Herskovits PLLC represents individuals in the financial services industry. Our practice areas include securities litigation and arbitration, securities industry regulatory defense, broker-dealer advisory services, securities industry employment litigation, and commercial litigation. Although we are a small firm, our size provides us with the flexibility to represent industry participants in a broad range of matters. Our office is located in New York City, but we can at times provide legal counsel to individuals in Oklahoma City, Tulsa, Norman, Broken Arrow, Lawton, and other areas throughout Oklahoma, 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.
“Blue Sky” Securities Regulation in Oklahoma
At the federal level, the United States Securities and Exchange Commission (SEC) is the primary regulator and enforcer of the securities laws. The SEC seeks to protect investors while encouraging capital formation. At the local level, each state has also adopted its own securities laws, known as "Blue Sky" laws, and in Oklahoma, the law is the Oklahoma Uniform Securities Act.
The Oklahoma Department of Securities processes applications for the registration of securities, as well as applications for broker-dealers, investment advisors, and registered representatives. It also investigates alleged violations of the securities laws and has the ability to take administrative and civil actions. When necessary, it may refer cases for criminal prosecution.
Because of the complexity of the securities laws and the large awards possible in securities disputes, it is wise to secure the assistance of an experienced securities attorney to handle these matters. In September 2011, for example, a Financial Industry Regulatory Authority (FINRA) arbitration panel in Oklahoma City awarded Claimants over $835,000 in compensatory damages and over $27,000 in attorneys' fees. [In the Matter of the FINRA Arbitration Between Lenard Briscoe et al., Claimants, v. AXA Advisors LLC, Wilbanks Securities, Inc., and Marsha Schubert, Respondents (FINRA Arbitration 05-00698, September 2, 2011)].
Claimants alleged that Ms. Schubert deposited their funds into her personal account for her own use. They also claimed that Ms. Schubert made misrepresentations about their investments before shifting their funds into her personal account. Furthermore, Ms. Schubert allegedly made these misrepresentations while she was an agent of Wilbanks Securities, Inc. and AXA Advisors LLC, and these companies failed to follow basic oversight procedures that would have detected the improper behavior.
Herskovits PLLC Can Help You Navigate Federal and State Securities Laws
If you are a financial industry participant and are involved in a federal or state securities dispute, you should seek the assistance of an experienced securities attorney. Herskovits PLLC is a small law firm with special practice emphasis on securities litigation. We value clear communication and the highest degree of client service, and our skilled advocates will work diligently to resolve your dispute in a manner most favorable to you.
We are located in New York, but we can assist clients in cities nationwide. If you would like to find out more about our practice areas or our firm, please contact us by calling 212.897.5410 or by utilizing our contact form. One of our attorneys will promptly respond to your inquiry.