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Securities broker-dealers sometimes face claims by third parties relating to assets maintained in the accounts of the broker-dealers’ customers.

For example, the broker-dealer’s customer, the general manager of a limited liability company, instructs the broker-dealer to transfer funds to another financial institution. The general manager thereafter improperly converts those assets. A third party LLC member, claiming that he held an interest in those assets, may allege that the broker-dealer is responsible for losses related to the conversion because the broker-dealer allegedly aided and abetted said conversion.

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