Herskovits PLLC is a small firm that represents individuals in the financial services industry. We have experience in a wide-range of securities matters and have handled cases before state and federal courts, regulatory bodies, and in a variety of arbitration and mediation settings. Our managing partner, for example, has handled over 200 FINRA arbitrations with an impressive record of success. Our office is located in New York City, but we can at times provide legal counsel to individuals in Detroit, Grand Rapids, Lansing, and other cities in Michigan, 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.
Michigan "Blue Sky" Laws
The United States Securities and Exchange Commission (SEC) administers and enforces the securities laws at the federal level. It seeks to protect investors, and to achieve this goal, it requires public companies to disclose particular investment information.
At the local level, each state has its own securities laws, known as "Blue Sky" laws. In Michigan, this law is known as the Michigan Uniform Securities Act. The Michigan Securities Division (the "Division") administers the Michigan Uniform Securities Act; it is also responsible for regulating investment advisers, broker-dealers, securities agents, and securities offerings. The Division seeks to protect Michigan investors while encouraging investment in the state.
If you are involved in a state or local securities matter, you should seek the assistance of an experienced securities attorney. One area that demonstrates the necessity of a knowledgeable attorney is Financial Industry Regulatory Authority (FINRA) arbitration proceedings. For example, in January 2012, an arbitration panel in Detroit awarded claimants over $1.2 million: $800,000 in compensatory damages; over $47,000 in costs; and nearly $400,000 in attorneys' fees. [In the Matter of the FINRA Arbitration Between Douglas A. Mirabelli and Kristin L. Mirabelli, Claimants, v. Merrill Lynch, Pierce, Fenner & Smith, Inc., Respondent (FINRA Arbitration 10-03400, January 13, 2012)].
In the above case, the Mirabellis invested around $1.8 million, and the advisor placed this amount in an income portfolio composed of equities pledged against Merrill Lynch-owned mortgages. After the Mirabellis experienced huge losses in 2008, they brought this action arguing a violation of the securities laws, misrepresentation, omission, negligence, and several other causes of action. The arbitration panel ruled in the couple's favor, holding that they were entitled to damages because the investment advisor made unsuitable recommendations regarding securities in the income portfolio.
Interestingly, Douglas A. Mirabelli is a former Major League Baseball catcher. He played for the Boston Red Sox, the San Francisco Giants, the San Diego Padres, and the Texas Rangers. He is a two-time World Series champion.
Herskovits PLLC Can Help You Navigate Federal and State Securities Laws
If you are a broker-deal, an investment advisor, or another participant in the financial services industry and you are involved in a state or federal securities dispute, you should seek the assistance of an accomplished securities lawyer. Herskovits PLLC has the knowledge and experience to handle your case. We are a small firm, but our size allows us to provide unrivaled client service at affordable and reasonable rates.
Although we are located in New York, we can represent clients across the nation. If you would like to find out more about our services or obtain legal assistance, please feel free to contact us. You can reach us by calling 212.897.5410 or by utilizing our contact form.