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What To Do If You Suspect Financial Fraud

July 23, 2021 Blog

If you have concerns about financial fraud, you are not alone. Unfortunately, it is not uncommon for financial advisors to take advantage of the access they have to their clients’ accounts, and each year many investors lose everything to fraud. In this article, financial fraud attorney Jake Zamansky explains what to do if you believe you may be a victim.

5 Steps to Take if You Have Concerns about Financial Fraud

Here are five steps you should take right away if you have concerns about financial fraud:

1. Collect As Much Documentation As You Can

Several types of documentation can be helpful for proving financial fraud. Thoroughly review your records to determine if you have the following, and compile all relevant documents in a file to share with your attorney:

  • Your account statements (dating as far back as possible)
  • Your customer agreement with your financial advisor
  • All marketing materials and disclosures you have received from your financial advisor
  • All correspondence between you and your financial advisor
  • Any notes you have taken pertaining to your concerns

2. Review Your Customer Agreement

Once you locate your customer agreement, you should review it carefully, In particular, you should seek to determine if it includes an arbitration clause. Most customer agreements include arbitration clauses; and, if your agreement has this clause, you will need to file your claim in FINRA arbitration.

3. Learn about What Constitutes Financial Fraud

Financial fraud can take many different forms. In order to prepare for your meeting with a financial fraud attorney, you will want to learn as much as you can about the acts and omissions that can justify claims for financial recovery. We have prepared an in-depth overview of what constitutes financial fraud and what customers can expect during the arbitration process.

4. Learn about the Remedies for Financial Fraud

In most cases, advisory firms will be legally responsible for their advisors’ fraudulent acts. This means that customers can typically pursue claims against their advisory firms in order to secure the remedies to which they are legally entitled. As you contemplate your next steps, it will be important for you to have an understanding of the remedies that are available for financial fraud.

5. Discuss Your Situation with a Financial Fraud Attorney

Finally, and most importantly, you should discuss your situation with a financial fraud attorney. Recovering fraudulent losses in FINRA arbitration is not something that customers can do on their own. You will need an experienced attorney to represent you throughout the process, and you will want to rely on your attorney’s advice as you make decisions about your case.

Request a Free Consultation with a Financial Fraud Attorney at Zamansky LLC

Do you have concerns about financial fraud? If so, we strongly encourage you to speak with one of our attorneys right away. To schedule a free, no-obligation consultation with a financial fraud attorney at Zamansky LLC, call 212-742-1414 or tell us how we can reach you online now.

Client Reviews

“Jake Zamasky and his colleagues represented me in a FINRA arbitration case against a large multinational bank and succeeded in obtaining an award for the full amount of my investment losses. I would highly recommend the Zamansky firm for their experience in securities litigation, their level of detailed research and case preparation, and their ability to effectively fight for what’s right.”

Richard R.

“Throughout my entire case, Jake Zamansky was incredibly responsive and spent time walking me through each step of the process. He is professional and worked with my challenging schedule, even meeting with me nights and on weekends. He knew exactly which turn to take when it came to my case and yet was respectful of any decisions I wanted to make resulting in a positive outcome.”

Donald A.

“Jake Zamansky and his firm represented me in a FINRA arbitration case to recover investment losses. Jake and his team were very professional and worked very hard preparing for trial and then reaching a substantial settlement of our case. I would highly recommend them.”

William E.

“Jake Zamansky represented me in a FINRA arbitration case which allowed me to recover a substantial portion of investment losses. He is truly an expert in this space and I would highly recommend him to those investors who may have been been a victim of investment fraud.”

Chris K.

“Jake and his team did a great job communicating with me throughout the process of my lawsuit. I would recommend him to anyone looking to sue UBS for unethical practices.”

Mike A.
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