By extants - 11/02/2010 20:13 - United States

Today, I found out my broker invested my $6000 in the wrong stock. How did I find out? He called me to let me know the stock crashed. FML
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You deserved it 3 649
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Top comments

hitmanoo 16

if he's a licenced broker you can easily recoup your $. sue.

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ProfessorNinja 0

You shouldn't need to sue. As your broker, he has a fiduciary responsibility to act in your best interest, which includes investing only in what you tell him to. As such, he's more than likely to carry Errors and Omissions insurance of some sort. Assuming you can demonstrate the error was his, you should neither need to sue nor threaten to sue. Ask him to submit an E&O claim. At six grand, it should barely dent his premiums. He won't even bat an eye.

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Comments

onnielief 4

You still trust brokers? So I guess you have learnt your lesson now. If you do proper research you can make the investments yourself YDI for being to lazy to read up on stock investing!

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KASHMIR_fml 0

if by wrong u mean u told him to put money in a certain stock and he put it else where then u can sue. if by wrong u mean u signed a contract allowing him to invest ur money where he will try to make u more mony and it didn't work out, then u can't sue. gosh these idiots trying to sound smart on here. u can't always sue.

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I_am_stupid_also 6

Put your money into a diversified mutual fund or etf. The amount of time it would take to actually choose individual stocks wisely would be worth far more that the small amount of management fees on a $6000 account.

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CLICKHEREx 0

If your stockbroker didn't inform you AT THE TIME about where your money was invested, the probability that you were ripped off is very high. For an explanation, email me at [email protected] You could sue on a "no win; no fee" basis, if you can find a suitable lawyer. Next time, YOU DECIDE on a basket of stock; 80% blue chip; 20% high risk/high profit, with a different broker!

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