Stockbrokers Should Not Borrow Money From Customers
Stockbrokers should not borrow money from their clients. That’s according to FINRA Rule 3240, which states that unless the stockbroker is an immediate family member or their firm has specific written procedures about borrowing and lending, then borrowing from a customer constitutes a violation.
Silver Law Group helps investors recover money lost to stockbroker misconduct and elder financial fraud. Contact us today for a no-cost, confidential consultation at 1-800-975-4345.
Although prohibited, stockbrokers do still borrow and misappropriate from their customers. Sometimes it is from an older client who does not understand what is happening or cannot consent, which can be considered elder financial fraud. Continue reading ›