The Miami Stock Exchange counts among the crucial regional exchanges in the country. It is the hub of trading services for the G27, offering stock, currency, and futures trading.
On the other hand, Miami is home to MIAX, which launched stock trading last September.
But while trading stocks for you in such exchanges, your stockbroker can at times commit fraud, such as stealing your money. It is when you should consult a reputed Miami securities arbitration lawyer. With their experience in the complex field of securities arbitration and litigation, they can diligently handle arbitration claims and help you recover your financial losses. Here’s what they suggest you do when your stockbroker steals money from you.
Know What You Can Sue Your Stockbroker For
The most common forms of stockbroker misconduct in Miami include unsuitable investment recommendations, material misrepresentation, and unauthorized trading.
Such malpractices are not uncommon, and in a typical year, investors claim over $2 billion in losses due to stockbroker fraud.
Top attorneys will explain in which scenarios you can sue your stockbroker when you know they have stolen your money. Through negotiation and arbitration, they ensure your broker repays you the money they stole from you.
Understand How You Can Sue Your Stockbroker
Miami adheres to Florida law. And according to Florida Statutes Section 517.301, it is unlawful for a stockbroker to engage in practices, such as stealing money, that would deceive an investor.
The way you may sue your broker depends on these state laws, the investment you hold, and the terms of the contract you signed when you began working with your broker. A skilled Miami securities arbitration lawyerideally files claims against stockbrokers through arbitration. They have in-depth knowledge of the securities industry, thus helping you face the legal opponents representing your broker.
Understand FINRA And Arbitrations
Typically, stockbroker contracts in Miami require arbitration to resolve disputes. It is true even when you want to take legal action against your stockbroker who has stolen money from you.
Leading attorneys will suggest you file your arbitration case through FINRA, which handles about 5,000 investor lawsuits per year. And in holding Section 95.011, Florida Statutes applying to arbitration proceedings in Miami, the Florida Supreme Court cuts the time you have to file a claim by up to two-thirds.
The lawyers offer a free consultation to decide how they can help you recover your losses. They aim at resolving your case before the final arbitration hearing through mediation by an unbiased party trained in relevant negotiation techniques.
Work on Steps to Recover Your Losses
Experienced Miami securities arbitration lawyers advise you to act within the deadline. Else you may lose your opportunity to sue your stockbroker for stealing your money.
You may gather all the necessary documents relevant to your claim, including financial statements and other correspondence with your broker. It will help the attorney to handle your case more aggressively and effectively.
It is prudent to check if an SEC investigation is taking place against your broker before you file your suit, as when the SEC investigation process concludes they may file their own lawsuit in order to recover investors’ money. The SEC is often much better equipped to win these kinds of cases, however investigations can take years to complete. In the end, it is up to you whether to pursue your own case or not.
Consult A Reputed Securities Arbitration Lawyer
A qualified stockbroker in Miami requires registering with the Florida Office of Financial Regulation, Division of Securities, SEC, and at least one SRO.
But even with such credentials, if your broker steals money from you, reach out to a top attorney in Miami. Being well-versed in the FINRA mediation and arbitration processes, they are sure to help you win a favorable outcome.