Sale of stock using forged Power of Attorney

crmr

New Member
#1
My stocks were sold away by my broker without my authorization.

When caught he produced a bogus,fabricated Power of Attorney.

What do I do? How do I proceed to get justice?

I want advice please. Thanks.

crmr
 
Last edited:
#2
My stocks were sold away by my broker without my authorization.

When caught he produced a bogus,fabricated Power of Attorney.

What do I do? How do I proceed to get justice?

I want advice please. Thanks.

crmr
If what you say is correct, then file a complaint or FIR with local police station. Also make a complaint to SEBI and the stock exchange in which your broker is a member.

Was your demat account with the DP managed by this broker ? Have you not given a POA at the time of opening the trading account ? How did he get access to your DP account ?? All is a bit puzzling....Are these solld to make up for your trading losses ? If not then has he given you the sales proceeds for shares sold ??

Smart_trade
 

crmr

New Member
#4
If what you say is correct, then file a complaint or FIR with local police station. Also make a complaint to SEBI and the stock exchange in which your broker is a member.

Was your demat account with the DP managed by this broker ? Have you not given a POA at the time of opening the trading account ? How did he get access to your DP account ?? All is a bit puzzling....Are these solld to make up for your trading losses ? If not then has he given you the sales proceeds for shares sold ??

Smart_trade
Dear Sir,

Good questions.

I launched criminal complaint. One year down the line , no progress. Court delays,postponements, police report awaited- endless. My lawyer said even if after years I win criminal case I will not get the money back. I have to do Civil case which will take decades. Broker will frustrate me till death.

I then went to consumer court. They gave a quick favourable judgement. I then went to SEBI-[SCORES- complaint on line giving cons court judgement]. SEBI disposed the complaint as though they are compromised with Broker[DP is managed by Broker].

I did not give POA. I repeat, I DID NOT GIVE ANY POA.

The POA produced by broker is a blatant fraud. Very obvious with one look.

How do I get justice?

Once again, thanks for your quick reply. I can see that you have applied your mind in your reply. That is very encouraging.

Regards

crmr
 

aryan.

Active Member
#6
Dear Sir,

Good questions.

I launched criminal complaint. One year down the line , no progress. Court delays,postponements, police report awaited- endless. My lawyer said even if after years I win criminal case I will not get the money back. I have to do Civil case which will take decades. Broker will frustrate me till death.

I then went to consumer court. They gave a quick favourable judgement. I then went to SEBI-[SCORES- complaint on line giving cons court judgement]. SEBI disposed the complaint as though they are compromised with Broker[DP is managed by Broker].

I did not give POA. I repeat, I DID NOT GIVE ANY POA.

The POA produced by broker is a blatant fraud. Very obvious with one look.

How do I get justice?

Once again, thanks for your quick reply. I can see that you have applied your mind in your reply. That is very encouraging.

Regards

crmr
So what was the result, did you get your money back ??
 

crmr

New Member
#7
So what was the result, did you get your money back ??
No I did not get the money back. I wonder whether I will ever get.
That is the way it is in our country.

I proved to SEBI that it is a forged POA made to cover up
unauthorised sale. SEBI did not contradict that.

SEBI also knows Brokers are indulging in unauthorised sales. They sent out
a circular recently, taking cognizance of such activities.

SEBI must be knowing the activities of Brokers covering themselves
with forged POAs. Mine is a case brought to their attention with solid proof.

Yet, SEBI is not bothered. They just closed my complaint.
SEBI did not say that the POAs are legally valid.
SEBI should have got outraged at such a forged POA.
Instead SEBI just looked the other way as if to protect
the powerful broker.

Is there anyone one in the Forum who can guide me with the next course
of action.

This can happen to any member of the Forum.

Looks like in our country Broker can get away with any crime.

Investors have no protection. That is what I am trying to bring out.

crmr
 

Rish

Well-Known Member
#8
No I did not get the money back. I wonder whether I will ever get.
That is the way it is in our country.

I proved to SEBI that it is a forged POA made to cover up
unauthorised sale. SEBI did not contradict that.

SEBI also knows Brokers are indulging in unauthorised sales. They sent out
a circular recently, taking cognizance of such activities.

SEBI must be knowing the activities of Brokers covering themselves
with forged POAs. Mine is a case brought to their attention with solid proof.

Yet, SEBI is not bothered. They just closed my complaint.
SEBI did not say that the POAs are legally valid.
SEBI should have got outraged at such a forged POA.
Instead SEBI just looked the other way as if to protect
the powerful broker.

Is there anyone one in the Forum who can guide me with the next course
of action.

This can happen to any member of the Forum.

Looks like in our country Broker can get away with any crime.

Investors have no protection. That is what I am trying to bring out.

crmr

You may send your details to the following committee and seek there help, they may guide you properly, i hope

Contact us
CFMIP Secretariat Committee on Financial Markets and Investors' Protection
The Institute of Chartered Accountants of India,
ICAI Bhawan
Administrative Block, Third Floor
A-29, Sector 62,
NOIDA 201309
Phone 0120-3045945/905
E-mail: [email protected]
 

ethan hunt

Well-Known Member
#9
File civil case for damges also along with ongoing criminal case. In end you will get your money along with damges, but you have to keep patience, it will take time. Cases will move from lower to higher courts & may cause frustration but do not loose heart. Maybe courts will also take SEBI to task & pass some stringent orders against such POA & many other docs which brokers force traders to sign unknowingly.
An old gentleman known to me was also robbed by his broker this way as a result his wife died due to shock, it is time not to let such people get away.
PS: Have you prayed for direction for forensic analysis of the POA in the criminal petition ? Once it comes into your favour then Cr.Petition will be allowed & as a result eventually Civil Petition will be also be allowed.
 
#10
Don't leave these guys. Why are you hiding their names. Put out the name of the broker and the SEBI official who handled your complaint. Create a blog with your complaint and expose them. And if consumer forum has awarded you, get it enforced by asking them to issue a writ. If that doesn't work, you can approach High court and get the order enforced.

But first expose the broker and the SEBI crooks, so that everyone knows who they are and can avoid them.
 

Similar threads