Securities fraud case

[roger12]

What is the name of your state? FL
Received letters from 2 local law firms today advising me about a former broker of mine who had been convicted of securities fraud. It had come to their attention that I had been a client during the period when the fraud was being conducted. Both law firms said they had already been retained by a number of individuals to file an arbitration proceeding as a group to recover their damages.

Both letters were stamped in red ink "advertisement" which I thought was a bit odd.

This is the case that they refer to in which I may have been one of the accounts improperly used by the investment firm. http://www.sec.gov/litigation/litreleases/2008/lr20425.htm

Would you suggest I follow up with these law firms? Could the letters from the law firm be a scam? Are there any other more economical choices to recover losses other than hiring a law firm?

 

[roger12]

Thanks for all the "FREE ADVICE". Can anybody recommend any sites that actually address posts?

 

[Dandy Don]

The link you provided seems to be inactive now. Can you perhaps find other links related to this case that actually connect and provide information?

The letters are not likely to be a scam. Do you have records of your stock transctions during this period that you could review to see if you were perhaps defrauded?

The law firms are possibly considering filing a class action lawsuit against this broker or some other type of lawsuit to penalize his actions and they are looking for clients who have been victimized to provide evidence. It is possible that you were one of the lucky ones who was not defrauded.

Contact the law firm to see what type of evidence they are looking for and then decide whether you want to participate in this or not.

 

[roger12]

Yes, I have records of all my trades. Apparently, the SEC does as well.

Try cutting and pasting this link, please, for the case summary:

www.sec.gov/litigation/litreleases/2008/lr20425.htm

(I don't know how one gets the above link to appear as a proper hyper link, sorry.)

If I understand correctly, an account with my name on it had been part of the evidence used in the SEC case.

Any further advice would be appreciated. Apologize for my tart last comment, and sincerely thank you for your very professional response in spite of that comment.

I guess what I would like to know is, how does one go about selecting representation, as I sincerely want to do a better job with selecting a legal firm, than I did with selecting an investment firm.

 

[Dandy Don]

And you have not figured out by looking at your trades whether you have sustained losses or not or whether anything looked suspicious?

When you contact the law firm, ask them what would be the pros and cons of your being represented as a party in the potential class action lawsuit so you can figure out whether or not you would want to participate.

You do not need to shop around for representation since the law firm that contacted you is most likely going to be the only one handling this matter, although you could ask them whether there are other attorney firms handling the matter or not, just for your own satisfaction.