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Page 6 of 17 |
What if I have not been given the necessary disclosures or what if trades in my account have not been handled or executed properly? |
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If a dispute arises out of your commodity futures or option account, if you are like most people you will try to resolve the problem with your broker and his or her supervisor at the firm which employs or guarantees the broker.
The matter may just be a misunderstanding, or it may possibly entail illegal activities such as unauthorized trading of your account, misrepresentation, nondisclosure, churning, violations of fiduciary duty, and misappropriation of funds.
If your attempt at informal resolution fails, commodity futures customers have several options for resolving disputes:
The CFTC Reparations program. This program allows you to file a complaints involving a commodity futures trading professional registered with the CFTC who engaged in activities which violate either the Commodity Exchange Act or CFTC regulations. The CFTC sponsors a voluntary procedure (available on consent of both sides for claims of any amount), (2) a summary procedure (for claims of $30,000 and less), and (3) a formal procedure (for claims greater than $30,000).
Industry sponsored arbitration; or
Court litigation.
What approach is most appropriate depends on the specific facts and circumstances of your case. While you could try to muddle through on your own, and attorney is not required for either the reparations program or arbitration, doing it on your own is often a good way to lose your claim. If there is more than a trivial amount involved, it is advisable to seek the advice of counsel to fully protect your rights. |
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