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Page 2 of 18 |
I want to file a claim against my broker for mismanaging my account. Unfortunately he is no longer employed by his old brokerage firm. Can I still file a claim and if so is there a time limit within which to file? |
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Even though your broker has left the firm, you may still file a complaint against him with either the SEC or the National Association of Securities Dealers (NASD). You may file a complaint with the SEC using the agency's online complaint form. And you may file a complaint with the NASD using their online complaint form.
There is no time limit on filing a complaint with either entity. However, there are time limits to filing a civil action against the broker (these are called "statutes of limitations"). Statutes of limitations vary from state to state. Generally, the federal statute of limitations for security law cases is 1 year from date of discover but no more than 3 years from the date of occurrence.
You should consult an attorney for help in determining whether you can file a civil case.
Moreover, when you opened your account, you may have signed a document or agreement that requires you to settle any disputes with your broker through arbitration rather than the courts. |
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