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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Same thing different taste

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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

jpeavler0008 0

well since he put it in the wrong stock bonds, and if he is truly licensed, file a law suit on him to get your money more

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DutchCourage 0

YDI for letting someone else make your investment decisions

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blastvortex 3

Ouch. Unless you're lucky, he probably has protection against reciprocity/compensation too. Of course, it would be entirely avoidable if you had been dealing with the investment(s) yourself, so YDI.

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hotmodel1234 0

First of all, go to Interactive Brokers as they are cheaper then the rest, more interest on your cash then the rest and lower margin cost then the rest. As for the guy who mentioned AIG at .38 it did a reverse 20:1 split so still a $2 stock on its way back to zero. A stock that really did move that much was DDRX, a coffee company, it went from .21 to $35 in the past year. Unless you invested in a penny stock its hard to see 6K up and vanish in no time. Even if you checked it once a week or month it'd be down 20% perhaps 50% at most. Only way for it to be gone is a drug company pending its hopes on approval or a Lehman Brothers type collapse. Buy DRYS as its under book value, has 4 UDW oil rigs coming online so the stock should double or triple. You can also buy it and sell the calls every month making 5% return till it does happen. Remember time is on your side so don't worry too much about it...broker will reimburse you.

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The__Redneck 7

In THE stock? As in singular? Hell, I knew in middle school that "don't put all your eggs in one basket" is probably the #1 rule for stock market investing. Next time, find a broker who knows what the hell he's doing.

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Tarying 0

Oh, dear, my weight doesn't matter a bit, now let's pass around the 'taters and chocolate.

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peterblackmer91 12

I'm assuming that if he's a licensed broker then you are protected.

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