Herskovits PLLC is a boutique firm that provides legal assistance to individuals in the financial services industry. We have successfully litigated and arbitrated numerous securities disputes, and our small size gives us the flexibility to represent industry participants in a wide range of securities matters. Our office is located in New York City, but we can at times provide legal counsel to individuals in Indianapolis, Fort Wayne, Evansville, South Bend, Hammond, and the surrounding areas of Indiana, 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 Indiana
At the federal level, the United States Securities and Exchange Commission (SEC) is the primary regulator and enforcer of matters related to the securities offered, bought, sold, and traded in the United States. The SEC seeks to protect investors and encourage capital formation by ensuring a steady flow of complete and accurate financial information, thereby equipping individuals with enough information to make sound investment decisions.
Although the SEC administers and enforces the securities laws at the federal level, each state also has its own securities laws, known as "Blue Sky" laws. In Indiana, this law is the Indiana Uniform Securities Act (the "Act"), and it is administered by the Indiana Securities Division (the "Division"). The Division regulates the securities industry in Indiana and brings civil and administrative actions against individuals and companies who violate the Act. Moreover, it can refer cases for criminal prosecution, and it oversees an investor education program that helps individuals make informed investment decisions and protect against investment fraud.
A recent Financial Industry Regulatory Authority (FINRA) arbitration panel proceeding demonstrates the importance of obtaining the assistance of an experienced attorney to handle securities matters. In October 2012, an arbitration panel in Indianapolis awarded Claimants over $177,000 in compensatory damages, interest, and attorneys fees. [In the Matter of the FINRA Arbitration Between Dale and Anne Amrhein et al., Claimants, v. O neAmerica Securities, Inc., Regional Investment Services, Inc., and Jerry Allen Smith, Respondents (FINRA Arbitration 11-03319, October 11, 2012)].
In the above proceeding, Claimants asserted numerous causes of actions, including violations of the Indiana Securities Act, breach of contact, constructive fraud, and negligence. They alleged that Respondents did not take into consideration their risk tolerance and investment objectives, and thus, improperly handled their accounts. They also claimed that Respondents recommended unsuitable securities without adequately disclosing the investment risks. Furthermore, they indicated that Respondents fabricated quarterly statements when they falsely indicated that the investments were increasing in value. After considering the evidence, the arbitration panel held in favor of the Claimants and found that damages were warranted.
Herskovits PLLC Can Help You Navigate Federal and State Securities Laws
If you are a registered representative, broker-dealer, or another industry participant and you need assistance with a state or federal securities matter, you should contact an accomplished securities attorney. At Herskovits PLLC, we have the knowledge and skill to handle your case—our principal attorney has handled over 200 FINRA arbitrations with an impressive record of success. Moreover, our size allows us to avoid the conflicts of interest faced by large firms and represent clients with substantial claims.
Although we are located in New York, we can provide assistance to clients in cities nation-wide. If you would like to obtain assistance with a securities matter or find out more about our firm, please contact us at 212.897.5410. You can also contact us here, and we will respond to your inquiry as soon as possible.