Buying shares

[tfl]

I am in singapore. A philippines broking firm call me in the office & told me a nasdaq share will go up a few USD in 4 months time. I don't want to buy at first, the broker at the end convinced me to buy 1000 shares(@ USD2.80 per share). The firm also courier the a/c opening form & bill to me to settle T+3 days. I was quite upset when the shares drop 33% within 1 month, so I delay payment & not sign back the form.
Legal advise need :-
Is it valid to trade before signing the form?
Is it valid to trade over the phone?
What will happen if I refuse to pay?
Can the foreign firm sue me for USD2800 ?

Please help!!!!

 

[lawrat]

I am a law school graduate. What I offer is mere information, not to be construed as forming an attorney client relationship.

If no contract was signed, then there is no breach of contract.

As to what they did, you need to speak with an international corporate law attorney who has extensive experience with SEC fraud.

This looks like a fraud and scam. If you believe you were fraudulantely induced into buying, you may have a claim against THEM.

But then again, there ARE NO GUARANTEES WHEN IT COMES TO STOCKS AND RETURN ON INVESTMENTS.

Try attornepages.com or contact the American Bar Association and see if there is a lawyer they can refer to you.

 

[cdcard]

Dear tfl:
This is a tough question to answer on a bulletin board because of all the "if this, then that" scenarios. I agree with lawrat: consider consulting with a local attorney who specializes in that law governing stock trades. That attorney may charge you for their time but if you do have a cause of action, you have a limited time in which to file suit. I recommend consulting with a local attorney because I'm not 100% sure U.S. law applies here. If U.S. law does apply, then you may have statutory causes of action under the SEC; contract claims (ie, detrimental reliance on a fraudulent inducement); tort actions (fraud, mispresentation, and others); and others. I recommend consulting with an attorney at your earliest convenience; not only do you have limited time to file suit, but if this company is a "fly by night" operation, they may already be in the process of closing shop and moving on to another location under another name. Best of luck to you.
cdcard