Broker broke me!

[navyairvp-46]

What is the name of your state? Illinois--
My broker talked me into rolling over our I.R.A's into a no lose deal. Now the Co. is being handled by receivers. I can not get a penny out and I will likely lose all or a great deal of the funds. Are brokers insured and what would be the chances of getting anything back? How can a broker, for the sake of high commisions not be liable. I found out the Co. he recommended was banned from doing business in a differant state a few years prior. I would think he should have been aware of that.
Thanks

 

[vrzirn]

This sad ending is your own fault due to greed (tipster said this horse will come in first so we bet the farm) and your own lack of due diligence.
You can try writing to the SEC. You can try writing to the legal department of your brokerage firm. You definitely should contact an attorney who specializes in Securities law.