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My stockbroker sold me junk bonds

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Old 08-30-2007, 08:29 PM     #1
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Default My stockbroker sold me junk bonds

I was sold a six figure amount in US Dollars of Argentinan Sovereign Bonds in February 2001 through a well known U.S. stockbroker. Ending 2001, Argentina declared herself in Default and principal and interest payments have been unpaid. I have read in World news that countries like Germany and Italy through their Courts have ordered the banks that sold these bonds to pay their clients for their losses. My question is: Do I have a reasonable claim against the U.S. stockbroker that sold me those bonds and received comision paid from me for this sale, or am I entirely alone with my loss?
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Old 09-04-2007, 06:39 PM     #2
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Default Re: My stockbroker sold me junk bonds

You normally do only if your instructions were not followed or he deceived you, misled you or the like.
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Old 09-04-2007, 11:59 PM     #3
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Default Re: My stockbroker sold me junk bonds

He sent me a list of purchase options where there were the argentinan bonds, GM and K-mart. I can't say he didn't follow my instructions, my point is that he probably knew, from his expertise that those bonds were in trouble. After all, the default was declared 9 months after the bond purchase.
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