Our firm handles securities arbitration cases on behalf of investors throughout the United States as well as internationally. Members of the Firm who are former in-house securities firm counsel, investment bankers and traders bring their unique experience and perspective to prosecuting investor claims.The Firm has recovered millions of dollars in compensation for aggrieved investors.
Of course, past performance is not an indication of future success. If you believe that you may have a claim regarding investment losses, contact the Firm with the details.
We do not accept cases where the losses are less than $100,000. For a list of attorneys who may be willing to accept smaller cases, please go to www.piaba.org.
COMMON MISCONCEPTIONS ABOUT BROKER QUALIFICATIONS
Many investors believe that all brokers are highly trained in the areas of finance and investment portfolio management. This is simply not so. Most stockbrokers are merely salespeople trained to sell investments.
Brokerage firms generally provide little if any financial or investment management training. Instead, brokers primarily receive training concerning how to sell investments over the telephone and how to convince people to send their money to the broker.While some brokers are competent, the NASD does not require stockbrokers even to have a high school diploma. Moreover, the requirements to become a broker are minimal. Brokers must pass the NASDís 260-question, multiple-choice test. Applicants have six hours to complete the exam, and must answer 70% of the questions correctly. Once an applicant passes the NASD exam, the NASD performs a criminal background check. If no felony charges are discovered, the applicant becomes a registered stockbroker.Another misconception is the importance of brokersí titles.
Many stockbrokers have titles such as Vice President Investments, Financial Consultant or Senior Financial Advisor. These titles are meant to imply that the individual broker has special expertise or training and experience. However, these impressive titles are generally not earned by longevity in the industry or success in meeting client investment goals. Instead, these titles regularly are given to brokers who generate certain levels of commissions for the brokerage firm. Therefore, the titles have no relation to a brokerís expertise or quality of investment advice.
Thorough preparation is critical to bringing a claim against a securities firm.The ability to engage in traditional discovery [depositions, interrogatories and detailed document requests] is limited under the rules governing securities arbitration.
We ask all new clients to send copies of their monthly brokerage statements and all correspondence between themselves and their brokers or brokerage firms to us for review. We retain the services of a forensic accountant to review and analyze the brokerage statements. This review generally covers the following items:
∑Monthly Asset Flows
∑Profit and Loss Analysis
∑Account Performance (Compared to industry accepted benchmarks)
The expert prepares a comprehensive report, with spreadsheets, which we review and share with the client.
The cost of this report and the cost of an evaluation of the merits of a potential claim is typically $2500. In certain instances it may be more expensive, depending on the number of transactions and the complexity of the analysis required.
The expert can usually prepare this report within 10 days to two weeks from receipt of the confirmation statements.
After we receive and review the report, we are then in a position to advise if there is a viable claim which we would be willing to pursue on a contingent fee or other basis. If there is, we advise the client and, at that time, enter into a formal retainer agreement.
The client is responsible for paying all expenses incurred by us in prosecuting their claim, including the filing fees charged by FINRA [formed by a merger of the NASD and the NYSE arbitration units]. These fees vary depending on the amount of the claim. More information about the rules of these organizations and the fees charged by them can be found at: www.finra.org
This website is provided for general information about our law firm. The information you obtain at this site is not, nor is it intended to be, legal advice. Use of this website and any electronic communications between you and Nackman & Feinberg LLP ["The Firm"] does not cretae an attorney-client relationship.An attorney-client relationship will only be created upon a signed retainer agreement between you and The Firm.
You may reproduce materials available at this site for your own personal use and for non-commercial distribution. Commercial use of any portion of this website is strictly prohibited. All copies must include the above copyright notice.