Selling Away is Caused by Improper Supervision
Financial advisors too often misappropriate funds by making recommendations to the customer to take funds out of the brokerage account and invest in high risk outside investments, which investments do not appear on your monthly brokerage account statements. The broker can also engage in this practice by making investment recommendations that do not appear on your monthly brokerage account statements and you pay for the investment from funds not associated with your brokerage account.
Either way, this practice is known as “selling away”, meaning the broker’s investment activities are being done on the side and are not being reported to or approved by the brokerage firm that employs him. These investments are usually very high risk, or outright theft of your funds even though it appears legitimate. Brokerage firms have a duty to supervise all activities of the financial advisor and the financial advisor is an agent of the brokerage firm, thereby binding the firm to the broker’s investment activities.
Skilled and Experienced Utah Selling Away Attorney
If you have been sold an investment that does not appear on your monthly account statement, we urge you to immediately contact Heiner Law Offices. We will investigate your situation and will advise you on the best course going forward. Selling away cases require highly competent law firms, like ours, to successfully recover your losses.
Our law firm has represented investors in numerous selling away cases, and we know what to do to get you the best results. We are very aggressive in the representation of our clients. When you hire us, we will relentlessly pursue the wrongdoers and hold them accountable for your losses. This is an area of investment fraud that truly requires excellent legal experience and ability, which we have.
Contact Us for a Free Consultation
Contact our office today to discuss your case. We offer a free initial consultation. You can reach us by phone at 801-366-5200 or via email. We try to take every case on a contingency basis which means we don’t collect a legal fee unless we successfully make a financial recovery for you.