Financial lawyers

A broker will be filling charges against me for non payment and I intend to fight the case since i dont have that money to pay.

I started trading with a initial deposit of 1million and used margin facility due to some mistake my portfolio went up to 8.5million broker sold off portfolio last week now i have a out standing of 2million to pay.
I dont have the money and im not going to pay even if I have I go to jail.

Please guys give me contact details of good financial lawyers who know about CSE whom I could count on and see if I can save my skin. they should have stoped the buying power or sold it soon as they detected it. I over bought and I accept the mistake but I didnt cheat the system showed buying power and I bought.

I wonder whether we have any such specialist here but I suggest go to a Big Gun. Try Weliamuna. Good luck.

Oh! Shit!
Now CSE investors have to go to the Jail?
The Sad Truth!

I'm sorry for you pradeep!

I don't have previous experiences but just check them & their rates too!
http://www.mnlaw.lk/
http://www.cmathew.com/

I say again do not go to conventional guys. Try J.C. Weliamuna.

Sorry for your state.
I think in Sri Lanka not that many lawyers familiar with these type of cases(may be I'm completely wrong), unless they exposed them self in Hong Kong,Singapore or in western countries, where margin trade exists for long time.
Still there is a saying(may be joke)

Good Lawyer knows the law
Great Lawyer knows the Judge.

Second line most suitable in our country.

Sorry to hear your situation. And this is a good lesson for all of us who use the credits. But always be careful to use below 50% of credits. As Mr. Kithisiri suggested, try a big one. Wish you good luck.!

Interesting and shocking. But can you explain what this mistake was that it ended up 8.5x ur initial deposit?

As i know mr: pradeep you shouldn't afraid bcz broker had responsibility for stop you before overbought level,
your adviser should get responsible for this matter!
If you didn't cheat the system, you shouldn't afraid.
broker should get system error losses bcz system is owned by them.
if broker is guilty they won't go for law action .

wish you the good luck!!!!

BTW

Who is your broker?

who is the broker?

Btw i think Dr Prathiba may be good..vry gud friendly educated person.

woody wrote:As i know mr: pradeep you shouldn't afraid bcz broker had responsibility for stop you before overbought level,
your adviser should get responsible for this matter!
If you didn't cheat the system, you shouldn't afraid.
broker should get system error losses bcz system is owned by them.
if broker is guilty they won't go for law action .

wish you the good luck!!!!

Yes good point. If you pass the credit limit they provide, this is his responsibility to inform you. Until its up at 8 million, what did he do?

cse-pradeep wrote:
I started trading with a initial deposit of 1million and used margin facility due to some mistake my portfolio went up to 8.5million broker sold off portfolio last week now i have a out standing of 2million to pay.

I smell a rat now... U had 1 Mil then u bought margin.. say they gave u some 2 mil.. now u have 3 mil.. but how come u got extra 5 mil buying power?

would broker give 2 mil for ur 2 mil margin making the buying power of 4 mil? then another 1 mil for ur initial deposit of 1 mil?

I highly suspect the act... If one person with 1 Mil can end up buying 8.5 mil this kind of a broker should be hung at first place for mis-guiding the client..

I humbly request you to reveal the broker name and adviser too (if possible) even though its not ethical as this is a first hand crime and we all must be safe-guarded against maniacs like these..

I also initially had a 1 Mil portfolio and what if I listened to brokers like this?

Also its highly unlikely u go to jail If the verdict goes in favour of the broker house u'll be asked to settle as much as u can in the way convenient to u I think.. But a good knowledgeable lawyer is a must..

Small,

It isn't impossible thing in last 2 years!
But... What you should know is...
Your credit is also increasing with portfolio value!
Once it start to move other way around!
Share Values are decreasing!
But Credit Value is a constant!
Either u win or loose you have to clear the debt!

Problem is with us, Poor Sri Lankan Financial Literacy!
We can't blame anyone!

Cheers!

cse-pradeep wrote:A broker will be filling charges against me for non payment and I intend to fight the case since i dont have that money to pay.

I started trading with a initial deposit of 1million and used margin facility due to some mistake my portfolio went up to 8.5million broker sold off portfolio last week now i have a out standing of 2million to pay.
I dont have the money and im not going to pay even if I have I go to jail.

Please guys give me contact details of good financial lawyers who know about CSE whom I could count on and see if I can save my skin. they should have stoped the buying power or sold it soon as they detected it. I over bought and I accept the mistake but I didnt cheat the system showed buying power and I bought.

You just joined the forum and this is your first post, frankly I don't buy your story.
Clearly there is something very wrong in your side.
There was a time where forum members were blaming for tight SEC regulation for market drop.
Now you say you used that because the system allowed.
Things does not compute brother. Do you have to pay 2 million even after complete sold off?
Did you used the margin facility or did you asked broker(Written) to do trade for you?
It seems to be you have used margin facility and some how you have ended up with -2million.
As I see it, there is no one to blame but you!
No lawyer will be able to help you in that case (because you have signed that agreement when opening the portfolio)

cse-pradeep wrote:A broker will be filling charges against me for non payment and I intend to fight the case since i dont have that money to pay.

I started trading with a initial deposit of 1million and used margin facility due to some mistake my portfolio went up to 8.5million broker sold off portfolio last week now i have a out standing of 2million to pay.
I dont have the money and im not going to pay even if I have I go to jail.

Please guys give me contact details of good financial lawyers who know about CSE whom I could count on and see if I can save my skin. they should have stoped the buying power or sold it soon as they detected it. I over bought and I accept the mistake but I didnt cheat the system showed buying power and I bought.

Sometimes this kind of anticipatory action can have a positive result, but much of the time someone who jumps the gun eventually makes a wrong or misinformed decision, or takes the wrong set of actions based on inaccurate early information. It is often better to agree to disagree and move forward rather than trigger hostilities over an ongoing difference of opinion.
It is best to stick with something familiar even if it is unpleasant. This is because the alternative, which is unknown, could be much worse than the current situation.

stumpy wrote:Small,

Your credit is also increasing with portfolio value!
Once it start to move other way around!
Share Values are decreasing!
But Credit Value is a constant!

When this happens broker should have started force selling, right?
This has happened to me before.
If I have purchased junk shares on credit, When they drop my broker immediately sold them.
That is for my own safety and I have no hard feelings with my broker for that action.

If your story is true you can defend your self

1. They are not suppose to give that much of buying power
2. They suppose to sell when your margin exceeds 50 %

Dileepa wrote:

stumpy wrote:Small,

Your credit is also increasing with portfolio value!
Once it start to move other way around!
Share Values are decreasing!
But Credit Value is a constant!

When this happens broker should have started force selling, right?
This has happened to me before.
If I have purchased junk shares on credit, When they drop my broker immediately sold them.
That is for my own safety and I have no hard feelings with my broker for that action.

Machan Dileepa,

I highly suspect CT as Pradeep's broker!
They did not follow Forced Selling until last month!
GREG warrants played a big role in devastating margin accounts!

stumpy wrote:

Machan Dileepa,

I highly suspect CT as Pradeep's broker!
They did not follow Forced Selling until last month!
GREG warrants played a big role in devastating margin accounts!

I too felt this could be the case... When my portfolio is 1Mil, I only got abt 30% credit power... But I know CT allowed 100% even..

Thanks to all who commented and those who gave advice.

Its my mistake for over buying just because they shogave buying power, but broker should have sold and they kept it too long now Im fixed.

I am not in a position to divulge names at this moment since I will be going to courts, but once resolved I will write articles even in paper with broker and advisor name.

But please can you give me contact details of the lawyers so that I can contact for advise.
Thanks

I am Sory brother .

First I like to get something clarified .
As npp and smallville correctly pointed out ,How you got another Rs 7 mn as credit to your Rs 1 Mn Investment.If you can explain it correctly your case is almost finish.(95% depend on that).
If brokers prove , this is a fraud , they can send you to jail even.But if it is pure financial transaction you will have to pay little by little , but you will be reported as bankrupt.
this may be the legal implications , not to make you upset.

Please tell ,in which court they are going to file this case ,and what are the charges against you.

cse-pradeep wrote:Thanks to all who commented and those who gave advice.

Its my mistake for over buying just because they shogave buying power, but broker should have sold and they kept it too long now Im fixed.

I am not in a position to divulge names at this moment since I will be going to courts, but once resolved I will write articles even in paper with broker and advisor name.

But please can you give me contact details of the lawyers so that I can contact for advise.
Thanks

now now. you say it's your mistake? then why do you even want a lawyer? sorry if I sound harsh, but you don't sound convincing.

Kindly elaborate your situation instead of asking for lawyers' contact details.

Weird things happen in this forum. Once the person who was going to suicide because he invested all his worth on BUKI and had millions of loss.

These could be genuine, but the way you put forward the facts, it sure does not sound so.

I find this to be an interesting story; You are in debt, and you are alleging that it is the fault of the person who gave you money in the first place.

Did you trade on margin or broker credit? I doubt if it is broker credit, because those are usually very tightly controlled. You can file for bankruptcy I suppose, that would mean that your assets will be liquidated.

But I'll wait for a lawyer to comment on this.