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Unauthorized Trading
In the context of the broker-client relationship, the client generally defines the extent to which the broker is authorized to trade the client's account. This authority is usually set forth in the client agreement that's signed by the client at the time the account is established. Sometimes, after the account has been established, the client grants the broker broader authority and signs a new or amended client agreement.
Unauthorized trading occurs when the broker engages in trading that exceeds the trading authority granted by the client. Some of the more common reasons that trading is unauthorized involve the following: (a) the trading was discretionary and such discretionary trading was not authorized; (b) the trading involved securities that were outside the client's investment objectives; or (c) the trading concentrated too much risk in a single security.
The most common defense asserted by brokers to a claim of unauthorized trading is that the client ratified the trade(s). If you need assistance with respect to unauthorized trading, please fill out our Free Case Evaluation Form.
Top Unauthorized Trading Law Sites
Greco & Greco, P.C.
We use this experience to diligently pursue recovery of investors' losses resulting from securities fraud, churning, lack of suitability, unauthorized trading, and other unlawful actions of stock brokers and brokerage firms. |
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