SYDNEY, Australia, Sept. 18, 2013 (GLOBE NEWSWIRE) -- The attorneys at the Securities Law Firm of Shepherd Smith Edwards & Kantas LLP, www.sseklaw.com, are investigating claims involving margin trading with Interactive Brokers, LLC. Interactive Brokers has been providing online brokerage services, including margin lending, within Australia for over 13 years. However, Australian law was amended in 2010, requiring brokerage firms who wished to offer margin lending to be specifically licensed to do so. As of June 30, 2010, all brokerage firms doing business within Australia were required to have the proper licenses to offer margin lending or cease offering the service.
Recently the Australian Securities and Investments Commission determined that Interactive Brokers did not have the requisite licenses to be offering margin lending to Australian customers, and required Interactive Brokers to cease offering such services until it applied for and received the necessary licenses. The Australian Securities and Investments Commission has advised clients of Interactive Brokers who used an Interactive Brokers margin account any time between June 30, 2010 to August 28, 2013 to seek legal counsel about potential rights that they may have concerning their accounts.
Clients of Interactive Brokers who had margin accounts during this period may be entitled to recover some or all of the funds that they lost, including fees, interest, and commissions paid as well as losses in trading. If you are an investor who has lost money using a margin account with Interactive Brokers between June 30, 2010 and August 28, 2013, contact the law offices of Shepherd Smith Edwards & Kantas LLP for information about a potential claim to attempt to recover some or all of your losses.
Shepherd Smith Edwards & Kantas LLP has a team of attorneys, consultants and staff with more than 100 years of combined experience in the securities and legal industry. Since 1990, we have represented thousands of investors worldwide to recover losses. We have represented clients in Federal and state courts and in arbitration through FINRA, the New York Stock Exchange Inc. (NYSE), the American Arbitration Association (AAA) and in private arbitration actions. Collectively, we have represented over 1,000 investors over the last 18 years in negotiation, mediation, arbitration and litigation.