Legal Question in Securities Law in Florida

Investment brokers

I went with a financial management firm that was recommended by TD Ameritrade, since it was on their approved list of brokers. My TD adviser asked mgnt rep how he would handle my account and he stated that he would invest in good value stocks, but if he sees that the market takes a drastic drop he would pull my money out. When he then called me he repeated exactly the same promises she had heard. This was 7-8 months ago and since then the market has drastically dropped a couple of times and the mtg firm has never gotten me out. My adviser is not the same person who brought me into the company and he said that he didn't know that the other had said that to get me in. He also then explained that their company are not traders, but rather money managers, who do not trade like brokers and do not pull out quickly as I was promised.

My question to you is do I have any monetary recourse against the firm I am with for not having gotten me out of the market before I lost $200,000 of my money. My TD adviser still is admit that she was told the same as me so she would recommend me to them. Part of the blame is mine for not having addressed this issue before, but every time I confronted them they were very good at persuading me to stay.

Asked on 2/02/09, 5:47 pm

1 Answer from Attorneys

Mark Tepper Mark A. Tepper P.A.

Re: Investment brokers

Dear Investor:

Do you have anything in writing (letter, emails, etc.) of their promise to pull you out?

Did you have a stop loss?

What were your investment objectives?

Please call our office to discuss your problem at your earliest convenience.

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Answered on 2/04/09, 4:17 pm

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