Does Your Broker Owe You Money? Dan Solin's New Book Claims Investors are Victimized by Brokerage Industry.Business Editors NOTE: Multimedia assets available NEW YORK--(BUSINESS WIRE)--Oct. 16, 2002 Daniel R. Solin, a securities lawyer, is the author of a controversial new book, DOES YOUR BROKER OWE YOU MONEY? (Alpha Books). In a recent interview (available at www.newstream.com) Solin states that, "investors have been sold a bill of goods bill of goods n. pl. bills of goods 1. A consignment of items for sale. 2. Informal A plan, promise, or offer, especially one that is dishonest or misleading: "The salesman himself . by the brokerage community and they are paying the price for it. Brokers routinely ignore basic principles of portfolio management, validated by Nobel prize Nobel Prize, award given for outstanding achievement in physics, chemistry, physiology or medicine, peace, or literature. The awards were established by the will of Alfred Nobel, who left a fund to provide annual prizes in the five areas listed above. winning research, and instead put investors into risky, high cost and unsuitable investments." Solin believes that most investors would be far better off if they did not use brokers at all, They, "add cost and subtract A relational DBMS operation that generates a third file from all the records in one file that are not in a second file. value. There is no data that supports their claims that they can time the market or pick winners. Investing is not some mystical mys·ti·cal adj. 1. Of or having a spiritual reality or import not apparent to the intelligence or senses. 2. Of, relating to, or stemming from direct communion with ultimate reality or God: process about which brokers have a special insight. To the contrary, a prudent investment portfolio is a fairly simple exercise that most investors could implement themselves in far less time than they spend listening to brokers and with far more reliable results." Solin believes that many investors may be able to recover their losses from their brokers, by filing securities arbitrations against them. Each year, approximately 8000 securities arbitrations are filed against brokers. Solin asserts that, if investors understood their rights, "the number would be closer to 8 million." In DOES YOUR BROKER OWE YOU MONEY? Solin discusses how investors can avoid being victimized by brokers and how to get their money back if they incurred losses on account of broker misconduct MISCONDUCT. Unlawful behaviour by a person entrusted in any degree: with the administration of justice, by which the rights of the parties and the justice of the, case may have been affected. 2. . He also explains how the present system of mandatory arbitration Mandatory arbitration is a contract policy that prevents a conflict from receiving judicial attention. In a mandatory arbitration, liability for damages must be determined as a result of an arbitration process before a civil lawsuit can be filed in the court system. of investor disputes before organizations dominated by the brokerage firms is rigged against investors and what should be done about it. Craig McCann, a former SEC economist states that, "...for many investors, this will be the most important book they ever read." William J. Bernstein, author of The Intelligent Asset Allocator and The Four Pillars Four Pillars may refer to:
NOTE TO MEDIA: A video interview with Dan Solin relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc this story will be available for journalists to download beginning today at http://www.newstream.com and at http://www.businesswire.com |
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