Herskovits PLLC represents broker-dealers, investment advisors, and other participants in the financial services industry. Some of our services include securities dispute representation in court, arbitration proceedings, and investigation and enforcement proceedings, as well as broker-dealer advisory services. Although we are a small firm, our size is one of our best assets, and it allows us to provide unrivaled client service while avoiding the conflicts of interest faced by larger firms. Our office is located in New York City, but we can at times provide legal counsel to individuals in Boston, Worcester, Springfield, Lowell, and other parts of Massachusetts, 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.
Massachusetts "Blue Sky" Laws
The United States Securities and Exchange Commission (SEC) has enacted rules and regulations to govern the securities industry at the federal level. Each state also has its own securities laws, known as "Blue Sky" laws, and in Massachusetts, this law is known as the Massachusetts Uniform Securities Act. Moreover, the Massachusetts Securities Division (the "Division") is responsible for administering and enforcing the Massachusetts Uniform Securities Act. There are three sections in the Division: the Enforcement Section enforces the securities laws; the Registrations, Inspections, Compliance and Examinations Section deals with securities registration and exemption and also determines compliance with the securities laws; and the Corporate Finance Section focuses on investor protection.
A recent Financial Industry Regulatory Authority (FINRA) arbitration proceeding demonstrates the enormous awards possible in securities matters, and thus, the importance of an experienced securities attorney. In this proceeding, a FINRA arbitration panel in Boston found Citigroup Global Markets, Inc. and Citigroup, Inc. jointly and severally liable for $15.8 million in compensatory damages, $1 million in sanctions, and interest. [In the Matter of the FINRA Arbitration Between James Bryan Minchello, Robert Vincent Minchello and Martha Jane Sullivan, Claimants, v. Citigroup Global Markets, Inc. and Citigroup, Inc., Respondents (FINRA Arbitration 09-02800, January 20, 2012)].
The Minchello brothers, both financial advisers, argued that Citigroup refused to pay them millions of dollars in commissions. These commissions were arguably due under their employment agreement after the brothers brought several of their big clients from Bank of America to Citigroup in 2002. They were to be paid a percentage of the revenue generated by these new clients.
Interestingly, in 2006, James Bryan Minchello was listed in Boston Magazine's "The 20 Best Financial Advisors." Moreover, in 2011, Barron's listed him as one of the best financial brokers in the United States.
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 state or federal securities dispute, you should seek the experience of a skilled securities lawyer. At Herskovits PLLC, we have experience in numerous securities matters, including litigation and regulatory enforcement. If you would like to obtain our assistance or find out more about our services, please call us at 212.897.5410 or fill out our contact form, and we will promptly respond to your inquiry.