Nah not even for 58k usually. Unless you worked at a more aggressive firm collection wise than the 3 i've worked at.
My account wiped out. Any recourse?
- Thread starter bthale51
- Start date
Nah not even for 58k usually. Unless you worked at a more aggressive firm collection wise than the 3 i've worked at.
Your travel plans aside. They will very likely pursue the unsecured. A lot will depend on what your new account form showed as assets and trading history.
Depending on the the the broker the only recourse you may have will be suitability, but it slim.
Ironically many courts have held that no defendant is suitable to lose 100% of their net worth.
Fair chance your new account form and any financial info they collected will be the plaintiff's exhibit one. Attorney's will take this stuff based on keeping part of the recovery. The good news is courts are going to clogged for the next couple of years. If you have material assets outside of the brokerage account it would be worth a couple of hundred bucks to talk to an attorney now. Texas has a reputation for being binary in cases like these - there was a time it was plaintiff's jurisdiction of choice.
Good luck.
Depending on the the the broker the only recourse you may have will be suitability, but it slim.
Ironically many courts have held that no defendant is suitable to lose 100% of their net worth.
Fair chance your new account form and any financial info they collected will be the plaintiff's exhibit one. Attorney's will take this stuff based on keeping part of the recovery. The good news is courts are going to clogged for the next couple of years. If you have material assets outside of the brokerage account it would be worth a couple of hundred bucks to talk to an attorney now. Texas has a reputation for being binary in cases like these - there was a time it was plaintiff's jurisdiction of choice.
Good luck.
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April traded $20.06 today. You’re lucky they liquidated you when April was trading the $30 handle.
Reading stuff like this is heartbreaking - an account blowout has happened to most of us at some point.
As others have stated, you will have zero recourse and it's pointless to try to litigate. I do hope the subsequent action in WTI helps you realize why the clearing firm did what they did - they have to protect themselves from catastrophic loss. And also be grateful you didn't meet that margin call only to be completely wiped out once again today
As others have stated, you will have zero recourse and it's pointless to try to litigate. I do hope the subsequent action in WTI helps you realize why the clearing firm did what they did - they have to protect themselves from catastrophic loss. And also be grateful you didn't meet that margin call only to be completely wiped out once again today