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Page 11 of 19 |
My dishonest small broker ‘cleared’ through a large reputable broker. Does the large broker have any responsibility to me? |
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In the past, courts and arbitrators rarely held the brokers that cleared the transactions responsible for the misdeeds of the introducing brokers. Now things may be beginning to change.
If the clearing broker knew or should have known that the smaller broker was engaging in illegal activity, you may have a claim against it. Your lawyer might be able to argue successfully that the clearing broker had a duty to act to protect the investors who dealt with the small firm—whose activities the larger clearing firm facilitated.
Whether the facts in your case are sufficient requires the analysis of an attorney skilled in securities broker-dealer matters. |
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