Word: bortner
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Dates: during 2000-2009
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...course, investors forgot the rules too. (Diversification, remember?) So don't count on being bailed out by NASD arbitrators, who ruled against 47% of investors last year. "You never know what's going to happen in arbitration," says Deborah Bortner, Washington State's chief securities regulator. "It's a total crapshoot." Claims involving more than $25,000 are decided by three-member panels that can be swayed by the expert testimony of compliance officers or "forensic" stockbrokers...
While failure to diversify left many Americans with too much tech exposure, brokers often gave them fair warning. If you listed your initial investment objectives as "speculative" or received a call or letter from the brokerage firm stating that your portfolio had entered Riskville, "then you're S.O.L.," says Bortner, president of the North American Securities Administrators Association (NASAA). "People need to take responsibility for their actions...
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