
Michael Schrag
Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
Unauthorized transactions are made when a broker performs a trade in your portfolio without your consent. When you use a brokerage firm or financial institution to manage your portfolio, securities law requires them to obtain prior authorization either at the outset of your advisory agreement or before making certain trades in your account. Typically these authorizations are required in writing.
If your broker or financial institution made trades on your behalf without your permission or without notice, you may be a victim of unauthorized transactions— which may mean you are entitled to financial compensation.
There are a few exceptions to the rule. For example, when you have a margin account, a certain line is set and if the value of your investment falls below it, the broker may trade without notifying you. However, an agreement is requied beforehand, making you aware that you were granting this decision-making power to your broker. Understanding all the exceptions can be tricky, so if you are concerned, it is best to discuss your individual situation with a securities lawyer.
If you believe your broker traded without your knowledge or made unauthorized transactions without notice, contact us for a free and confidential consultation.
Scott focuses his law practice on securities arbitration and litigation and plaintiff-side class action litigation, representing individual investors and institutions in claims against brokerage firms, investment advisors, commodities firms, hedge funds and others.
Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
Eileen is involved in the firm’s securities practice and has over a decade of experience in the legal world. She received her law degree from American University in 2005.
David’s advocacy has generated major recoveries for consumers impacted by financial fraud. He was named to the Top 40 Under 40 by Daily Journal and a “Rising Star in Class Actions” by Law360.
Amanda is spearheading a securities lawsuit against NantHealth concerning fraudulent statements to investors about the success of its key product.
American Express Financial Advisors Securities Litigation | $100 million cash settlement for clients alleging American Express steered them into under-performing “shelf space funds” to reap kickbacks |
Chase Bank “Check Loan” Litigation | $100 million settlement for consumers alleging Chase offered long-term fixed-rate loans, only to later more-than-double required payments |
Peregrine Financial Group Customer Litigation | Settlements worth $75 million for futures and commodities investors who lost millions in the collapse of Peregrine Financial Group, Inc. |
NantHealth | Court-appointed Co-Lead Counsel in a securities class action alleging the company’s founder violated federal securities law and artificially inflated stock prices |
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