Herskovits PLLC is a boutique firm with a dedicated focus on the financial services arena. We are skilled negotiators and tenacious advocates, and we have experience before regulatory bodies, state and federal courts, 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 Fargo, Bismarck, Grand Forks, Minot, Mandan, and other cities throughout North Dakota, 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.
North Dakota "Blue Sky" Laws
Although the United States Securities and Exchange Commission (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. In North Dakota, the securities law is called the North Dakota Securities Act, and it is administered and enforced by the North Dakota Securities Department. The Securities Department regulates the offer and sale of securities in the state, ensures that individuals and other industry participants comply with the securities laws, brings enforcement actions against those who violate the securities laws, and provides investor education to improve financial literacy and help prevent against investment fraud.
Because of the stakes involved in securities disputes, it is prudent to obtain the assistance of an experienced securities attorney to handle these claims. For example, in a recent Financial Industry Regulatory Authority (FINRA) disciplinary action, Ms. Susan Gail Sauvageau of Fargo, North Dakota was fined $25,000 and prohibited from associating with any FINRA broker-dealer for two months. [In the Matter of the FINRA Disciplinary Action against Susan Gail Sauvageau (FINRA Disciplinary Action #2009016691402, February 16, 2012)].
In the above disciplinary proceeding, it was alleged that Sauvageau used a right of accumulation to execute mutual fund purchases when the purchases were ineligible for this discount, thereby depriving the mutual funds of fees to which they were entitled. Although Ms. Sauvageau waived the right to have a formal complaint brought against her, this proceeding demonstrates some of the consequences of violating the securities laws, and thus, the importance of obtaining an experienced securities attorney to assist with these matters.
Herskovits PLLC Can Help You Navigate Federal and State Securities Laws
If you are involved in a securities dispute, you should seek the assistance of an experienced securities lawyer. At Herskovits PLLC, we have decades of collective experience in a wide range of securities matters. Moreover, our founding partner is a certified arbitrator for FINRA and the National Futures Association, and this experience provides unique insight to our advocacy.
We are located in New York, but we can represent industry participants in cities nationwide. If you would like to speak to us about a securities matter or find out more about our services, please contact us by calling 212.897.5410. You may also submit a contact form, and one of our attorneys will get back to you as soon as possible.