Are you elderly and have you been defrauded by your broker? If so, you may be able to recover your losses through the Financial Industry Regulatory Authority (FINRA) arbitration claims process. A really common violation is the “selling away” claim. This is when a financial advisor sells a product that is not approved by his or her brokerage firm. The reason why brokers do this is because it is much more financially advantageous for an advisor to sell a security that is not approved by his brokerage firm because that way, the broker gets to keep all the fees and commissions associated with that product. Typically, the broker has to split those commissions with their member firm. Many elderly customers at full-service brokerage firms are targeted. Please call our Chicago-based securities law office today to speak to an attorney for free at 312-332-4200.
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