- Consult with Your Investment Firm
Before attempting to
take any legal action, consult someone at your investment firm to fix the problem.
If you are unable to come to an arrangement with your broker, contact someone
in the management.
Because the arbitration
process is complicated and could take months or years to complete, speaking
with someone at the investment firm is necessary before taking any other steps.
2.
The Arbitration Process
If nothing has been
resolved by personally speaking to your firm, the next step is to go to
arbitration.
Arbitration is a
process that's administered by the Financial Industry Regulatory Authority.
Your case will be filed with them, and an appointment will be set for your
hearing.
Often times, legal
representation is needed in such situations. Consult a lawyer who is familiar
with investment fraud and ask him if he sees anything that you haven't noticed.
When you do go to arbitration, make sure your lawyer is comfortable in such
situations and that you have at least one expert witness to testify on your
behalf.
3.
How to File
Filing a request for
arbitration has been made quite painless. Investors can see the FINRA website
to begin the process or search for similar cases that have been filed against
their broker.
Cases that are for
amounts less than $25,000 are usually handled by a single arbitrator and will
only require a small amount of paperwork. Generally, a hearing is not required
in such cases.
Cases that are for
amounts greater than $25,000 are handled by a selected panel of three
arbitrators and will take more time to process because of the necessity of a
hearing.
The arbitration process
has become simple over the recent years. Some investors can file claims by
themselves. Consulting
a lawyer is required once your case has been filed regardless of the size
of your investment fraud case.
Author Bio-
Vickie Hyde is a
freelance writer and business student. In her free time, she enjoys painting,
mountain biking and running.
No comments:
Post a Comment