Herskovits PLLC provides legal assistance to participants in the financial services industry. We have experience in numerous securities matters, including litigation and regulatory enforcement. Although we are a small firm, our size permits us to avoid conflicts of interest faced by larger firms and represent individuals with substantial claims. It also enables us to provide unsurpassed client service at affordable rates. Our office is located in New York City, but we can at times provide legal counsel to individuals in Baton Rouge, New Orleans, Shreveport, and other cities in Louisiana, 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.
Louisiana "Blue Sky" Laws
The United States Securities and Exchange Commission (SEC) holds primary responsibility for regulating and enforcing the securities laws at the federal level. At the state level, however, each individual state has enacted its own regime, and these laws are known as "Blue Sky" laws. In Louisiana, the law is known as the Louisiana Securities Law.
The Louisiana Securities Division is responsible for registering securities offered for sale in the state, as well as licensing investment advisers, broker-dealers, and agents. In addition, it investigates complaints and has the ability to initiate enforcement proceedings for violations of the securities laws.
A recent dispute demonstrates the importance of an experienced securities attorney in arbitration proceedings. In March of 2012, a Financial Industry Regulatory Authority (FINRA) arbitration panel in New Orleans awarded two claimants $1.15 million in compensatory damages and $50,000 in attorneys' fees. [In the Matter of the FINRA Arbitration Between F. David Tutt and Gloria R. Tutt, Claimants, v. TD Waterhouse Investor Services, Inc., Andrew Garrett, Inc., Lawrence A. Clasby, Midwest Discount Brokers, Inc., and Clasby Investment Management, Inc., Respondents (FINRA Arbitration 03-03322, March 30, 2012)].
Claimants opened a discretionary account with TD Waterhouse Investor Services, Inc. and transferred more than one million dollars into this account. Mr. Clasby was given power of attorney and was to act as an investment advisor and fiduciary. Under this authority, Mr. Clasby recommended that claimants purchase shares of Polarshield stock. They agreed, and he purchased over $1 million of these shares on their behalf. However, Mr. Clasby had previously become the president of Polarshield and knew that the company was experiencing difficulties, including a lack of funding. This information was not disclosed to claimants, and around five months after the shares were purchased, their shares were essentially worthless. Because of these actions, the panel found that damages were warranted. Thus, because of the immense sums that can be awarded in these proceedings, it is prudent to acquire the assistance of an experienced securities attorney to handle these matters.
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 dispute, you should obtain the assistance of an experienced attorney. Herskovits PLLC has the experience and expertise to handle your case—our founding partner has been involved in over 200 FINRA arbitration proceedings with an impressive record of success. Moreover, our small size permits us to provide the highest degree of client service at reasonable and predictable rates.
Although we are located in New York City, we provide services to clients nation-wide. If you would like to secure our services or find out more information about our firm, please call us at 212.897.5410. You can also submit a contact form, and we will respond to your inquiry as quickly as possible.