pretand bein finance specialist

[werner69]

What is the name of your state (only U.S. law)? Florida

I had a guy working for me who pretended to be a financial advisor. Now I found out that he was banned since 2004 for lifetime.
His only licence is to sell insurance policies.

Nevertheless he was trading my stocks and lost a big amount in trading penny stocks without my knowledge. I told him not to invest in risky stocks.

Is this criminal or civil? Where can I find some documentation on it?

Thanks for your answers.

 

[OHRoadwarrior]

http://www.flofr.com/StaticPages/FileAComplaint.htm

Contact the state.

 

[werner69]

thank you

I will do this. Is there also a real criminal act in what he did?
The thing is that he is trying to sue me to get more money by saying I promised him 20% of everythingI own orally. I know it is ridicolous but his lawyer is trying to make money. So i would like to figure out his criminal behavior. He lost a huge amount without me knowing. I found out when the bank called me and asked me who this guy was....

 

[OHRoadwarrior]

Check to see if he is currently licensed. Discuss your options with someone in the Florida Securities Office. All we can really do is Google Fu on this.

 

[Proserpina]

What is the name of your state (only U.S. law)? Florida

I had a guy working for me who pretended to be a financial advisor. Now I found out that he was banned since 2004 for lifetime.
His only licence is to sell insurance policies.

Nevertheless he was trading my stocks and lost a big amount in trading penny stocks without my knowledge. I told him not to invest in risky stocks.

Is this criminal or civil? Where can I find some documentation on it?

Thanks for your answers.

Did you practice due diligence in checking the guy out first?

 

[werner69]

banned

We found out that he is banned for lifetime. If I present the case to the department would it suspend the other case?

 

[werner69]

I did

Not check him out as he presented me other clients he worked for. So I trusted him

 

[sandyclaus]

Not check him out as he presented me other clients he worked for. So I trusted him

Sounds like this whole thing was preventable, then.

Anyone who hires someone who claims to be a financial advisor should have the good sense to verify their credentials before hiring them, especially if that profession requires special licensing to perform the duties of the job. If you don't bother to exercise due diligence and run a thorough background check, you can't honestly expect full compliance. "Trust, but verify."

 

[werner69]

you´re right

Sounds like this whole thing was preventable, then.

Anyone who hires someone who claims to be a financial advisor should have the good sense to verify their credentials before hiring them, especially if that profession requires special licensing to perform the duties of the job. If you don't bother to exercise due diligence and run a thorough background check, you can't honestly expect full compliance. "Trust, but verify."

You are absolutly right, but who really does it? I´m not a lawyer and trust someone who has even the wording"financial" in his company. And he showed me other clients. Of course it would have been better but it is too late to think of it.

I just want to know if it is criminal to do it and if it is criminal to loose a lot of money in trading for someone and loosing the money also he got told only to trade secure stocks.
If it is criminal, where can I find some documentation.

Thank you!!!!!!!!1

 

[CSO286]

Sounds like this whole thing was preventable, then.

Anyone who hires someone who claims to be a financial advisor should have the good sense to verify their credentials before hiring them, especially if that profession requires special licensing to perform the duties of the job. If you don't bother to exercise due diligence and run a thorough background check, you can't honestly expect full compliance. "Trust, but verify."

You are absolutly right, but who really does it? I´m not a lawyer and trust someone who has even the wording"financial" in his company. And he showed me other clients. Of course it would have been better but it is too late to think of it.

I just want to know if it is criminal to do it and if it is criminal to loose a lot of money in trading for someone and loosing the money also he got told only to trade secure stocks.
If it is criminal, where can I find some documentation.

Thank you!!!!!!!!1

Umm, I do.

If I'm giving anyine my money to invest or manage for me, I'm going to make sure they are 1000% trustworthy.


In other news, I've just opened a sideline business: The FA Financial Group.
Care to invest?

I know lots of folks who will tell you I'm trustworthy.

 

[Antigone*]

You are absolutly right, but who really does it? I´m not a lawyer and trust someone who has even the wording"financial" in his company. And he showed me other clients. Of course it would have been better but it is too late to think of it.

I just want to know if it is criminal to do it and if it is criminal to loose a lot of money in trading for someone and loosing the money also he got told only to trade secure stocks.
If it is criminal, where can I find some documentation.

Thank you!!!!!!!!1

OMG - I cannot believe that you would give anyone whose has the wording of "financial" your money so easily. And HE showed you other clients???

Please OP, stick to savings accounts from your national banks because an investor like you is a victim waiting to happen.

 

[davew128]

Please OP, stick to savings accounts from your national banks because an investor like you is a victim waiting to happen.

Is someone truly a victim when they are simply stupid? The same question has been asked if this is a crime several times. Maybe its just me, but even if I hadn't known the answer for 15 years, it would seem to me that anyone who could find this site as well as the licensing status of their "adviser" should be able to find that same answer in 30 seconds. 40, if they use dialup modems still.

 

[Isis1]

Umm, I do.

If I'm giving anyine my money to invest or manage for me, I'm going to make sure they are 1000% trustworthy.


In other news, I've just opened a sideline business: The FA Financial Group.
Care to invest?

I know lots of folks who will tell you I'm trustworthy.

^^^^ she is. and yes, i did.

 

[werner69]

You are all makeing

fun of me :-(

Well also you are right with most of what you say.... It was not really me but my friend. I am from Europe and would never give anybody my money. Not even if I check him.

And also if he would have had a licence he would have lost the money. I remember that there were many Banks and investors (with licences) who lost all their money. So actually I think it has nothing to do with the licence. It is just a worthless sheet of paper that gives you the right to do it.

nd this is my question: I you do not have this paper and at like you have it, is it criminal and where can I find the legal backround? I am sorry that I do not know a lot of the US legal system yet.... but I am learning fast. In Europe it would be easy: Get the right paragraph, send a letter to the prosecutor and he takes care of it. I would not have to pay any lawyer.....

But here I found out that the lawyers just "invent" something to file a claim somehow..... And then they try to settle. If they get something its good. If not it doesn´t matter....

This is very strange for me but it is how it is... But I know no lawyer wants to have a criminal case bcs they would not get paied (am I right??) and it would stop the civil case...

Waiting for your answers

 

[OHRoadwarrior]

The gov't may be able to reclaim some of your loses if you work with them.