F
failenn216
Guest
What is the name of your state? NJ. This posting was also posted in the Business law/Broker secton:
My mom, age 86, had an account with a major national brokerage firm for years. However, they have only a small, 4-5 employee office in the unpopulated area where she lives.
Last year, she claims that her broker switched her to a Margin Acct. without her authorization. She claims she has never held a margin acct. and says she would never authorize this. She is not very knowledgable about investing, but in the type of acct. she had, she received no investment advice. She later decided to close her account and move her money to another brokerage house, which was closer to her.
One of the partners of the first firm then came to HER HOUSE, and told her she owed $3000 from margin trades, and threatened to call the police & have her arrested if she did not pay up then and there. My mom lives alone, and being 86, was so afraid of this man, she wrote out a check for $3000. There were no witnesses.
Assuming she did not authorize the margin acct. , what cause(s) of action does she have against this brokerage, both under general law and SEC, and what are her time limits? What is the first step I should take to help her..I don't know what proof to ask for.. Thanks
My mom, age 86, had an account with a major national brokerage firm for years. However, they have only a small, 4-5 employee office in the unpopulated area where she lives.
Last year, she claims that her broker switched her to a Margin Acct. without her authorization. She claims she has never held a margin acct. and says she would never authorize this. She is not very knowledgable about investing, but in the type of acct. she had, she received no investment advice. She later decided to close her account and move her money to another brokerage house, which was closer to her.
One of the partners of the first firm then came to HER HOUSE, and told her she owed $3000 from margin trades, and threatened to call the police & have her arrested if she did not pay up then and there. My mom lives alone, and being 86, was so afraid of this man, she wrote out a check for $3000. There were no witnesses.
Assuming she did not authorize the margin acct. , what cause(s) of action does she have against this brokerage, both under general law and SEC, and what are her time limits? What is the first step I should take to help her..I don't know what proof to ask for.. Thanks