Every expat community has its circuit of advisors who market specifically to Americans — at clubs, seminars, and residency workshops. Some are registered US brokers or advisors and are answerable in FINRA arbitration or to the SEC. Some are licensed only in the host country. Some are licensed nowhere. The first thing we do with any offshore-advisor case is establish who, if anyone, regulates the seller, because that determines whether a US claim exists at all. If a FINRA member firm or its representative was involved — even peripherally — the firm may be responsible for the sale under “selling away” and supervision rules.
Recognize it
You may have this claim if
- An advisor you met through an expat group, seminar, or referral rather than a US firm
- Insurance-wrapped portfolios, offshore bonds, or funds not sold in the United States
- Layered fees that were never itemized
- Difficulty finding the advisor on BrokerCheck or the SEC’s adviser search
- A US-registered broker who “introduced” you to the product or advisor
The rule
What the firm owed you
FINRA Rule 3280 (private securities transactions) and Rule 3110 (supervision) make member firms responsible for outside sales by their representatives that they knew or should have known about. Where no US-registered person was involved, we will say so and point you to the right forum.
From abroad
Why distance does not matter here
Registration status is a public record we check in minutes. The rest of the claim is documents.