Legal Question in Investment Law in Colorado

We has trouble with our brokerage firm getting them to issue my dad's minimum distribution from his IRA in Dec. In the past 4 years I have had to provide my POA document over and over, and that office claimed I never provided it even thought I stood by our advisor, a VP at the company, when he copied it. I called their corporate office and they had me fill out a POA in full force and effect document. I thought all was fine but yesterday received a letter from the branch manager saying I have to remove the accounts, which includes the family trusts of 3 million dollars within 30 days or they will liquidate it and send me a check. Is this legal? We had asked for a new advisor prior to this but this was not done.


Asked on 2/26/14, 10:59 am

1 Answer from Attorneys
Nicholas J. Guiliano Securities Arbitration Investment Fraud Lawyers

Unfortunately, they can do that (given proper written notice and a reasonable time to comply). Thirty days is reasonable, and they probably view you as a problem customer.

I can guess the firm, but everyone is probably better off finding a new broker, which you should also investigate at http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/

Good luck.

Nicholas J. Guiliano, Esquire

The Guiliano Law Firm, P.C.

230 South Broad Street, Suite 601

Philadelphia, PA 19102

(215) 413-8223 (Telephone)

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www.securitiesarbitrations.com

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Answered on 2/26/14, 11:12 am


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