Who should file a complaint?
- Typically, market losses on an investment are not grounds for a complaint. If you notice errors in your investment transactions, you should take these steps:
- Send a letter describing the problem to the branch manager or compliance officer of your broker-dealer or investment adviser. Use information from your account statements and reports to support your claim. Keep a copy of the letter for your records.
- If the problem is not corrected, or if you suspect misconduct or fraud, contact the New Mexico Securities Division to file a complaint.
IMPORTANT: The division requires a complaint form to be filed to initiate an investigation.
- If you think you have been a victim of investment fraud or you are concerned that someone may be engaged in unethical, illegal, unregistered, or unlicensed investment related activity, you should file a complaint.
- If you are not sure whether or not to file a complaint, please call 505-476-4580 and speak with a member of the Enforcement Bureau.
What happens after I file a complaint?
The information is reviewed and an initial determination is made whether the matter falls within the Securities Division’s jurisdiction.
- If the allegations warrant investigation, a case is opened and assigned to an agent for investigation.
- You will be contacted by phone or in writing and informed of the status of your complaint within 30 days of submission.
- All information remains confidential and neither the content nor the source of the complaint will be available for public inspection unless the Division institutes formal proceedings in the case.
Can the Securities Division get my money back?
No. The Securities Division is limited in its authority to ONLY investigate and prosecute securities fraud and other financial crimes.
What other avenues can I pursue to resolve my concern while the Securities Division investigates my complaint or if the Securities Division doesn’t pursue my complaint?
- If your securities account agreement contains a binding arbitration clause, you may want to consider resolving your complaint through arbitration. In that case, you should contact the Financial Institutions Regulatory Authority (FINRA) to file a complaint.
- You may also file your complaint with the Federal Government’s U.S. Securities and Exchange Commission, 1801 California Street, Suite 4800, Denver, Colorado 80202, phone 303-844-1000, and firstname.lastname@example.org.
- You may wish to consider hiring an attorney to inform you of the various options available to you in resolving your complaint.