Texas Securities Arbitration Attorney Who Sues Stockbrokers For Selling Away (Selling Unauthorized Investments) - A
Texas has thousands of stock brokerage firms and investment advisory offices. With so many stock brokerage firms and investment advisor offices, comes the potential for their stockbrokers, financial advisors, and other representatives to recommend investments that were never reviewed nor authorized by their employers and engage in many other types of misconduct which violates Federal and Texas securities laws, Financial Industry Regulatory Authority (FINRA) rules as well as stock brokerage firms policies and procedures.
For example, Marylin T. Myers, a former Bayview, Texas-based registered principal employed by Lincoln, Nebraska-based Allstate Financial Services, LLC, submitted a Letter of Acceptance, Waiver and Consent in which she agreed to, without admitting or denying, the entry of the Financial Industry Regulatory Authority’s (FINRA) findings that she engaged in the sale of a privately held company’s promissory notes to investors without informing her firm or obtaining the firm’s written consent. According to FINRA, Ms. Myers made recommendations that investors who were not the firm’s customers, invest in On The Edge Marketing LLC notes. Ms. Myers facilitated their purchases and invested $16,000 of her own money in the notes. Together, the investors and Ms. Myers invested more than $1,000,000 in the notes. Currently, On The Edge Marketing failed to repay the principal and interest due to the investors and Ms. Myers. FINRA also determined that on the firm’s annual compliance questionnaires, Ms. Myers falsely stated that she had not engaged in any private securities transactions and also falsely stated that she had not engaged in soliciting, referring, or recommending any private placements or private securities products. Ms. Myers was fined $20,000 and suspended from associating with any FINRA member in any capacity for two years. The suspension was effective from January 21, 2014 through January 20, 2016.Experienced Securities Lawyers Who Represent Investors Sold Unauthorized Investments (Selling Away) In FINRA Arbitrations Throughout Texas and Nationwide
Did your Texas stockbroker or investment advisor recommend an investment that turned out to be an investment never reviewed or approved by their stockbrokerage firm employer. The stockbrokers who stoop to that level are usually insolvent or uncollectible. And so, the investor’s only recourse is against the brokerage firm employer. But stockbrokerage firms always claim ignorance of the stockbroker’s activities and deny liability for the sale of unauthorized investments which they call Selling Away as if that was an absolute defense. Not so! You will definitely need an experienced attorney who knows the securities laws and how to hold the stockbrokerage firm responsible for their employees Selling Away under legal principles of actual authority, apparent authority, estoppel and failure to supervise. If your attorney knows where to look he/she can often find Red Flags of the alleged unauthorized sales that the firm did not look for, missed or saw and just ignored.
You also need a lawyer knowledgeable of FINRA rules and procedures to handle these FINRA arbitration Selling Away cases involving complex legal issues. By hiring a top rated attorney like Robert Wayne Pearce with over 40 years of experience practicing securities law on both sides of the table in FINRA arbitration proceedings, you will clearly see that Attorney Pearce aggressively represents investors and is one of the best attorneys to help you recover your unauthorized investment losses from stockbrokers, investment advisors and their employers in FINRA arbitration proceedings!
At The Law Offices of Robert Wayne Pearce, P.A., we represent investors in not just Selling Away cases but all kinds of securities law and investment disputes in FINRA arbitration and mediation proceedings. We handle a wide range of practice areas such as stockbroker fraud and securities misrepresentation, breach of fiduciary duty, failure to supervise, and unsuitable recommendations. Attorney Pearce and his staff represent investors throughout Texas, and across the United States on a CONTINGENCY FEE basis which means you pay nothing - NO FEES-NO COSTS - unless we put money in your pocket after receiving a settlement or FINRA arbitration award.
The Law Offices of Robert Wayne Pearce, P.A. are highly experienced attorneys who successfully handle Selling Away and other securities investment cases in FINRA arbitration proceedings, and who work tirelessly to secure the best possible result for you and your case. For dedicated representation by a lawyer with over 40 years of experience and success in all kinds of securities law and investment disputes in FINRA arbitrations serving Texas citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.