Brokerage firms are required to only distribute money to people who are authorized by the owner of the account. Sometimes brokerage firm’s allow funds to be withdrawn or taken from an account without the account holder’s approval or authorization. Sometimes the people who abscond with the funds are family or friends. Other times the people who take the funds are unknown to the account holders. This week Ameriprise got tagged in a FINRA arbitration claim for $435,000when the farm made an improper distribution to a person Who was not a proper beneficiary of a nonqualified account and to two IRAs
If you were a client of Merrill Lynch, Morgan Stanley, Ameriprise, E*TRADE, Wells Fargo, Scottrade, Schwab, Fidelity, Vanguard, or any other brokerage firm, and funds were illegally taken from your account through hacking, fishing or simply a brokerage firm allowing funds to be taken, stolen or converted you have legal options to recoup those funds through the FINRA arbitration process. Please call our law firm in Chicago Illinois at 312-332-4200 for a no-cost review by an attorney to see whether those losses can be recovered on a contingency fee basis.
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