Geller Law
Here are some examples of requirements for securities advisors (mutual funds, stocks and bonds, etc.) that can be key to proving negligence. The following is taken from a defence lawyer (Ellen Bessner)'s article for advisors in a trade magazine:
In our experience while this is obvious, it is rarely done and dealers are failing advisors by not auditing for these material breaches:1) "Your notes will be reviewed in an audit because notes are now a legal requirement under client-focused reforms (CFRs)."2) "If it is not in writing, it didn’t happen. Regulatory auditors hold you to the CFR requirements, so if there aren’t any notes, you will not be taken at your word. Your dealer needs to supervise and ensure that your notes are neither superficial nor repetitive (a cut-and-paste exercise). Regulators look for specific proof, and your dealer will need to be sure your notes will pass the test."3) "Don’t judge a book by its cover. When assessing a client’s investment knowledge, be sure to collect evidence to support the ranking: nil, limited, good, expert. Judges and regulators want to know if the client understood what they invested in and will ask you to prove that the client had the knowledge base to understand."
See: https://lnkd.in/eDxBakVQ
If you don't know what to look for in your advisor's file and you don't know how to marshal this evidence to support regulatory complaints and lawsuits, then you are missing an opportunity! The above are just some of the common breaches we see. There are other examples, such as discretionary trading in non-discretionary accounts which, arguably, vitiates the trade. A vitiated trade should help you to @getyourmoneyback.
