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I am a single mother and my brother suggested I move my pension and ira money to Fidelity. He promised to 'keep an eye' on things for me. I discovered months later that he had been trading my accounts w/o my knowledge and lost a significant amount of money ($200,000.00). When I confronted him he told me 'Tough Sh..'. Does anyone know what remedies are available for this. I have to sell my home and search for an additional job,....and I'm sixty years old currently. Please help. Thank you.
I am a single mother and my brother suggested I move my pension and ira money to Fidelity. He promised to 'keep an eye' on things for me. I discovered months later that he had been trading my accounts w/o my knowledge and lost a significant amount of money ($200,000.00). When I confronted him he told me 'Tough Sh..'. Does anyone know what remedies are available for this. I have to sell my home and search for an additional job,....and I'm sixty years old currently. Please help. Thank you.
Needing sound advice.
So you gave him permission to access your account? If that;s the case, there isn't much you can do. You may want to contact Fidelity but I'm sure they will tell you the same thing. Sorry you have to go through this mess.
Yes cut off access NOW! Call them and ask what to do.
Also get copies of all the trades he made. This would be the account statements for each month going back to the time he took over the account.
You may be able to sue, but no point if he does not have any money or assets.
If you want to "stick it to him", he may have violated some securities and exchange rules. All sorts of rules for persons acting as "brokers" and making trades for you. May want to report him to the SEC here... https://tts.sec.gov/oiea/Complaint.html
And since he did this without your consent, he may have violated some state laws. Might call your state district attorney's office.
Search google.com for the words...
fiduciary responsibility
...that means someone taking care of another person's money has certain responsibilities.
Also search for the word...
negligence
...what you read will explain better than I can. But basically people should act with the care most other people would if in the same circumstance.
P.S. You do not need to have a written contract for there to be a contract between two people. It can be "verbal".
i say it all the time. YOU CANT LEAVE YOUR MONEY TO SOMEONE ELSE AND TAKE NO RESPONSIBILITY FOR NOT KNOWING WHATS GOING ON.
folks have no interest in taking the time to learn the basics and the end result is they get burned.
they rather learn about their car or refrigerator than take an interest in their financial lives.
you need to take the time to learn the basics so at least if you seek professional help you have a clue as to what they are doing.
before i met my wife she was a widowed mom..a broker at the local savings bank took a big chunk of her life savings and recommended she put it in tech and dot com funds at the peak through him..
with no knowledge of what she was okaying she did it. she took a terrible beating.
i dont want to say anyone deserves this to happen because they dont .
but by not taking control and an active part in managing your money even if someone else is in the drivers seat then you are leaving the door wide open for disaster. you need at least the basics so you can understand what others are recommending or doing with your money.
nothing can be more basic then learning to read your statement.
Last edited by mathjak107; 05-09-2012 at 03:51 AM..
Yes cut off access NOW! Call them and ask what to do.
Also get copies of all the trades he made. This would be the account statements for each month going back to the time he took over the account.
You may be able to sue, but no point if he does not have any money or assets.
If you want to "stick it to him", he may have violated some securities and exchange rules. All sorts of rules for persons acting as "brokers" and making trades for you. May want to report him to the SEC here... https://tts.sec.gov/oiea/Complaint.html
And since he did this without your consent, he may have violated some state laws. Might call your state district attorney's office.
Search google.com for the words...
fiduciary responsibility
...that means someone taking care of another person's money has certain responsibilities.
Also search for the word...
negligence
...what you read will explain better than I can. But basically people should act with the care most other people would if in the same circumstance.
P.S. You do not need to have a written contract for there to be a contract between two people. It can be "verbal".
You provided good information. I understand that OP said he was trading without her knowledge, but we need to know how he gain access to her accounts for so long. I don't see where fiduciary duties would cover in with this case unless her brother is a broker or has a written plan. Fiduciary duties come into plan with people like plan administrators, mutual fund managers, trustees and brokers.
There is no written plan. Being that this was a retirement investment account with stocks, bonds and mutual funds, it could be possible that her brother bought a few stocks that plummeted in value. But OP should have been receiving statements. Cut off access to your accounts is a smart move. But call or chat online with Fidelity.
Meeting Your Fiduciary Responsibilities (http://www.dol.gov/ebsa/publications/fiduciaryresponsibility.html - broken link)
A plan must have at least one fiduciary (a person or entity) named in the written plan, or through a process described in the plan, as having control over the plan’s operation. The named fiduciary can be identified by office or by name. For some plans, it may be an administrative committee or a company’s board of directors.
A plan’s fiduciaries will ordinarily include the trustee, investment advisers, all individuals exercising discretion in the administration of the plan, all members of a plan’s administrative committee (if it has such a committee), and those who select committee officials. Attorneys, accountants, and actuaries generally are not fiduciaries when acting solely in their professional capacities. The key to determining whether an individual or an entity is a fiduciary is whether they are exercising discretion or control over the plan.
There are cases where someone is not a professional - like a guardian appointed to take care of someone or a trustee or executor of an estate (Regular people). And they have a Fiduciary Responsibility.
So it may be that the brother could be considered likewise in this case? And should also have a "Fiduciary Responsibility"? A lawyer thing, but might be worth checking out...
i say it all the time. YOU CANT LEAVE YOUR MONEY TO SOMEONE ELSE AND TAKE NO RESPONSIBILITY FOR NOT KNOWING WHATS GOING ON.
folks have no interest in taking the time to learn the basics and the end result is they get burned.
they rather learn about their car or refrigerator than take an interest in their financial lives.
you need to take the time to learn the basics so at least if you seek professional help you have a clue as to what they are doing.
before i met my wife she was a widowed mom..a broker at the local savings bank took a big chunk of her life savings and recommended she put it in tech and dot com funds at the peak through him..
with no knowledge of what she was okaying she did it. she took a terrible beating.
i dont want to say anyone deserves this to happen because they dont .
but by not taking control and an active part in managing your money even if someone else is in the drivers seat then you are leaving the door wide open for disaster. you need at least the basics so you can understand what others are recommending or doing with your money.
nothing can be more basic then learning to read your statement.
I am a single mother and my brother suggested I move my pension and ira money to Fidelity. He promised to 'keep an eye' on things for me. I discovered months later that he had been trading my accounts w/o my knowledge and lost a significant amount of money ($200,000.00). When I confronted him he told me 'Tough Sh..'. Does anyone know what remedies are available for this. I have to sell my home and search for an additional job,....and I'm sixty years old currently. Please help. Thank you.
Needing sound advice.
Did you find out directly from Fidelity that he traded accounts and "lost money," or did he simply tell you that? This question needs an answer, for obvious reasons. Do you have actual financial records in hand from Fidelity?
would you be making this post if he was up money? of course not
your brother is a scum bag though but you're largely responsible
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