{"id":10005,"date":"2021-05-25T11:28:06","date_gmt":"2021-05-25T15:28:06","guid":{"rendered":"https:\/\/www.silverlaw.com\/blog\/?p=10005"},"modified":"2021-05-25T11:28:06","modified_gmt":"2021-05-25T15:28:06","slug":"heightened-supervision-of-family-members-acting-as-stockbrokers","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/heightened-supervision-of-family-members-acting-as-stockbrokers\/","title":{"rendered":"Heightened Supervision Of Family Members Acting As Stockbrokers"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-4829 size-medium\" src=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/5-Tips-for-Preventing-and-Discovering-Stockbroker-and-Investment-Fraud-300x200.jpg\" alt=\"Having a stockbroker in the family may seem like a great thing to have. He or she has their finger on the pulse of the stock market, always aware of a new company or an up-and-coming opportunity. Unfortunately, that\u2019s not always the way it is.  The recent case of 94-year-old Beverly Schottenstein who sued her grandsons for fraud is a stark reminder that having a family member as a stockbroker isn\u2019t always ideal. Although Mrs. Schottenstein is an exception, most people won\u2019t sue a broker who is also a family member.  The assumption is that the relative will have your best interests at heart. However, broker-dealer firms routinely pressure new recruits to contact their relatives to transfer large sums of money into their employer\u2019s firm so they can \u201cbuild their books.\u201d Brokers are also encouraged to sell commission-based financial products that they may not completely understand themselves.  Brokerage firms also don\u2019t offer the same oversight a broker\u2019s relative\u2019s account with the same scrutiny as a non-relative customer. Even if your relative broker is following the rules as they should, it\u2019s better to have your account subject to the same oversight and due diligence so that your investing objectives are being observed correctly.\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/5-Tips-for-Preventing-and-Discovering-Stockbroker-and-Investment-Fraud-300x200.jpg 300w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/5-Tips-for-Preventing-and-Discovering-Stockbroker-and-Investment-Fraud-768x512.jpg 768w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/5-Tips-for-Preventing-and-Discovering-Stockbroker-and-Investment-Fraud-1024x682.jpg 1024w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/5-Tips-for-Preventing-and-Discovering-Stockbroker-and-Investment-Fraud-1000x666.jpg 1000w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/5-Tips-for-Preventing-and-Discovering-Stockbroker-and-Investment-Fraud-180x120.jpg 180w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/5-Tips-for-Preventing-and-Discovering-Stockbroker-and-Investment-Fraud.jpg 1067w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>Having a stockbroker in the family may seem like a great thing to have. He or she has their finger on the pulse of the stock market, always aware of a new company or an up-and-coming opportunity. Unfortunately, that\u2019s not always the way it is. <a href=\"https:\/\/www.silverlaw.com\/blog\/heightened-supervision-of-family-members-acting-as-stockbrokers\/#more-10005\" class=\"more-link\">Continue reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Having a stockbroker in the family may seem like a great thing to have. He or she has their finger on the pulse of the stock market, always aware of a new company or an up-and-coming opportunity. Unfortunately, that\u2019s not always the way it is. Continue reading \u203a<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[580],"tags":[],"class_list":["post-10005","post","type-post","status-publish","format-standard","hentry","category-stockbroker-misconduct"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Heightened Supervision Of Family Members Acting As Stockbrokers &#8212;<\/title>\n<meta name=\"description\" content=\"Having a stockbroker in the family may seem like a great thing, but the case of Beverly Schottenstein is a reminder that isn\u2019t always ideal.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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