Broker Frauds in Cleveland: What They Can Cost You and How to Get Justice?

by Sudarsan

Cleveland, Ohio, is known for its high levels of broker fraud. Many people are filing complaints against financial firms, investment brokers, or investment companies that they think are responsible for their losses or damages involving investments. 

Cleveland is home to reputable corporate institutions like National City Corporation, Sherwin-Williams Company, Forest City Enterprises, KeyCorp, and Lincoln Electric Holdings.

But there are also fly-by-night companies that bring the city into disrepute when it comes to investment frauds in Ohio. If you are an investment fraud victim, you should seek legal advice from a Cleveland Broker Fraud Lawyer ASAP. Here’s why:

1. You May Need a Lawyer’s Assistance to Identify the Culprit

The best way to identify the broker responsible for your investment loss is by checking if they are registered with the state securities regulator. Check your records and see if you have received any document from a financial company asking you to sign the document. The company should identify the broker responsible for selling you the stock or security that caused the loss of money.

But what if such a document is not available? In such cases, your lawyer will help you examine all other evidence and documents that may help identify the broker who cheated you out of your investments and savings.

2. Your Case May Turn into a Criminal Case

In many broker fraud cases, the Securities and Exchange Commission (SEC) or Commodity Futures Trading Commission (CFTC) may look into your case and find out that the broker has committed a crime by misleading you and selling inappropriate securities. In such cases, they have the authority to file a criminal case against the broker.

In some cases, they may even seize the stocks or commodities you bought through the broker’s recommendation and sell them on your behalf to make up for your losses. Your Cleveland Broker Fraud Lawyer will help you get in touch with these authorities to coordinate evidence and information that will be helpful for their investigation.

3. You May Need to Fight a Court Case in Investment Fraud

Many people think that filing a case is the only way to get justice regarding investment fraud in Ohio. But this isn’t true at all! In fact, the SEC and CFTC offer several ways for people to get compensated when they have been defrauded in investment cases.

There is a claims process that you can use to get back your loss, and there is also an arbitration process that may be helpful for certain types of cases and complaints. Your lawyer will guide you to follow the correct procedure for compensation when you file your complaint. 

4. You Can Get Help from Court to Determine the Loss

If you have not determined how much money you have lost due to investment fraud, your lawyer will help you get this information. They can access your tax records and bank statements and analyze them carefully to determine the loss using correct calculations. If you don’t want the case to go to court, it may be helpful to use alternative dispute resolution (ADR) methods like arbitration and mediation.

5. Your Lawyer Can Help Determine the Appropriate Remedy for Investment Fraud in Cleveland

Your Cleveland Broker Fraud Lawyer can help you determine what remedy would be appropriate if your claim is proven and accepted by the court or alternate dispute resolution authority. You can ask for a refund of the money you have invested. Alternatively, you could ask them to buy back the securities or stocks you bought from your broker due to his fraudulent advice and sell them on your behalf so that you get back whatever remained.

If you have lost property or assets due to investment fraud, your lawyer can help you determine any other remedies available. You could ask the court or arbitration tribunal to order that they be sold so that whatever is left after selling them is returned to you.

You may also like