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The Basking Ridge securities fraud law firm of Lubiner, Schmidt & Palumbo is ready to represent Basking Ridge investors who believe their financial advisor has mishandled their brokerage and/or retirement accounts. Lubiner, Schmidt & Palumbo has practiced securities law for over 30 years. Among the experienced securities fraud attorneys at the firm are a former New York City prosecutor, a former in house attorney at a major broker dealer and a former stockbroker. The experienced securities litigation attorneys at the firm have appeared in securities matters in courts across the country, including cases in New York and New Jersey. They also have handled hundreds of securities arbitration cases administered by the Financial Industry Regulatory Authority (“FINRA”). Handling securities matters over the years has enabled the securities fraud attorneys at Lubiner, Schmidt & Palumbo to develop a deep and detailed understanding of the inner workings of brokerage firms and their branch office and back office operations. Basking Ridge investors who believe they have lost money because their financial advisor has intentionally, or even negligently, mishandled their brokerage account can rely upon Lubiner, Schmidt & Palumbo to diligently investigate their claim. The experienced securities fraud attorneys at the firm will aggressively seek compensation for any losses Basking Ridge investors suffered in their account because of intentional acts or simple errors on the part of their broker.
Securities fraud is a term that can include many different actions on the part of brokerage firms and their employees. Unsuitable trading, unauthorized trading and excessive trading/churning are all unlawful actions that nevertheless frequently occur. The experienced securities litigation attorneys at Lubiner, Schmidt & Palumbo have the ability to analyze customer account statements, internal compliance documents and surveillance reports to determine if firm and industry procedures regarding the proper handling of customer accounts were followed.
In instances of inappropriate conduct such as those mentioned in the paragraph above, the next issue an experienced securities litigation attorney must investigate concerns failure to supervise. Branch offices are the “faces” of brokerage firms and deal directly with customers. Recognizing this, securities industry rules require broker dealers to have a supervisory chain of command in their branch offices. They are also required to have supervisory procedures in place to prevent the mistreatment of customers by individual employees. The experienced securities litigation attorneys at Lubiner, Schmidt & Palumbo have the expertise to determine if, in addition to misconduct on the part of an individual broker, the firm has failed to supervise that broker. Failure to supervise is a separate and distinct violation on the part of the firm, the proof of which can also lead to damages being recovered. Basking Ridge investors need an experienced securities fraud law firm like Lubiner, Schmidt & Palumbo to explore such issues and fully protect their rights.
Another area in which Basking Ridge investors may need the expertise of Lubiner, Schmidt & Palumbo involves the complex investment products now being marketed by brokerage firms. Structured products are investments that consist of an underlying “basket” of securities such as commodities, indexes, etc. They are tied to a derivative security, typically an option. They are issued by large financial institutions and guarantee the return of principle plus some rate of return. Some of these products are collateralized mortgage obligations (“CMOs”), mortgage backed securities (“MBS”) and credit default swaps (CDS”).
However, they actually are the unsecured debt of the issuer. If the issuer goes bankrupt, the notes will probably fail. The instruments are meant to be held long term and are very illiquid. The initial interest rate paid by these instruments is guaranteed for only a defined period and then is reset, and can be as low as zero.
These notes were originally meant for institutional investors and may not be suitable for retail clients.
The securities fraud attorneys at Lubiner, Schmidt & Palumbo can obtain compensation for Basking Ridge investors who have been financially harmed by their investment advisors. Contact Lubiner, Schmidt & Palumbo for a consultation if you have questions or concerns regarding the handling of your brokerage account.