Stoltmann Law Offices is interested in speaking to investors who may hold non-purpose loans secured by their brokerage accounts and have suffered huge losses. Securities-backed lines of credit (SBLOCs) are often marketed by brokerage firms to investors as an easy way to cash out securities accounts by borrowing against the assets in a portfolio without actually having to liquidate securities. These particular lines of credit allow investors to borrow money using securities held in the investment accounts as collateral and allow the investor to continue to trade securities in the pledged accounts. Typically, an SBLOC requires monthly interest-only payments until repaid. Banks such as UBS, Bank of America, Merrill Lynch, Morgan Stanley, Wells Fargo and JP Morgan are all recommending that their high net-worth investors take out loans against their brokerage accounts. The Wall Street Journal reported that securities based loans increased by 28% at UBS between 2011 and 2013. Many brokers make large commissions on the sale of SBLOCs, but they may not be suitable for all investors. If you were recommended or sold a SBLOC, please call our securities law firm in Chicago today to speak to an attorney for free.
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