Broker Theft: Unfortunately, there are many financial advisors that engage in criminal activity under the auspices of providing legitimate financial advice. Broker theft has become more pronounced in accounts owned by elderly clients. The most common example of broker theft occurs when a financial advisor withdraws money from a client’s account for his or her own personal use. Often times these withdrawals are accompanied by false promises to repay the money owed at a point in the future.
It is strictly prohibited for a financial advisor to borrow money from a client or, worse yet, steal money from a client without his or her knowledge. It is critically important to review your account statements and confirmations each month to monitor unusual checking, deposit, or withdrawal history. If you believe that you or a loved one has been the victim of broker theft, please contact the Wolper Law Firm for a free consultation and case evaluation.