Herskovits PLLC is a small law firm that represents investment advisors, registered representatives, broker-dealers, and other participants in the financial services industry. Our attorneys are skilled negotiators and tenacious advocates, and we have experience before state and federal courts, regulatory bodies, 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 Providence, Warwick, Cranston, Pawtucket, Woonsocket, and other areas throughout Rhode Island, 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.
Rhode Island "Blue Sky" Laws
The United States Securities and Exchange Commission (SEC) is the primary regulator and enforcer of the securities laws at the federal level. In order to sustain capital growth, the SEC seeks to encourage capital formation by promoting investor confidence in the securities markets. To accomplish this objective, the SEC oversees the key participants in the financial services industry and requires public companies to disclose particular investment information to the public. It also has a database, Edgar, where individuals can access documents that public companies must submit to the SEC. The hope is that individuals will have sufficient resources to make informed investment decisions.
At the local level, each state has its own securities laws, called "Blue Sky" laws, and in Rhode Island, there is the Rhode Island Uniform Securities Act (the "Act"). The Banking and Securities Regulation Division of the Department of Business Regulation administers and enforces the Act, processes licenses for broker-dealers and other industry participants, registers securities, and investigates alleged violations of the state and federal securities laws.
When it comes to state securities disputes, arbitration panels have the ability to issue huge awards, and consequently, it is wise to obtain the representation of an accomplished securities attorney to handle these matters. For example, a Financial Industry Regulatory Authority (FINRA) arbitration panel in Providence awarded Claimant $56,000 in compensatory damages, interest, and $50,000 in attorneys' fees. [In the Matter of the FINRA Arbitration Between Ronald Gilman, IRA, Claimant, v. Morgan Keegan & Company, Inc., Respondent (FINRA Arbitration 07-00281, August 29, 2008)].
In this proceeding, Claimant alleged breach of fiduciary duty, fraud, negligence, violation of the securities laws, breach of contract, unsuitability, and failure to supervise and control. These causes of action related to various shares of common stock. Although Claimant requested $500,000 in compensatory damages, as well as other amounts, the panel decided a lesser amount was warranted.
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 attorney. At Herskovits PLLC, we have the knowledge and skill to handle your case, and we represent industry participants in a wide range of securities disputes in court and in various arbitration and mediation settings.
We are a small firm, but our size is one of our best assets, and it allows us to avoid the conflicts of interest faced by larger firms and represent clients with substantial claims. Moreover, it allows us to provide the highest degree of client service at reasonable and predictable rates. We are located in New York, but we can provide legal assistance to clients across the country. If you would like to speak to us about a state or federal securities matter, please call us at 212.897.5410. You may also fill out our contact form, and we will answer your inquiry as soon as possible.