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Herskovits PLLC is a small firm in New York City that specializes on matters relating to the securities industry. We are skilled advisors and negotiators, and when litigation is unavoidable, we are tenacious advocates with ample experience before state and federal courts and regulatory bodies, as well as in a wide range of mediation and arbitration settings. Despite our location, we can at times provide legal counsel to individuals in Birmingham, Montgomery, Mobile, Huntsville, Tuscaloosa, and other locations throughout Alabama, 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.

Alabama "Blue Sky" Laws

The United States Securities and Exchange Commission (SEC) enforces the federal securities laws, including the Securities Exchange Act of 1934, the Securities Act of 1933, the Sarbanes-Oxley Act of 2002, and several other statutes. Some of the SEC's objectives are to protect investors from fraudulent activities and ensure that individuals have adequate information before making precarious investment decisions. To accomplish this objective, the SEC requires public companies to disclose particular information to the public.

At the local level, each state has its own securities laws, known as "Blue Sky" laws. In Alabama, this law is known as the Alabama Securities Act. The Alabama Securities Commission regulates the securities industry in Alabama and takes aggressive enforcement actions against those who violate the Alabama Securities Act. It also makes sure that industry participants, such as broker-dealers, registered representatives, and investment advisors, are registered to conduct business in Alabama.

Because securities disputes often involve enormous sums of money, damages in these cases can be substantial. As a result, it is prudent to obtain the assistance of an accomplished securities attorney to handle these claims. For example, in July 2012, an arbitration panel in Birmingham found Respondents jointly and severally liable for $585,000 in compensatory damages and $250,000 in punitive damages. [In the Matter of the FINRA Arbitration Between James C. Little, III, Individually and as Trustee of the Susan B. Little Family Trust, Claimants, v. William Slay Stevens et al., Respondents (FINRA Arbitration 11-00086, July 30, 2012)].

Claimants asserted thirteen causes of action, including violations of the Alabama Securities Act, fraud, negligence, breach of contract, and failure to supervise. In this proceeding, Claimants alleged that Respondents illegally sold them promissory notes and preferred stock in a company called First Legacy Investors. Although Respondents were found liable for both compensatory and punitive damages, the panel did not issue a finding with respect to Thaddeus W. Cook because he filed for bankruptcy over a year before the award was issued.

Herskovits PLLC Can Help You Navigate Federal and State Securities Laws

If you are involved in a federal or state securities dispute, you should seek the assistance of an accomplished securities lawyer. At Herskovits PLLC, we have the knowledge and experience to resolve your case—our managing partner has handled over 200 FINRA arbitrations with an impressive record of success. Furthermore, our small size allows us to avoid the conflicts of interest faced by larger firms and represent clients with numerous claims. In addition, we provide unmatched client service at affordable and predictable rates.

Although we are located in New York, we can provide legal assistance to individuals across the country. If you would like to speak to us about a securities matter or find out more about our firm, please feel free to contact us at (212) 897-5410. You may also submit a contact form, and we will get back to you as soon as possible.

Client Reviews
I give Rob Herskovits and his law firm my strongest possible recommendation. He expertly guided me through a challenging and highly adversarial FINRA disciplinary hearing. Due largely to Rob's extraordinary efforts, each of FINRA's charges were ultimately dismissed by the hearing panel. It is unusual to beat FINRA on their home court, and I'm grateful to have had Rob by my side. Matt D.
Rob has handled customer matters (mediations and arbitrations) as well as regulatory matters for my firm. He is very knowledgeable about the process, and can explain the details in layman's terms. Rob presented our case very well and achieved successful results in every engagement. Jay
I give Robert my highest recommendation. He and his firm helped me through what could have been an extended and financially troubling time. I am not sure that I could have cleared up a false accusation by a previous client had it not been for Robert and his firm, and for that I am very grateful. Derrick
Rob was great he helped my partner and I last year get two cases removed from our record that had no merit. You know how the firms are they represent themselves and settle we suffer. Rob represents you and he’s great!! Jeremy