The Philippines has a long, specific relationship with America and a correspondingly large American population — veterans, military retirees, dual citizens, and retirees drawn by English, the cost of living, and family ties. A very high share live on US-sourced income: VA and military pensions, Social Security, and retirement accounts. That dependence, and a fourteen-hour time difference, make Philippines expats both attractive targets and slow to discover a problem.
What goes wrong in Philippines
Three patterns we see from Philippines.
- 01
Retirement rollovers gone wrong
A military or federal retiree moving a TSP or 401(k) into a brokerage IRA at retirement is at the single most-exploited moment in personal finance. Variable annuities, proprietary funds, and high-fee managed accounts sold at that moment — especially to someone about to leave the country — are a recurring source of claims.
- 02
Trading you did not authorize
With fourteen hours between you and the broker, “I tried to reach you” becomes an excuse. Trading without authorization is misconduct regardless of the reason, and a pattern of it while the account bled is churning.
- 03
Account closure and the scramble
US firms increasingly refuse Philippines addresses. The transfer out is where we see forced liquidations of funds that cannot be moved in kind, and where a new salesperson often appears with a worse product.
Working with Birmingham from Philippines
Your hours, not ours.
Manila is fourteen hours ahead of Birmingham in winter and thirteen in summer. We schedule for your morning or evening, and the case moves on the FINRA portal in between. FINRA arbitration is a document-driven, national forum. Your claim is filed electronically, discovery is exchanged electronically, and hearings are routinely conducted by video. Richard Frankowski has represented investors in FINRA arbitration from his Birmingham office for over twenty-five years — most of them people he first met by phone.
Philippines
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The claims behind the patterns
Each pattern is a recognized FINRA claim.
- 01 “They found out I moved, and now my account is frozen.”
- 02 “I needed income and safety. He sold me something I couldn’t sell.”
- 03 “I was twelve hours away, and the trading never stopped.”
- 04 “I rolled over everything the month I retired. That was the mistake they were waiting for.”
- 05 “He said he specialized in Americans abroad. I never checked who regulated him.”
Guides
Guides for Americans in Philippines
- My US Brokerage Is Closing My Account Because I Live Abroad Got the closure letter? What the deadline means, how to stop a forced sale, how to transfer in kind, and when the closure becomes a claim. 7 min read
- FINRA Arbitration From Overseas: Start to Award The whole FINRA arbitration process for an investor abroad — filing, the answer, arbitrators, discovery, mediation, the hearing, and getting paid. 8 min read
- Video Hearings in FINRA Arbitration: What Actually Happens How a FINRA arbitration hearing works over video for an investor abroad: who is on screen, testimony and exhibits, time zones, and preparing your room. 7 min read
- How to Read Your Brokerage Statements for Churning Turnover ratio, cost-to-equity, and confirmations you never approved: a plain guide to finding unauthorized trading and churning in your statements. 8 min read
- What to Send a Securities Lawyer: A Document Checklist The documents a securities lawyer needs for a free case review — statements, confirmations, the account application, the firm’s letters — from abroad. 6 min read
- The Retirement Rollover Checklist Before You Move Abroad Before you roll a 401(k), TSP, or pension into an IRA and leave the country: what Regulation Best Interest requires, and the questions to ask in writing. 7 min read
I am a US veteran living in the Philippines. Does that change anything?
Not the law — but it often changes the facts. Veterans and military retirees are targeted at the point of retirement with products that are rarely suitable. If that describes your situation, we would like to see the paperwork.
How do we talk with a fourteen-hour difference?
Standing call windows in your early morning or evening, and everything else by email and the portal. Your case will not move slower because of the clock.