am i entitled to any recovery of money lost due to the stock crash resulting from 9/11 2001 ?, and if so, how?

Question

i lost over 60,000.00 because my stocke broker told me i should leave the money invested in stocks and the market would soon rebound in several weeks.

Answer 1

I doubt you have any right to recover. You could have rejected the advice. They cannot predict the future and you should not expect them to be able to do so. That in itself is not cause for action.

However, you may have other causes for action. I am ahead around 22% per year since then. What did you do that you could lose that much?

Answer 2

You probably don't have a case. As someone else said unless you can prove the broker took his own money out of the market you can't prove anything. As another person said about people with a series 7 that they are jockey's is a bit overboard but has some truth. It depends if you deal with a good broker or some smuchk just out of college who knows nothing. You should make sure your broker has been doing it for at least 10 years since most brokers don't even make it 3 years. You should also find someone who has a series 65 (Registered Investment Advisor) they are more knowledgeable and held to a higher standard. You may also be beyond the statue of limitations since 9-11-01 was almost 5 years ago.

Answer 3

I woould be interested to know what stocks you were invested in that lost you $60,000. I doubt very seriously that you have any case against anyone. Nobody forced you to sell and you knew the market would rebound. It always has from situations like that. I would never have sold in that type of situation. I would have bought like crazy. I never understand why everyone rushes to a department store when they have a sale, but everyone runs away from the stock market when they hold a sale. However you can write off the capitial loss on your taxes at the rate of about $5000/year.

Answer 4

The Dow Jones closed at 8300 today. There is a high possibility of it heading for 6300 and maybe even 4500 by next year. Like you, I heard all these "experts" say not to sell now, and that was back in July, much less January in your case. Even the answers you're getting repeats the sheeps mentality of holding. If you have cashed in and lost 22,000, then you only lost 22,000. If you have not cashed in you will lose more. You can recover loses in the market by actively trading it. I mean you need to be willing to learn and work it. 22k is a lot of money and well worth the effort. Good luck.

Answer 5

NO

You are dumb enough to have a stock broker than you diserve to loose. Do not trust a moron broker w/ a series 7 lic they are typically jokers.

Answer 6

You could sue him, but you only have a case if you can prove that he deliberately misled you and withheld pertinent information. That's pretty hard to prove. Did he personally withdraw all his money from stocks, and can you prove it?

Answer 7

Nope -- you are not entitled to anything.

Answer 8

no

Answer 9

No.