What to Do When Your Broker Goes Rogue
First, contact the broker and the broker's manager. If that doesn't yield results, contact the compliance officer at the brokerage firm. The firm may reverse the trade and discipline the broker.
You can also submit a complaint to Finra , which regulates brokers. Finra may investigate the complaint and could take disciplinary action against the brokerage firm or broker, and you may be able to get your money back through arbitration or mediation (see www.finra.org/investors ). You can also file a complaint with the Securities and Exchange Commission . The firm could reverse the trade or make a settlement offer. Customer disputes and disciplinary actions will appear on the broker's or adviser's record through Finra or the SEC.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.