary of Unauthorized Trading In Stock Brokerage Accounts

The SEC recently released an alert telling brokers and investment advisers to pay closer attention to unauthorized trading in customer brokerage accounts.

In the risk alert issued by the nation’s top securities watchdog, the SEC says firms should watch for:

  • Changes in trading patterns
  • High volume of trade cancellations or corrections
  • Manual trade changes
  • Unexplained profits for a particular broker
  • Rogue trades
  • Trades that exceed risk tolerance for a particular client

Brokers, traders, assistants, portfolio managers, risk managers and advisers are all potential perpetrators. The alert went on to warn firms to review their supervisory procedures to determine if improvements could be made to address the concerns.

Over the years we have seen a multitude of cases involving retirees whose brokerage accounts were traded without their authority. Unless you have granted discretionary authority, which must be done in writing, to your broker, the broker is required to obtain your authority before buying or selling in your account.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

FINRA BrokerCheck Website Provides Background Information on Stockbrokers

Before entrusting a financial advisor with your Nest Egg wouldn’t you like to know if that broker has a history of customer complaints , sanctions by securities regulators or has been fired by a firm for cause?

Of course you would. FINRA maintains a public website where investors can access this critically valuable information.

Regulatory Notice 12-10, recently published by The Financial Industry Regulatory Authority ( FINRA) , seeks public comment on ways to facilitate and increase investor use of the BrokerCheck information.

BrokerCheck is designed to help investors make informed choices about the individual stockbrokers and firms with which they currently conduct or are considering conducting business by supplying information  about the educational, employment and disciplinary history of registered stockbrokers and brokerage firms. This is an extremely valuable tool that many investors are unaware exists.

You can find out quickly by visiting BrokerCheck on the FINRA website and inputting the name of your broker or brokerage firm.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Grubb & Ellis Seeks Bankruptcy Protection

The  Investment News recently reported that Grubb & Ellis Co. is selling most of its assets to BGC Partners and blaming on the 2007-2009 downturn in US real estate markets, and has filed for bankruptcy protection.

It is not presently known what impact this bankruptcy filing may have on the Grubb & Ellis REITs , such as Grubb & Ellis Healthcare REIT or Grubb & Ellis Apartment REIT.

We are presently investigating claims on behalf of REIT investors, including Grubb & Ellis REITs.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870