Herskovits PLLC is a small law firm in New York City that represents broker-dealers, investments advisors, registered representatives, and other participants in the financial services industry. Because of our dedicated focus, we have experience in a wide range of securities matters, and we have represented clients in state and federal court, Financial Industry Regulatory Authority (FINRA) arbitration proceedings, and various mediation and arbitration settings. Our office is located in New York City, but we can at times provide legal counsel to individuals in Portland, Lewiston, Bangor, Auburn, Biddeford, Augusta, and other areas across Maine, 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.
Maine "Blue Sky" Laws
The United States Securities and Exchange Commission (SEC) was adopted to regulate the securities industry at the federal level, as well as to promote capital formation and protect investors from the inherent risks associated with investing in a volatile market. The SEC seeks to ensure fair dealing and prevent investment fraud, and to accomplish these objectives, it oversees key participants in the securities industry and requires public companies to dispose particular information to the public. Moreover, the SEC hopes to keep investors informed by providing access to extensive educationals material on its website. It also has a database, Edgar, which provides individuals with access to the documents that public companies are required to file with the SEC.
Although the SEC is the primary regulator and enforcer of the securities laws at the federal level, each state also has its own securities laws, called "Blue Sky" laws. Maine's law is called the Maine Uniform Securities Act because it is based off a model statute that sought to assist states with adopting their own securities laws. The Office of Securities regulates the securities laws in Maine, and it registers industry participants, reviews securities registration statements and exemption filings, investigates alleged violations of the securities laws, and has the ability to prosecute violators.
Because FINRA arbitration panels have the ability to issue enormous awards in securities disputes, it is advisable to have an experienced securities attorney handle these claims. For example, in a recent proceeding, an arbitration panel in Augusta held Respondent Ligor liable for $1,000,000 in compensatory damages. [In the Matter of the FINRA Arbitration Between Charles R. LaBay and Patricia L. LaBay, Claimants, v. Paul A. Ligor, Jr. and Integrity Brokerage Services, Inc., Respondents (FINRA Arbitration 09-06801, October 28, 2010)].
In the above matter, Claimants requested $2,600,000 in compensatory damages, $400,000 in punitive damages, interest, and attorneys' fees. They asserted numerous claims, including but not limited to breach of fiduciary duty, fraud, misrepresentation, unauthorized trading, omission of facts, violations of the securities laws, and negligence. As is typical in these proceedings, the award does not provide the public with much insight, and here, it was stated that the requested damages relate to investments in numerous securities. Interestingly, Claimants settled with Integrity Brokerage Services, Inc., and therefore, the arbitration panel only imposed damages on Mr. Ligor.
Herskovits PLLC Can Help You Navigate Federal and State Securities Laws
If you are involved in a state or federal securities matter, you should contact a skilled securities attorney, and at Herskovits PLLC, our attorneys have decades of collective experience in numerous securities matters. Moreover, our managing partner has handled over 200 FINRA arbitrations with an impressive track record of success.
We are located in New York, but we can also represent clients from cities across the country. If you would like to speak to us about a securities matter or find out more about our firm, please contact us by calling 212.897.5410 or by utilizing our contact form. We look forward to hearing from you.