Over the last several years most large US brokerages have adopted policies restricting or terminating accounts held by non-US residents. A firm is generally free to decide whom it will serve. It is not free to execute that decision carelessly. Forced liquidations at bad prices, positions sold without authorization, sixty-day deadlines with no realistic transfer option, and a “helpful” hand-off to an affiliate selling an unsuitable replacement product are all things a firm can be held responsible for — separately from the policy itself.
Recognize it
You may have this claim if
- A letter or email stating your account is “liquidation only,” “restricted,” or must be closed by a date
- Mutual funds or ETFs sold — by the firm — without your instruction
- A tax bill from sales you did not choose to make
- A transfer to a new firm or affiliate that came with a new product you did not fully understand
- Positions that could not be transferred in kind and were sold in a down market
The rule
What the firm owed you
Firms owe customers a duty of reasonable care in handling their accounts, including account closures. Unauthorized sales violate FINRA rules regardless of the reason. And if a representative recommended a replacement product during the transition, that recommendation is subject to Regulation Best Interest and FINRA’s suitability rule like any other.
From abroad
Why distance does not matter here
This claim is proven with the firm’s own letters, your statements, and trade confirmations — all of which you already have or can request. Nothing about it requires you to be in the United States.