Dallas Transfer Fraud Attorney Protecting Your Investments From Theft

How Unauthorized Investment Account Transfers Happen

There are two primary paths that unauthorized account transfers tend to take: 1) fraud committed by third-party wrongdoers who fool investment or bank officials into gaining access to sensitive security information to funnel a transfer to their bank accounts or 2) an account transfer initiated by a rogue financial advisor intent on defrauding his clients.

Third-party fraudsters use phishing or other social engineering tactics to convincingly imitate brokerage or bank officials to gain access to your account. Once the information is in their hands, they can direct money from your investment account into their accounts.

Possibly even more devastating than a scam by a third party is theft perpetrated by a financial advisor. While their profession is bound by ethical and legal guidelines to recommend only suitable investments for you, some may offer “too good to be true” investments that turn out to be Ponzi or pyramid schemes, or other types of transfers that only benefit themselves.

Can You Recover The Funds You Lost Through Bank Transfer Fraud?

It can be difficult to chase down the money that scammers or unethical financial advisors have taken from you, but you have many options to strengthen the chances of recovery:

• Make a police report with your local authorities. This creates an immediate public record of the activity.
• Contact your financial institution. Ask them to recall the transaction. Large international transactions may be able to be traced with the Financial Fraud Kill Chain used by the FBI if reported within 72 hours.
• Report the theft to federal authorities. The two federal portals to report your loss are the Internet Crime Complaint Center (IC3), operated by the FBI, and the Federal Trade Commission’s Report Fraud site.

As you work through recovery activities, be on guard for secondary scammers who offer to do “asset recovery” or lawyers who guarantee they can get your money back for a set fee.

How Mr. Lewins Can Help After An Unauthorized Third-Party Transfer Incident

Mr. Lewins has a unique view of investment firms. He began his career as a financial advisor and in marketing and sales management positions for multiple highly regarded firms, including EF Hutton and Merrill Lynch. Combined with his legal training and 35 years of experience, this background helps him evaluate evidence of wrongdoing or misconduct with clarity. He can discern if a financial advisor’s or investment advisor’s explanation of a funds transfer is legitimate or could be indicative of a self-serving motive.

Mr. Lewins understands the venues where securities claims are adjudicated, having represented investors in thousands of arbitration proceedings before the Financial Industry Regulatory Authority (FINRA) and the American Arbitration Association (AAA). He has also won substantial awards and settlements for clients in civil litigation. His commitment to confronting financial advisor theft led him to write a book, “How to Keep From Going Broke with a Broker,” which arms investors with the tools and information they need to monitor brokerage firms and financial advisors, and take action if they note any inappropriate behavior.

Steps To Take After Discovering Investment Fraud

While the details of what to do after a theft or unauthorized transfer will vary with the specifics of your situation, these actions will help limit the damage to your finances:

1. Report unauthorized transactions as soon as you notice them to the financial institution where you hold the account.
2. Carefully evaluate the financial institution’s response to the transfer. If they inappropriately hold you liable for the transfer, seek legal advice from an unauthorized trading claim attorney.
3. If you were approached by a third-party fraudster or your financial advisor before the transfer, collect all the evidence you can – phone call logs, emails, website URLs, etc.
4. Check the U.S. Securities and Exchange Commission’s (SEC) Distributions to Harmed Investors web page that outlines steps you can take to report a claim.
5. Your attorney can help you file a request for mediation or arbitration before FINRA or AAA to resolve your dispute with a brokerage or one of its financial advisors.

If it has taken some time for the unauthorized transfer to be discovered, don’t hesitate to act quickly. Some parts of the claim process have time limits for reporting.

Call LewinsLaw, P.C., For Counsel From An Experienced Transfer Fraud Lawyer

After the shock of a transfer fraud situation wears off, it’s time to seek justice. Mr. Lewins focuses 100% of his practice on representing wronged investors. Call his office in Dallas at 972-893-9245 to receive an introductory consultation or reach out by sending an electronic message. Mr. Lewins represents clients nationwide.