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Herskovits PLLC represents individuals in the financial services industry. We have experience handling cases before state and federal courts, regulatory bodies, and in various arbitration and mediation settings. Our office is located in New York City, but we can at times provide legal counsel to individuals in Baltimore, Columbia, Germantown, Silver Spring, and other areas across Maryland, 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.

Maryland "Blue Sky" Laws

The United States Securities and Exchange Commission (SEC) is the primary regulator and enforcer of the securities laws. It seeks to protect investors by requiring public companies to make particular investment information available. With this pool of knowledge, investors are better equipped to face investment uncertainties.

At the local level, states have adopted their own securities laws, known as "Blue Sky" laws. In Maryland, the law is known as the Maryland Securities Act. The Maryland Securities Division handles the registration of securities, investment advisors, broker-dealers, stockbrokers, and franchises. It also investigates potential violations of its investor protection laws; its primary purpose is to protect investors from misrepresentation and investment fraud.

Because of the intricacies involved in state and federal securities laws, as well as the huge awards possible in these cases, it is prudent to seek the assistance of an experienced securities attorney to handle these matters. In 2010, for example, a Financial Industry Regulatory Authority (FINRA) arbitration panel in Baltimore awarded claimant $80.8 million in consequential damages. [In the Matter of the FINRA Arbitration Between Kajeet Inc., Claimant, v. UBS Financial Services Inc., Respondent (FINRA Arbitration 09-03990, August 3, 2010)].

In the above proceeding, claimant sought $110 million in consequential damages after it invested in student loan auction rate securities and was later unable to access the funds. Due to this illiquidity, claimant, a pay-as-you-go cell phone provider for kids, had to fire numerous employees. UBS marketed the auction rate securities as an alternative to cash, but did not adequately disclose the liquidity issues involved in auction rate securities. Therefore, because of the failure to disclose this information, the arbitration panel awarded consequential damages.

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 seek the assistance of a knowledgeable attorney. At Herskovits PLLC, we are tenacious advocates and have experience in a wide-range of securities matters. Although we are a small firm, our size enables us to provide unparalleled client service at affordable and predictable rates. Our size also allows us to avoid the conflicts of interest faced by larger firms and represent clients with numerous claims.

Although we are located in New York, we can represent clients in states across the country. If you are interested in finding out what we can do for you, please contact us at (212) 897-5410.

You may also use our contact form, and we will promptly respond to your inquiry.

Client Reviews
I give Rob Herskovits and his law firm my strongest possible recommendation. He expertly guided me through a challenging and highly adversarial FINRA disciplinary hearing. Due largely to Rob's extraordinary efforts, each of FINRA's charges were ultimately dismissed by the hearing panel. It is unusual to beat FINRA on their home court, and I'm grateful to have had Rob by my side. Matt D.
Rob has handled customer matters (mediations and arbitrations) as well as regulatory matters for my firm. He is very knowledgeable about the process, and can explain the details in layman's terms. Rob presented our case very well and achieved successful results in every engagement. Jay
I give Robert my highest recommendation. He and his firm helped me through what could have been an extended and financially troubling time. I am not sure that I could have cleared up a false accusation by a previous client had it not been for Robert and his firm, and for that I am very grateful. Derrick
Rob was great he helped my partner and I last year get two cases removed from our record that had no merit. You know how the firms are they represent themselves and settle we suffer. Rob represents you and he’s great!! Jeremy