I am in the process of buying a large product from a company. My broker and the owner of the company I am purchasing from are friends. I gave a certified cheque which contained more than half my life savings to my broker "in trust" until I received my product after which time he would release the cheque to the seller. Without having me sign a release form or informing me, my broker gave the cheque to the seller and I have yet to receive any part of the product. Now I am in need of getting this money to pay the bank and would like to cancel my order. But, now that the broker has given my money to the seller, is there any way I can get this money back? Or even take legal action against my broker for breach of contract to get my savings back?

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Originally Posted by Ashton12

is there any way i can get this money back? or even take legal action against my broker for breach of contract to get my savings back?

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Hello Ashton:

It depends on what the contract says, if it's a WRITTEN contract at all. Even if it's not, you can certainly sue. If it's a little bit of money, you can do it in small claims court. If it's a LOT of money, you're going to need a lawyer.

I have the feeling that you're not in the US, and my advice is based upon US laws.

excon