If you believe that your stockbroker or adviser failed to follow your instructions on your securities or retirement accounts, you may have a claim. If your stockbroker recommended unsuitable investments that were riskier than you wanted, you may have a claim. If you believe that your stockbroker has been buying and selling often and many times the same stock is bought, sold, and re-bought, the stockbroker is trading to charge commissions (churning) and you may have a claim. If you are retired or near retirement, you may have a claim if your stockbroker recommended risky investments instead of conservative investments. Heurlin Sherlock can help you recover your loss.
Laws and regulations give an investor substantial rights and protect customers from stockbroker, investment advisor, and insurance agent misconduct. If you believe that you have a claim, your claim should be pursued as soon as possible, while memories are fresh. In any event, all claims should be pursued within two years after you learn that the stockbroker's advice was wrong. Claims against stockbrokers and broker dealers are handled through an arbitration process or trial.
Usually, an individual investor, as a requirement to open an account with most firms, is required to sign an "opening account" agreement that contains an "arbitration clause." This clause requires that any dispute must be resolved through arbitration, rather than litigation. Even if there was no such clause, an investor can require a securities firm to enter into arbitration.
Most arbitrations are done through FINRA (Financial Industry Regulatory Agency, formerly NASD).
Arbitration is the method to resolve disputes between stockbrokers and investors. Arbitration provides a fair and impartial means of dispute resolution that is faster and less expensive than a lawsuit through the courts. An arbitration hearing on a claim typically is scheduled within one year of filing the claim.
Arbitration is a more efficient, quicker, and costs less than court litigation. An arbitration hearing is less formal than a traditional court trial. There is no judge. There is no jury. Both sides may subpoena witnesses. Arbitrators are selected from a list of qualified individuals. Typically, there are three arbitrators; one attorney, one from the securities industry, and one from the public.
The decision of the Arbitrators must be made within 45 days of the hearing. Decisions of the Arbitrators are binding on all parties. There is rarely an appeal from the decision of the Arbitrators. The broker must pay any award within 30 days.
A 1992 study by the United States government determined that the securities industry arbitration process provides the public investor with an equitable method of resolving disputes, finding that over 60% of arbitrations resulted in an award for the investor. Also, the investor was almost twice as likely to obtain an award when represented by an attorney.
The success of arbitration for the investor cannot be compared to the courtroom, where many investors' claims would not be economically practicable because of the greater costs and restrictive rules of procedure and evidence in a lawsuit.
Bruce R. Heurlin has represented investors against stockbrokers for many years. Mr. Heurlin has actual, real, and successful experience in vigorously pursuing the claims of investors, all the way to collecting money for investors. Mr. Heurlin has represented investors through all procedures of an arbitration to collecting money from stockbrokers. Mr. Heurlin has an undergraduate degree in Business Administration and uses that education, with experiences in financial matters and business litigation, to represent investors. Mr. Heurlin is an AV rated attorney and was selected one of The Best Lawyers in America and a Southwest Super Lawyer by his peers.
Heurlin Sherlock will provide you with the highest quality representation to help you through the process of securities arbitration. For an initial consultation of your case, please call Heurlin Sherlock or visit our website at www.aztoplawyers.com.