Herskovits PLLC is a small law firm that represents investment advisors, broker-dealers, and other participants in the financial services industry. Because of our dedicated focus, our attorneys have handled a wide range of securities matters, and we have an extensive record of successful engagements that can be matched by few firms of our size. Our office is located in New York City, but we can at times provide legal counsel to individuals in Sioux Falls, Rapid City, Aberdeen, Brookings, Watertown, and other areas throughout South 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.
South Dakota "Blue Sky" Laws
The United States Securities and Exchange Commission (SEC) administers and enforces the securities laws at the federal level, and it seeks to encourage capital formation and protect investors. To achieve these objectives, the SEC requires public companies to disclose particular information to the public. By providing investors with complete and accurate financial information, individuals will be better equipped to make prudent investment decisions and protect themselves against investment fraud.
Each state also has its own securities laws, known as "Blue Sky" laws, and in South Dakota, the law is called the South Dakota Uniform Securities Act. The South Dakota Department of Labor and Regulation's Division of Securities (the "Division") is responsible for regulating the securities industry in the state. The Division oversees the key participants in the securities industry, provides investor education, investigates alleged violations of the securities laws, and enforces anti-fraud provisions.
Arbitration panels often issue substantial awards in securities disputes, and consequently, it is prudent to seek the representation of a skilled securities lawyer to handle these matters. For example, a Financial Industry Regulatory Authority (FINRA) arbitration panel in Rapid City awarded Claimants $116,245 in compensatory damages and $525,942 in punitive damages, as well as interest. In the Matter of the FINRA Arbitration Between Floyd E. Lund and Lily K. Lund, Claimants, v. Lombard Securities, Inc. and Financial Network Investment Corporation, Respondents (FINRA Arbitration 05-04993, April, 27, 2007)].
In the above matter, Claimants argued that Respondents failed to supervise one of their employees, Claimants' broker. Because of their inactions, the broker conducted an investment strategy that contradicted Claimants' experience and conservative investment objectives. Specifically, Claimants' broker conducted a large portion of the trading on margin in an attempt to maximize his commissions.
Herskovits PLLC Can Help You Navigate Federal and State Securities Laws
If you are a financial industry participant and are involved in a securities dispute, you should seek the assistance of an experienced securities lawyer. At Herskovits PLLC, we have the knowledge and skill to handle your case, and we have experience in a wide range of securities matters. Moreover, our principal attorney has handled over 200 FINRA arbitrations with an impressive record of success. He is also a certified arbitrator for FINRA and formerly served as in-house counsel for an NYSE-member broker-dealer, providing us with unique insight to our advocacy.
Our offices are based in New York, but we can represent clients nationwide. If you would like to find out more about our firm or our services, please contact us by calling 212.897.5410 or by utilizing our contact form. We look forward to hearing from you.