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NYC Trading Without Permission Lawyers
Has Your Broker Made a Transaction Without Your Consent? Hire Trading Without Permission Lawyers
According to the Securities Exchange Commission, unauthorized trading includes all trades that a broker makes on behalf of a customer without his or her authorization. There are only some limited circumstances when your financial broker can make trades in your account without having your explicit consent. However, for this to happen, you should have provided your advisor with a written trading authorization for your account.
A written authorization is granted using a unique form prepared by the brokerage firm and it should be signed by both the financial advisor and the investor. If there is no such written form, it’s illegal for the broker to make any trades on your account. Financial advisors who make unauthorized or unsuitable trades can be held liable for any losses that you may sustain.
What You Can Do After Your Broker Makes an Unauthorized Trade
Unfortunately, it can be tough to prove unauthorized trades made several months or years ago on your trading account. The chances of having a successful securities arbitration claim can be especially difficult to get if you decide to wait for too long before you act. Therefore, in case you have reason to suspect that your broker may have made any transaction without your authorization, ensure that you gather important documents and talk to an experienced investment fraud lawyer. The earlier you act, the higher your chances of having a positive outcome.
If you are looking for a lawyer that listens, is aggressive where needed, and holds his word above all else, Todd is the best pick. I had hired multiple attorneys prior to hiring the Spodek Group for a white collar case. The first thing that stood out to me was the cost, as anyone going through the process and dealing with the system, money was tight at that time - especially after hiring and firing multiple lawyers. The cost was not as high as others which was definitely a plus. Todd's intake process was also unlike other attorneys. He took the time to actually listen. He cared. He was trying to put himself in my shoes while I was explaining the situation to him and he really took the time to understand the whole situation. Other lawyers will give you 15 mins and send you a retainer agreement. Not Todd, I think he spent almost two hours with me as I was explaining everything.Not only was he great during the onboarding process, he was supportive and very informative through the entire plea process and eventually sentencing. After hiring him, I asked if I should hire a prison consultant, he told me to save my money as he would do everything they would. He was right and held up to his word. Later on I would hear from others that went with the prison consultants that they were a waste of money - I am glad I listened to Todd!When it came time for sentencing, two days prior to sentencing, the prosecutor tried increasing my proposed prison time by almost double - apparently a normal move. Todd and his team worked with me non-stop through the weekend prior to sentencing to ensure that I was not given additional prison time. Again, he took the time to listen and came up with a strategy to explain the case with great detail.Unfortunately, I did plead guilty as that was my best option. Todd and his whole team wrote up nearly 300 pages of a summary of what happened and why I should not be given prison time. If I breakdown the amount I spent with Todd versus the amount of work that I saw being done, I am shocked I was not charged four times as much. The other benefit was, a lot of criminal defense lawyers were just a single attorney with a paralegal or two. Todd had a team of people that I dealt with (5-7 people that I interacted with), but he was ALWAYS accessible. It would never take him more than an hour to reply unless he was in court.I was sentenced to prison and I was emotionally distraught. Todd and his team did whatever they could even after sentencing to make sure I was alright. He personally stayed in touch with my family to ensure I was doing alright and offered support to them. Most lawyers would consider the job complete at sentencing, not Todd.After prison, Todd still spent time with me to make sure I was on the right track and avoiding any potential risks in the future. He has also been giving advice on how to navigate probation etc and has not been looking at the clock for billing.Although I wish I had never been arrested in the first place, I am glad I had Todd and his team in my corner. Without them I likely would have had to spend a lot more time in prison than I did.Thank you, Todd, and the entire Spodek Law team, for helping turn what was a nightmare into a manageable situation!
I am immensely grateful to the entire team at Spodek Law Group for their unwavering dedication and exceptional expertise throughout my case. From our initial consultation to the final resolution, their professionalism and tireless advocacy made all the difference. Their strategic approach and attention to detail instilled confidence in me every step of the way.Thanks to their hard work and commitment, we achieved a truly favorable outcome that exceeded my expectations. Not only did they navigate the complexities of my case with precision, but they also provided invaluable support and guidance during what was undoubtedly a challenging time. I cannot recommend Spodek Law Group highly enough, especially attorneys Todd Spodek and Claire Banks; they are beacons of excellence in the legal profession.YSP.
Todd, Ralph and Alex are amazing. Helped my husband get from a double digit number with multiple charges to a single digit, by the time I blink he will be out. They very professional and help with all your needs. They dealt with my anxiety and worry very well and they understand that your family member needs to get home as soon as possible.
Believe every single review here about Alex Z!! From our initial consultation, it was evident that Alex possessed a profound understanding of criminal law and a fierce dedication to his clients rights. Throughout the entirety of my case, Alex exhibited unparalleled professionalism and unwavering commitment. What sets Alex apart is not only his legal expertise but also his genuine compassion for his clients. He took the time to thoroughly explain my case, alleviating any concerns I had along the way. His exact words were “I’m not worried about it”. His unwavering support and guidance were invaluable throughout the entire process. I am immensely grateful for Alex's exceptional legal representation and wholeheartedly recommend his services to anyone in need of a skilled criminal defense attorney. Alex Z is not just a lawyer; he is a beacon of hope for those navigating the complexities of the legal system. If you find yourself in need of a dedicated and competent legal advocate, look no further than Alex Z.
I don’t know where to start, I can write a novel about this firm, but one thing I will say is that having my best interest was their main priority since the beginning of my case which was back in Winter 2019. Miss Claire Banks, one of the best Attorneys in the firm represented me very well and was very professional, respectful, and truthful. Not once did she leave me in the dark, in fact she presented all options and routes that could possibly be considered for my case and she reinsured me that no matter what I decided to do, her and the team will have my back and that’s exactly what happened. Not only will I be liberated from this case, also, I will enjoy my freedom and continue to be a mother to my first born son and will have no restrictions with accomplishing my goals in life. Now that’s what I call victory!! I thank the Lord, My mother, Claire, and the Spodek team for standing by me and fighting with me. Words can’t describe how grateful I am to have the opportunity to work with this team. I’m very satisfied, very pleased with their performance, their hard work, and their diligence.Thank you team!
I recently had Spodek Law Group represent me for a legal matter in NYC and I am thoroughly impressed with their services.Alex Zhik secured the best possible outcome for my case.It was a seamless journey from the initial consultation to the resolution of my legal matter. From the moment I spoke to Todd about my case, his enthusiasm to help was evident, setting a positive tone for the entire experience. The efficiency and professionalism displayed by the team is commendable.A particularly noteworthy aspect of their service is their user-friendly portal to upload your documents/evidence. This not only simplified the process, but showcases their commitment to streamline the client experience.Lastly, in an industry where legal fees can often be a concern, I found their pricing to be very reasonable, making needing legal assistance feel accessible and stress-free.I am grateful for their support and wouldn't hesitate to turn to them again in the future.
What to Do if You Learn That Your Broker Has Traded on Your Behalf without Your Permission
Prove that such a transaction was made.
Prove that you never authorized for that trade to be made. For instance, you can prove that you never approved the transaction if you were away.
Prove that the unauthorized trade led to losses.
According to the Financial Industry Regulatory Authority (FINRA), one of the common reasons for illegal trades is when a broker makes a transaction believing that it is in your best interests but couldn’t get hold of you and went ahead to make the trade without your consent. However, even if your broker had the best intentions, the FINRA rules state it’s illegal to make an unauthorized trade. FINRA also states that it is illegal to attempt to convince a client on the benefits of a transaction with the intentions of influencing the investor to authorize such trades.
Because brokers often earn high commissions from the transactions they make, finra advises investors that they should be extremely cautious and keep a keen eye on their account activity. You should also carefully read through all confirmations that you receive in your mail to ensure that there are no trades that are made without your permission.
What You Need to Know About Unauthorized Trading Claims
All unauthorized trading cases are handled before the Financial Industry Regulatory Authority in mandatory securities arbitration. This means that there are slim chances that your case will be taken to court. FINRA has rules that dictate all the best practices and how some of the common investor problems can be avoided.
To get compensated you should also show that:
There was an unauthorized transaction.
You didn’t authorize your broker to make the trade.
You suffered financial losses.
Hire a Skilled Broker Fraud Attorney
The best cause of action that you can take to ensure that you avoid as many cases of unauthorized trades as possible is to maintain a business relationship with your broker. This doesn’t mean that your relationship cannot be friendly, but simply implies that you should preserve professionalism above everything else. In a proper financial advisor-investor relationship, all transactions that are entered should be discussed. This means that there is no trade that should go unmentioned despite the good relationship you may have. Therefore, in case your broker has made an unauthorized transaction, it is necessary first to investigate and then register a complaint as quickly as possible before your broker tries to argue that you ratified or accepted the trade that had been made through your silence.
In case you suspect that your broker has made any transaction in your account without your consent, contact an experienced and skilled attorney who has all the resources you may need to make your claim. Not all lawyers are qualified to represent you in such cases.
