At Herskovits PLLC, our attorneys are trusted advisors for securities litigation and regulatory enforcement matters. We have experience before state and federal courts and in various arbitration and mediation settings, and our small size gives us the flexibility to represent clients with substantial claims. Our office is located in New York City, but we can at times provide legal counsel to individuals in Boise, Nampa, Meridian, Idaho Falls, Pocatello, and the surrounding areas of Idaho, 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 Idaho
The United States Securities and Exchange Commission (SEC) regulates the securities market at the federal level. Its principal objectives are to protect investors and encourage capital formation. To accomplish these objectives, the SEC requires companies to disclose particular information to the public, thereby equipping investors with sufficient information to make prudent investment decisions. The SEC also investigates alleged violations of the securities laws and has the ability to bring enforcement actions.
Although the SEC regulates the securities market at the federal level, each state also has its own securities laws, known as "Blue Sky" laws. In Idaho, the law is called the Idaho Uniform Securities Act, and it is administered by the Securities Bureau of the Department of Finance (the "Bureau"). The Bureau's responsibilities are similar to those of the SEC, and it regulates the individuals and entities that offer investment opportunities in the state. It also requires these individuals and entities to provide the public with adequate and complete disclosure of particular financial information.
Because of the complexity of the securities laws and the ability of arbitration panels to issue large awards, it is advisable to obtain the assistance of an experienced securities lawyer to handle securities disputes. For example, a Financial Industry Regulatory Authority (FINRA) arbitration panel in Boise recently awarded Claimant, an investor, $171,000 in compensatory damages, $77,000 in attorneys' fees, and $16,000 as reimbursement for costs. [In the Matter of the FINRA Arbitration Between David Franck, Claimant, v. Ameriprise Financial Services. Inc., Respondent (FINRA Arbitration 07-00117, February 15, 2008)].
Claimant requested damages based on breach of contract, failure to diversify, failure to supervise, violation of the Idaho Uniform Securities Act, and numerous other actions. These actions related to a lack of diversity of several investments in proprietary mutual funds. After considering the pleadings, evidence, and testimony, the arbitration panel decided that damages were warranted.
Herskovits PLLC Can Help You Navigate Federal and State Securities Laws
If you are an investment advisor, broker-dealer, registered representative, or another participant in the financial services industry and you are involved in a state or federal securities dispute, you should contact Herskovits PLLC for assistance. Our attorneys have decades of collective experience in a wide variety of securities matters, and our size enables us to provide unmatched client service at affordable rates.
We are located in New York City, and we can also represent industry participants located outside the state. If you would like to speak to us about a securities matter or learn more about our firm, please contact us at 212.897.5410. You may also contact us here, and one of our attorneys will respond to your inquiry as soon as possible.