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Damages for Unauthorized Trading, Churning, etc - Transcript

In churning cases interestingly the damage is often are the commissions earned I have seen many cases where the investor makes no money and the broker makes three hundred thousand dollars in the account or so and what you’re suing for is the return of the commissions.

Because the investor is the one that should be making money on the account not the broker it’s not a proprietary account it’s an investor account and you even see investors making losses and and Brokers making profits as a result of churning and that’s that’s just inappropriate with respect to the other types of causes of action over concentration um or unauthorized trading.

I mean clearly with an unauthorized trading if you can prove that the trade was unauthorized that there was no contact between you and broker on the day a trade was made you would seek rescission of that trade put me back where I was before that trade occurred so to get the monetary relief from uh basically undoing that trade in an over concentration case there can sometimes be a very profitable portfolio that is taken down by one piece of that portfolio and that piece is.

I’m just going to say again oil and gas uh for example is something that I’ve seen portfolios be over concentrated in a lot of brokerage friends will say well you’re cherry picking on this one thing well no the thing we’re complaining about is over concentration of a part of the portfolio in oil and gas so we would see damages from that part of the portfolio we would not look at net out-of-pocket damages of the overall portfolio because I would go to what the problem is the over concentration and ask for damages for that over concentrated and relay related to that over concentration.

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