Herskovits PLLC is a small firm that represents participants in the financial services industry. We have experience in a wide range of securities matters, and we have successfully handled securities disputes before state and federal courts, as well as in a variety of arbitration and mediation settings. Our office is located in New York City, but we can at times provide legal counsel to individuals in Columbia, Charleston, Rock Hill, Greenville, Summerville, and numerous other cities throughout South Carolina, 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 South Carolina
The United States Securities and Exchange Commission (SEC) regulates and enforces the securities laws at the federal level. It oversees broker-dealers, investment advisors, mutual funds, and other key participants in the securities industry. One of the SEC's key objectives is to ensure that particular market-related information is disclosed to the public in order to protect investors from fraudulent activities and maintain fair dealing.
At the local level, each state has its own securities laws, known as "Blue Sky" laws. In South Carolina, the law is known as the South Carolina Uniform Securities Act, and it is enforced by the South Carolina Securities Division. All securities offered for sale in the state must be registered unless they meet an applicable exemption, and the Securities Division handles the registration of securities. It also registers broker-dealers and investment advisors and promotes investor education to help individuals make informed investment decisions and avoid fraudulent activity.
Because of the complexity of the securities laws and the ability of arbitration panels to issue large awards in securities matters, it is prudent to seek the assistance of an accomplished securities attorney to handle these claims. For example, in June 2011, an arbitration panel in Columbia awarded Claimant nearly $180,000 in compensatory damages. [In the Matter of the FINRA Arbitration Between Ray Sherbert, M.D. and Kathryn J. Sherbert, Claimants, v. Morgan Stanley & Co. Inc., Respondent (FINRA Arbitration 09-05394, June 30, 2011)].
In the above matter, Claimants asserted numerous causes of action, including failure to execute instructions, breach of fiduciary duty, negligence, fraud, and breach of contract. Claimants alleged that Respondent failed to follow Claimants' investment strategy and placed over seventy percent of their holdings in unspecified equities. Although Claimants asked for nearly $1.5 million in compensatory damages, they received just under $180,000.Herskovits PLLC can Help You Navigate Federal and State Securities Laws
If you need assistance with a securities matter, you should obtain the assistance of an experienced securities attorney. Herskovits PLLC has the knowledge and skill to handle your case, and we have experience in numerous securities matters, including litigation and regulatory enforcement. Although we are a small firm, our size permits us to avoid the conflicts of interest faced by larger firms. Moreover, it allows us to provide client service that can be matched by few firms of our size.
We are located in New York City, but we can provide legal assistance to industry participants in cities throughout the United States. If you would like to find out more about our firm or our practice areas, please contact us by calling (212) 897-5410 or by filling out our contact form. We look forward to speaking with you.