California  |  Investment Law

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9/09/09, 11:16 pm

Legal Question


About three years ago, I have given a financial advisor with Ameriprise, $100,000. He invested it in various funds, and in the first years the balance increased to about $118,000. When the recession started, I also started loosing money. I wrote him several times and I told him I do not want to see the account under $102,500. Finally the account went to about $85,000 and I decided to close the account to avoid further loses, and because I also needed the money. But I had significant loses.

Can I sue the financial advisor and/or Ameriprise Financial for losing my money, since he could have taken the money and put them in a CD or something else. Thank you.


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9/09/09, 11:21 pm

Legal Answer


Did you keep copies of the correspondence that you sent to the broker-dealer? Can you scan and send them to me?

Andrew Harrell

W. Andrew Harrell, Attorney at Law Suite 1108, 388 E. Ocean Blvd. Long Beach, CA 90802

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9/10/09, 1:47 pm

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IF you have evidence that they violated your specific instructions, and if you were not negligent yourself in failing to take action to stop the losses, and if you are still timely in taking action within the Statute of Limitations period, yes, you could bring such action. If serious about doing so, feel free to contact me.

Terry A. Nelson

Nelson & Lawless 18685 Main St., #175 Huntington Beach, CA 92648

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9/11/09, 1:51 pm

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Since your matter would have to be evaluated and we have several questions to ask, we suggest that you call our office to discuss it further.

We offer a no-charge consultation.

Mark Tepper

Mark A. Tepper P.A. 3109 Stirling Road Fort Lauderdale, FL 33312

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5/19/10, 3:26 pm

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Maybe. A financial advisor has certain duties. Also, did you give him instructions to sell? Send me an email and let me know.

Best,

Daniel Bakondi, Esq.

The Law Office of Daniel Bakondi, APLC

870 Market Street, SUite 1161

San Francisco CA 94102

danielbakondi@yahoo.com

415-450-0424

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Daniel Bakondi

The Law Office of Daniel Bakondi, APLC 870 Market Street, Suite 1161 San Francisco, CA 94102

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