My broker has sold my entire holding and has encashed money fraudulently. He is a sub broker of a reputed brokerage house. Brokerage house is willing to compensate me to the tune of present value of my portfolio, which is 75% of what it was when sold off by the broker. I would like to know if there are any groups or forum who can help me as there are atleast 10 more people like me in my neighbourhood.
2006-08-01 06:10:21 · 4 answers · asked by SSD 1 in Business & Finance ➔ Investing
I live in India not U.S.A. So, my querry is regarding Indian authorities/forum.
2006-08-01 07:41:59 · update #1
Contact the N.A.S.D.
You will probalby have to enter into binding arbitration, but if what you say is correct, it is a flagrant violation of both N.A.S.D. rules and U.S. law.
As to what you will recieve is hard to tell, I forget the exact guidelines, but they may only have to replace those stocks thatwwere sold, regardless of the price.
BUT, as you were unable to actively trade those stocks due to their actions, you may be able to collect interest on those funds, as their actions prevented you from investing it. You should also be able to recover any brokerage fees.
What happened to the funds after the stock was sold? Did it just remain in the account? was it removed? was it invested in something else?
What you need to do is hire a lawyer.
2006-08-01 06:39:52 · answer #1 · answered by urbanbulldogge 4 · 0⤊ 0⤋
The N.A.S.D. It's the governing body. Stands for National Association of Securties Dealers.
2006-08-01 13:14:24 · answer #2 · answered by thewordofgodisjesus 5 · 0⤊ 0⤋
India must have a securities/corporate regulation division in the government...That's who I'd contact. For the US it's what others have said NASD.
2006-08-02 14:59:09 · answer #3 · answered by thebigm57 7 · 0⤊ 0⤋
go to a good lawyer and he'll answer the questions...
2006-08-01 17:45:54 · answer #4 · answered by ulchka 3 · 0⤊ 0⤋