Herskovits PLLC provides legal counsel to individuals in the financial services industry. We can assist industry participants in a wide range of practice areas, including securities litigation and arbitration, securities industry regulatory defense, broker-dealer advisory services, securities industry employment litigation, and commercial litigation. Our office is located in New York City, but we can at times provide legal counsel to individuals in Columbus, Cleveland, Cincinnati, Toledo, Akron, and other areas in Ohio, 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.
Ohio "Blue Sky" Laws
At the federal level, the United States Securities and Exchange Commission (SEC) administers and enforces the securities laws, including the Securities Act of 1933 and the Securities Exchange Act of 1934. The former law has two principal objectives: to oblige that investors receive particular information about securities offered for sale to the public; and to prohibit fraudulent and deceitful conduct in the sale of securities. The government hopes that individuals will be better equipped to make prudent investment decisions when they have access to particular financial information.
Each state also has its own securities laws, known as "Blue Sky" laws. In Ohio, this law is the Ohio Securities Act (the "Act"). The Department of Commerce's Division of Securities administers the securities laws and is broken into several sections. For example, the Licensing Section administers the Act's licensing provisions and issues licenses to broker-dealers, investment advisors, registered representatives, and other industry participants. It also conducts on-site examinations to ensure compliance. The Enforcement Section investigates complaints and alleged violations of the Act. If there is a violation, it has the ability to take civil, criminal, or administrative action.
Because of the high stakes involved in securities matters, we recommend that you seek the assistance of an accomplished securities attorney to handle these claims. For example, a Financial Industry Regulatory Authority (FINRA) arbitration panel in Columbus recently awarded Claimants over $290,000 in compensatory damages and interest. [In the Matter of the FINRA Arbitration Between Barbara B. Agranoff et al., Claimants, v. Merrill Lynch, Pierce, Fenner & Smith, Inc. and Robert M. Rosen, Respondents (FINRA Arbitration 09-04362, July 25, 2011)].
In the above proceeding, Claimants asserted several causes of action, including negligence, fraud, and violation of the Ohio Securities Laws. They claimed that Merrill Lynch and its broker made securities investments largely in equities when less risky investments, such as bond and cash, were more appropriate for elderly clients. Moreover, they alleged that Respondents did not explain the risks associated with this type of investment.
Herskovits PLLC Can Help You Navigate Federal and State Securities Laws
If you are involved in a state or federal securities dispute, you should contact an experienced securities lawyer. At Herskovits PLLC, we have the knowledge and skill to handle your matter—we have experience before state and federal courts and in a variety of arbitration and mediation settings. Moreover, our managing partner has been involved in over 200 FINRA arbitrations with an impressive record of success.
Although we are a small firm, our size is one of our best assets, and it enables us to provide the highest degree of client service at reasonable rates. We are located in New York, but we can represent industry participants from states across the country. If you would like to speak to us about a securities matter or find out more about our services, please contact us at 212.897.5410. You may also fill out a contact form, and we will promptly respond to your inquiry.