At Herskovits PLLC, we are skilled negotiators in securities industry litigation and regulatory enforcement matters, and when litigation is unavoidable, we are pertinacious advocates with experience before state and federal courts and in a wide range of arbitration and mediation settings. We are a small firm, but our size is one of our best assets, and it allows us to provide the highest degree of client service at predictable rates. Our office is located in New York City, but we can at times provide legal counsel to individuals in Honolulu, Hilo, Kailua, Kaneohe, and other locations throughout Hawaii, 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.
"Blue Sky" Securities Regulation in Hawaii
The Securities Exchange Act of 1934 created the United States Securities Exchange Commission (SEC), and this federal agency administers and enforces the securities laws at the national level. The SEC seeks to protect investors and prevent investment fraud, and it has the authority to bring civil enforcement actions against individuals and entities that commit violations of the securities laws, including insider trading and accounting fraud. It can also refer cases for criminal prosecution.
At the local level, each state also has its own securities laws, known as "Blue Sky" laws, and in Hawaii, there is the Hawaii Uniform Securities Act. The Hawaii Department of Commerce and Consumer Affairs regulates the sale of securities in the state, and the Licensing Section of the Securities Compliance Branch processes applications for those who seek to conduct business in Hawaii. In addition, the Examination Section ensures that individuals and entities are complying with the securities laws, and the Enforcement Branch has the ability to bring enforcement actions.
Because of the large sums of money involved in securities disputes for both claimants and respondents, as well as the complexity of these transactions, you should seek the assistance of an accomplished securities lawyer to handle a state or federal securities matter. For example, in April 2011, an arbitration panel in Honolulu found Respondent liable for over $3 million in compensatory damages and interest on this amount. It also found Claimant liable for $520,000 in unjust enrichment, over $190,000 for an indemnity claim, and interest on the two prior amounts. [In the Matter of the FINRA Arbitration Between Merrill Lynch, Pierce, Fenner & Smith Incorporated, Claimant, v. Carl E. Choy, Lynne R. Kinney, and Ronald C. Wo, Respondents (FINRA Arbitration 09-06111, April 15, 2011)].
In the above matter, Claimant alleged unjust enrichment and breach of a promissory note. Respondents asserted numerous counterclaims, including but not limited to wrongful termination in breach of contract, unpaid wages, and negligent and/or intentional misrepresentation. The above causes of action relate to Respondents' employment termination.
Herskovits PLLC Can Help You Navigate Federal and State Securities Laws
If you are a broker-dealer, investment advisor, registered representative, or another participant in the financial services industry and you are involved in a state or federal securities matter, you should contact an experienced securities attorney. At Herskovits PLLC, our attorneys have decades of collective experience in numerous securities matters, and our principal attorney has handled over 200 FINRA arbitrations with an impressive track record of success. Moreover, although we are a small firm, our size allows us to avoid the conflicts of interest faced by large firms and represent clients with substantial claims.
We can represent clients located in states throughout the country. If you would like to find out more about our firm or speak to us about a securities dispute, please contact us at 212.897.5410. You may also submit our contact form, and we will promptly respond to your inquiry.