I'd like to open a topic about the type of action we can take against a Financial advisor who failed to follow instructions. My advisor put me into long term investments when I clearly asked for short term in Oct 2007. Then gave misleading information such as "the market will recover in a few months"...don't cash it in. No such information should be given.
I've lost over $190,000 (and currently not employed). The financial ombudsman cannot do anything for losses over $100,000.
So I'm taking measures to sue him. Has anyone taken this step? Any advice?