Legal Question in Securities Law in Illinois


I recently opened a stock & option trading account with TD Ameritrade. They assigned someone to handle my account. He kept calling me and pushing me to start trading even though, I told him that I wanted to spend some time paper trading and understanding their complex application. They kept calling me and almost coarsening me to start trading, so I did, and a few months later, I lost everything, almost 100K. Do I have a case?

Asked on 11/09/13, 7:28 am

2 Answers from Attorneys

Jeffrey Shancer Law Offices of Jeffrey M. Shancer

Very likely, yes. I would need some additional information to be certain though. I would be happy to speak with you. Please call me at your convenience. Jeffrey M. Shancer, 312/795-9000.

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Answered on 11/09/13, 8:08 am

Adam S. Tracy Securities Compliance Group Ltd

Thank you for your question. The answer to that question, however, may not be so clear. When you opened the account up, as is standard with all stock brokers, you signed an arbitration agreement. That means that if you have an dispute with them, you are bound to go to arbitration (not just sue them) that is regulated by FINRA, the govermental authority that oversees stock brokers. That is the first issue.

The second issue is that you also completed an investor profile when you opened the account. This would have given the broker information regarding your preferences for investing as well as given an indication of your risk profile.

Finally, three, the issue regardinng the aggressive broker would be whether or not he directed you to trade and whether the trades he directed you to make caused you to lose money. This would also turn on what companies you invested in and whether those companies were sound investments for you given your risk profile.

So, a few questions here. I would welcome any opportunity to speak with you as I focus in this area. My email is at(at) Thanks, Adam Tracy

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Answered on 11/09/13, 9:50 am

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