If you were the victim of a Ponzi scheme, you are probably afraid you will never see any of that money again. If a financial advisor or brokerage had a role in your investment decision, FINRA arbitration may provide a recourse. Silver Law Group has one of the largest FINRA arbitration practices in the nation. Our managing partner, Scott Silver, serves as the chair of the Securities and Financial Fraud Group of the American Association of Justice (AAJ) and is on the board of the Public Investor Advocacy Bar Association (PIABA). Our team of lawyers have extensive experience representing victims of Ponzi schemes in class action litigation and securities arbitration.
The securities fraud attorneys at Silver Law Group represent victims of investment scams nationwide, and we have had tremendous success pursuing FINRA arbitration for Ponzi scheme fraud. If you lost money in a Ponzi scheme, reach out to us for a free consultation to discuss how we can help you seek justice.
The Financial Industry Regulatory Authority (FINRA) governs brokerages, registered representatives, and financial advisors who are members. FINRA requires its members to uphold certain standards in their dealings with clients, and has the authority to sanction members who don’t comply. It also offers a dispute resolution service for investors who allege wrongdoing by a financial professional or broker caused them to lose money.
If you invested in a Ponzi scheme on the advice of a FINRA member, you can use the arbitration process to demand reimbursement of your losses. You may be entitled to compensation if you can demonstrate that the FINRA member:
You can initiate a FINRA arbitration against the individual broker or advisor you worked with and their employer.
If you lost money in a Ponzi scheme, your opportunities to recoup some of your investment are limited. Pursuing FINRA arbitration against the financial professionals who handled your investment in the scheme is a relatively simple and cost-effective method of recovering some or all of your lost funds. The attorneys at Silver Law Group have won 7-figure FINRA arbitration awards for clients victimized by financial professionals who recommended investments in Ponzi schemes.
Securities arbitration is similar to a lawsuit. The arbitrator or a panel of arbitrators reviews evidence and hears testimony from witnesses. However, when the parties agree to arbitration they also agree to abide by the final decision, so there is no appeal mechanism as there would be if you took the matter to court.
If you bring a claim for money stolen in a Ponzi scheme, the attorneys at Silver Law Group will file a FINRA Statement of Claim. This Statement and the supporting documents describes the dispute, identifies the parties, states the amount of the claim, and confirms that you agree to abide by the final decision. The defendants have 45 days to file a response to your claim.
Both parties have input into selecting arbitrators. Once the arbitrator is selected, they schedule a prehearing conference to work out procedural issues and select a hearing date. Hearings may take less than a full day or require multiple hearings extending over weeks, and they can be held in person or by video conference.
After a careful vetting process, if our law firm agrees to take your case, we generally handle cases on a contingency fee basis which means that we only get paid if we help you successfully recover money. Our contingency fee agreement, generally referred to as a retainer agreement, is straightforward and easy to understand. Ultimately, we work very transparently with our clients, keeping you informed about the process each step of the way.
Our team of lawyers, investigators and analysts look at all potential avenues of recovery. A popular saying is that Ponzi schemes aren’t bought, they are sold. All to often, we see financial advisors and stockbrokers agree to push a particular investment because it pays them a substantial commission. Many times these products are illiquid private placements or other complex investments which are promoted to investors as way the “rich” are already investing and a unique opportunity. Our lawyers have handled many claims by investors against financial advisors and other promoters for failing to conduct reasonable due diligence or otherwise making unsuitable recommendations.
If you are the victim of a Ponzi scheme and work with Silver Law Group, we will explore all options for recovering as much of your investment as possible. Securities arbitration for Ponzi scheme fraud is an option worth exploring. Our lawyers sit in leadership positions in many bar associations associated with securities litigation and arbitration and routinely speak at industry conferences. Our expertise in securities arbitration is frequently sought from other law firms to assist on these types of cases. We offer free consultations and work on contingency, so contact us today with no risk or obligation.
