By extants - 11/02/2010 20:13 - United States

Today, I found out my broker invested my $6000 in the wrong stock. How did I find out? He called me to let me know the stock crashed. FML
I agree, your life sucks 30 324
You deserved it 3 634

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if he's a licenced broker you can easily recoup your $. sue.

You shouldn't need to sue. As your broker, he has a fiduciary responsibility to act in your best interest, which includes investing only in what you tell him to. As such, he's more than likely to carry Errors and Omissions insurance of some sort. Assuming you can demonstrate the error was his, you should neither need to sue nor threaten to sue. Ask him to submit an E&O claim. At six grand, it should barely dent his premiums. He won't even bat an eye.

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if he's a licenced broker you can easily recoup your $. sue.

sue the shit outta him

"We do it like real men. We sue"

it's ok, you'll never have to work again with the money you get from the lawsuit.

daww rats man ): bad day eh?

I think it's pretty clear what you need to do. Sue his ass. His firm is responsible, even more so he is. Unless you're going to just sit back and eat a $6,000 loss, something a lot of people can't afford, you need to hold him accountable, even if it costs him his job. P.S. This is why you don't have family do business for you. Because stuff like this happens and people usually aren't willing to make family take responsibility for their mistakes. Sue, then find a new broker.

You shouldn't need to sue. As your broker, he has a fiduciary responsibility to act in your best interest, which includes investing only in what you tell him to. As such, he's more than likely to carry Errors and Omissions insurance of some sort. Assuming you can demonstrate the error was his, you should neither need to sue nor threaten to sue. Ask him to submit an E&O claim. At six grand, it should barely dent his premiums. He won't even bat an eye.

This is ridiculous, actually. Assuming the broker pays him back, which would typically be by filing an insurance claim for lost money + damages (including any money he might be able to demonstrate he lost if his stock he desired had gone up) + interest, he would more than likely not make more than, I dunno, assuming it was a short term error, MAYBE 10k at best. There would likely be no punitive damages since it wasn't intentional and the broker acted reasonably to return his funds. While it sucks, it's not irreparable, and tort law isn't a lottery.

y do all u guys write like 40000 word comments? no one reads them!!!

OP you might be a DUM MOTHERFUCKER for not duoble triple checking a 6,000$ investment if it's worth that much money then maybe you should have had some insurance maybe you did I hope so next time give it to me I'll take good care of your money ;-)

there must be some sort of covers/insurances available on both sides...but if hes licensed and he admits to making a mistake then well SUE HIS ASS!

I agree with 55

$6000 isn't very much on the stock market. Quit bitching.

Smart people read the longer comments, because we like to learn things, like how to get our $6,000 back. Don't assume everyone is as stupid as you.

That's about one word for every exclamation mark you used.

@55: You're a dumb shit. Everything is misspelled or punctuated wrong( it's "why" not "y"), and don't assume because you're stupid and can't read that everyone else can't either. Do you even know how long 40,000 words is? Assuming a page is 500, that is 80 pages. I bet you've never read that many in your life.

@60: Says the idiot who can't spell *dumb*

that sucks. badly.

try third buddie ...

wtf.... this wasn't even the one I commented ...

they moderated him out. go Sarin!!!!!!

if this broker is US based , complain to his manager or compliance department. but if you gave him discretionary authority then you are SOL. you cant sue him because you signed an arbitration agreement. complain to FINRA so it will go in his CRD record.

Sucks to be you.

good job. u have a really stupid stocker. ha

i meant to say stocker. haha.

Lol! That's great. immd. One problem, though: 'stocker' implies you'll actually have some financial stock behind you when the transaction's complete. This is why they're called 'brokers' - they make you broke. *groan-worthy pun*

at least he told you! but make him pay.

imagine if he put it in the wrong investment and you made money...ahhh wishfull thinking... :)

Just sue and get over it. If you have 6 grand to shovel into stocks, then you clearly have a job where you make decent money.

I swear they do this on purpose.

Ajjas013 6

I wonder why...

@ moonfire: cracked.com?