Many people hire financial advisors to guide them through the investment process, counting on these professionals to help them make the right choices for their financial future. However, this means trusting someone else to protect your best interests.
In this situation, you may wonder: Can a financial advisor steal your money? Unfortunately, yes, these individuals can act in bad faith and steal your savings. In this situation, you can contact an investment fraud lawyer for help securing compensation for this act of misconduct.
You can contact our team at Meyer Wilson for help if your financial advisor stole your money. We’re ready to represent you today. Call or complete our online contact form to learn more.
How do You Know If Your Financial Advisor Is Stealing Your Money?
Unfortunately, financial advisors can steal your money. How do you know if you’re a victim of this form of theft? You can watch out for several major warning signs. If you notice these issues, you can reach out to a securities fraud lawyer to discuss your concerns.
We recommend taking a closer look at the actions of your financial advisor if the advisor:
- Sets up an unclear payment plan
- Avoids giving you straightforward answers
- Frequently buys and sells securities
- Uses overly complicated strategies to handle your investments
- Pushes products despite your preferences
- Makes promises that seem too good to be true
- Requests that you send the money to an entity other than the firm that is the custodian of your funds
- Ignores your risk tolerance
You may also want to reach out to an investment fraud law firm if you believe your advisor isn’t tailoring the advice they offer. These activities do not necessarily indicate any acts of misconduct. They’re only possible warning signs.
A legal professional can review the actions of your advisor and help you determine if you have a valid claim for compensation. You can reach out to us now for guidance about your situation.
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614-532-4576What Should You Do If a Financial Advisor Steals Your Money?
Financial advisors can steal your money, either through direct or indirect activities. We recommend contacting a professional for immediate help and guidance in this situation.
In many cases, investment fraud lawyers recommend reviewing your customer agreement with the financial advisor. You should find out what authority the agreement grants your advisor and look for an arbitration clause.
This clause waives a client’s right to file a lawsuit. In this situation, you may pursue damages for theft through the Financial Industry Regulatory Authority (FINRA) arbitration. A lawyer can help you handle this process to secure damages for your financial losses.
How do You Get Your Money Back If a Financial Advisor Steals from You?
The majority of cases involving investment misconduct end up resolved through FINRA arbitration instead of a civil or criminal lawsuit. FINRA arbitration provides you with an efficient method to resolve issues involving churning, negligence, unauthorized trading, and more.
This process allows an investment fraud lawyer to investigate the actions of your financial advisor, gather evidence that they engaged in misconduct, and present that evidence to the FINRA arbitration panel.
The arbitration board can make a binding decision about your situation, resolving the claim and potentially granting you compensation after a financial advisor steals your money.
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614-532-4576What Compensation do You Get If a Financial Advisor Steals Your Money?
If a financial advisor steals your money, you may work with a lawyer to secure funds to replace the money the advisor took. You may also seek funds to cover the cost of your legal fees in some situations.
Our team has extensive experience helping clients after acts of investment misconduct. We’ve secured over $350,000,000 in compensation for thousands of clients over our 75 years of combined legal experience.
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Speak to Us If a Financial Advisor Steals Your Money
Can a financial advisor steal your money? Unfortunately, yes, these professionals can engage in financial misconduct. If you need help seeking compensation in this situation, you can contact our team at Meyer Wilson for professional assistance.
You can call or complete our online contact form to learn more from an investment fraud lawyer. We’re ready to go over your situation and provide you with comprehensive support.
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The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from public sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise.
