Brokerage firms have an affirmative duty to supervise their stockbrokers and financial advisors, and they can be held responsible for losses sustained if they fail to do so.
Also, most stockbrokers and investment advisors are considered to be “agents” of the firms they represent, and the firm is therefore responsible for their actions. If you lost money because of the actions of your stockbroker or financial advisor, you may have a cause of action against the brokerage firm.
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