7 years Ago, MarcWites
Most stockbrokers and investment advisers are paid based on a percentage of the value of trades of the investments in your portfolio. (This does not apply to brokers who trade “managed accounts” or who are paid based on the total assets in an account.)
When stockbrokers are paid commissions, these amounts are deducted from your investments. Therefore, it follows that the more trades made by such brokers, the more they earn. Honest brokers, who function for your best interests, will make or recommend only trades which are necessary to maximize the performance of your holdings.
However, when paid based on your trades, there is a temptation fordishonest brokers to try to earn extra money by making more trades, even if this is not the best strategy for your portfolio. “Churning” is the excessive buying and selling of stocks or other investments motivated by the broker’s desire to increase commissions as opposed to your best interests. This excessive trading is unethical, a violation of securities law, and may give you the right to seek compensation from your broker. In addition, excessive trading of your holdings may be illegal even if it was not motivated by your stockbroker’s desire to increase commissions.
A trusted adviser with expertise on these issues, such as an attorney experienced in stockbroker fraud and securities fraud, can help you to determine whether or not you might have a claim against your stockbroker. They will need to review your account statements to determine the frequency and volume of trades and whether the trades were logically related to your investment goals. The attorney may consult with an accounting expert to evaluate the case, and figure out what can be proved with regard to your “damages” – meaning the amount you could recover, including any losses to your portfolio resulting from the unauthorized trades and the commissions paid to your broker as a result of improper trades.
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Marc: Congratulations on the School Board settlement! Glad you were about to get a good result for your clients. Having been your adversary early on in the case, I can say it was a long battle and the great result was due to your persistence and creative approach to the litigation. Well done!Review From Web
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An impressive chamber of knowledgeable attorneys/staff that stand ready to work tirelessly on behalf of their clients. Marc Wites is the quintessential Perry Mason advocate–erudite, prepared, and brilliant. He is ready to take on any legal challenge. Above all, he is understanding of the working class. Surely, he’s not just in it for the money; he genuinely wants to help people. Overall outstanding law firm.Review From Web
Mr. Wites accepted my case when other lawyers would not. He never promised what he couldn’t deliver. He was realistic, upfront and honest. He actually returns phone calls. And he is willing to explain the legal process and to take time to answer questions. I would definitely contact Mr. Wites if I ever needed a lawyer again.Review From Web