Broker sold ALL my mutual funds

by liz
(TN)

My broker sold every one of my mutual funds without talking to me about the tax consequences. I didn't get a copy of the paper I signed authorizing him to sell. I thought he was just going to liquidate enough so I would have a cash account of 20,000, but then I found he liquidated all 180,000 worth.

I wanted to keep some of my mutual funds! He had kept trying to get me to invest in a structured product for 100,00, and some etf's and a REIT. I told him I would THINK about it, but i had received no brochures on the structured product or real info on the REIT, nor printed material on anything he was wanting me to buy. I DID agree that I needed to sell enough for an emergency cash fund. I had thought if we were buying anything he would just sell what was needed to buy each product or fund, one at a time, slowly, with time to think in between.

He also had not told me how much these products generate in commissions for him and fees. I just feel like he's taken over.

So now he has liquidated everything, but I had no plans in place to buy anything! So all my money is in his brokerage house account.

Can I make him buy back these funds within 60 days? I am ready to get far away from him as soon as I can.

I fault myself but I truly did not realize he was selling EVERYTHING.And then I realized he had not given me a copy of order to sell, either. I feel really bulldozed and dazed.