Herskovits PLLC represents broker-dealers, investment advisors, registered representatives, and other participants in the financial services industry. Although we are a small firm, our size provides us with the flexibility to avoid the conflicts of interest faced by larger firms and represent industry participants with numerous claims. Our office is located in New York City, but we can at times provide legal counsel to individuals in Minneapolis, Saint Paul, Rochester, Duluth, Bloomington, and the surrounding areas of Minnesota, subject to admission pro hac vice. We are licensed to practice law in New York only and this webpage is for general informational purposes only.Minnesota "Blue Sky" Laws
At the federal level, the United States Securities and Exchange Commission (SEC) regulates and enforces the securities laws. The SEC oversees key participants in the financial services industry and has the authority to bring enforcement actions for violations of the securities laws. At the local level, each state has its own securities laws, known as "Blue Sky" laws. In Minnesota, this law is the Minnesota Securities Act.
The Minnesota Department of Commerce's Securities Unit regulates the sale and registration of securities in the state. It registers investment advisors, registered representatives, and broker-dealers. It also investigates alleged violations of the securities laws and provides public education to encourage awareness and help protect investors.
A recent Financial Industry Regulatory Authority (FINRA) arbitration proceeding demonstrates the enormous awards possible in securities matters, and thus, the importance of securing an experienced securities attorney to handle these matters. In this proceeding, a FINRA arbitration panel in Minneapolis found Respondent, Ms. Miller, liable for $230,000 in compensatory damages. [In the Matter of the FINRA Arbitration Between Stifel, Nicolaus & Co., Inc., Claimant, v. Leslie Ann Ingram Miller, Respondent (FINRA Arbitration 10-04299, February 17, 2012)].
Claimant asserted two causes of action–indemnification and contribution. Claimant alleged that it previously settled an arbitration claim that dealt with Respondent's mismanagement of a customer's account. Respondent allegedly made misleading statements to the customer to secure investment in highly speculative penny stocks in the energy sector. Claimant now seeks damages because the damages awarded in the prior proceeding were the direct and proximate cause of Ms. Miller's violation of several securities laws and her mishandling of accounts. After the proceeding, the FINRA arbitration panel found Respondent liable for $230,000 in compensatory damages.Herskovits PLLC Can Help You Navigate Federal and State Securities Laws
If you are a participant in the financial services industry and are involved in a federal or state securities matter, you should seek the assistance of a knowledgeable and experienced securities attorney. Herskovits PLLC has the ability and skill to handle your case–our managing partner has handled over 200 FINRA arbitrations with an impressive record of success in the matters that have been tried to verdict. Moreover, we provide the highest degree of client service that can be matched by few firms of our size.
Although we are located in New York, we can represent clients across the United States. If you would like to find out more about our firm, please contact us at (212) 897-5410. You may also fill out our contact form, and we will promptly respond to your inquiry.