Lubiner, Schmidt & Palumbo is a local law firm that can assist Summit investors who have suffered losses in the securities markets. Among the securities litigation and regulatory lawyers at Lubiner, Schmidt & Palumbo are a former New York City Assistant District Attorney, a former stockbroker and a former in house attorney for a large financial firm. Lubiner, Schmidt & Palumbo has practiced securities litigation and regulatory law for more than three decades. The securities group at the firm handles securities matters in courts in New Jersey, Florida and New York. The Financial Industry Regulatory Authority (“FINRA”) administers customer arbitrations for injured clients and the industry. The securities fraud attorneys at Lubiner, Schmidt & Palumbo have handled hundreds of FINRA arbitrations nationwide. The securities attorneys at Lubiner, Schmidt & Palumbo possess in depth and detailed knowledge of the inner workings of brokerage firms and their back offices. If the brokerage account of a Summit investor has been mishandled, intentionally or negligently, the securities fraud attorneys at Lubiner, Schmidt & Palumbo will fight for her rights.
Investors in Summit now have securities attorneys who can help them recover any losses they may have sustained in the securities market. Lubiner, Schmidt & Palumbo handles various types of claims made by aggrieved investors, such as those detailed below.
If you receive numerous written confirmations regarding the trading activity in your account, and your monthly account statement is difficult to read and understand because of the number of transactions occurring in your account, you may be the victim of excessive trading. Excessive trading, or churning, occurs when your broker engages in a large volume of trading that may be excessive given your investment objectives, your investment experience and/or knowledge. The result of this type of trading is often that no matter how profitable the trading may be, the excessive commissions charged by the broker eat into any profits and the broker earns more from the trading than the client;
Unless you gave your broker written authorization to use her discretion in entering trades in your account (which is unusual in ordinary individual or joint retail brokerage accounts), your broker must first discuss any proposed trades with you and receive your permission to enter a trade on your behalf in your account. If you receive trading confirmations and/or see trades in your account that you do not recall discussing with your broker, you may be the victim of unauthorized trading;
Brokers and their firms are required by securities regulations to “know their customer.” This means that they are required to make investment recommendations consistent with the customer’s knowledge of the securities market, the customer’s experience in the market and the customer’s financial condition. If your broker made a recommendation to you to purchase a security that was complex and you didn’t fully understand it or appreciate the risk in the investment, or the product was not appropriate for you in light of your financial assets, your broker may have made an unsuitable recommendation to you for which you are entitled compensation for any losses you sustained;
Unfortunately, instances of unethical brokers taking advantage of elderly customers remain a significant problem in the securities industry. See here, here, here and here. If you believe a brokerage firm has victimized an elderly parent, relative or friend, the experienced securities litigation attorneys at Lubiner, Schmidt & Palumbo can right that wrong. Lubiner, Schmidt & Palumbo can protect senior citizens’ financial rights and recover any monies improperly invested on their behalf.
The above is just a small listing of the types of actions that are filed against brokerage firms and their employees. In order to protect Summit investors’ savings and recover losses resulting from improper conduct, investors should contact the experienced securities fraud attorneys at Lubiner, Schmidt & Palumbo for a free consultation.