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Broker Disputes
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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?

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.


Related Information
» General Questions
» Claims
» How to resolve
» Government agencies
» Churning accounts
» Clearing houses
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» Employee disputes
» Broker Misconduct

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» Financial Law
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