Herskovits PLLC is a small firm in New York City that represents individuals in the financial services industry. We are knowledgeable in a wide range of securities matters, and we have ample experience litigating matters before state and federal courts, regulatory bodies, and in various arbitration and mediation settings. Specifically, our managing partner has handled over 200 FINRA arbitration proceedings and has a lengthy record of success in the matters that have been tried to verdict. Our office is located in New York City, but we can at times provide legal counsel to individuals in Memphis, Nashville, Knoxville, Chattanooga, Clarksville, and other cities in Tennessee, 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.
Tennessee "Blue Sky" Laws
The United States Securities and Exchange Commission (SEC) administers and enforces the securities laws at the federal level. It seeks to promote capital formation while protecting investors from investment fraud and other risks.
At the local level, each state has its own securities laws, known as "Blue Sky" laws. In Tennessee, the securities law is known as the Tennessee Securities Act of 1980, and it is enforced by the Tennessee Securities Division, which is broken into several sections. The Broker-Dealer and Investment Adviser Registration Section ensures that broker-dealers, registered representatives, and investment advisors register before they conduct business in the state. The Registration Section regulates securities offerings in the state, and the Enforcement Section can investigate alleged violations of the securities laws and refer cases for criminal prosecution.
Because of a Financial Industry Regulatory Authority (FINRA) arbitration panel's ability to issue large awards in securities disputes, it is prudent to obtain the assistance of an experienced securities lawyer to handle these claims. For example, an arbitration panel in Memphis recently awarded Claimants $400,000 in compensatory damages. In the Matter of the FINRA Arbitration Between W. Kyle Rote, Jr. et al., Claimants, v. Morgan Keegan & Company Inc., Respondent (FINRA Arbitration 09-03437, February 17, 2012)].
Respondent bought Mr. Rote's sports agency in 1995 and continued to employ him. Mr. Rote then invested in several of Respondent's bond funds. These funds lost value after the U.S. housing market collapsed, and consequently, Mr. Rote alleged that Respondent failed to disclose the nature and extent of the investment risks. After investigating the claims, the panel concluded that Respondent withheld vital information from its employees.
Interestingly, Mr. Rote was a well-known soccer player who was inducted into the National Soccer Hall of Fame in 2010. He is also the son of Kyle Roth, who was a professional football player.
Herskovits PLLC Can Help You Navigate Federal and State Securities Laws
If you are involved in a federal or state securities dispute, you should contact an experienced securities lawyer. Herskovits PLLC has the knowledge and experience to handle your case, and our small size allows us to provide unprecedented client service at reasonable and affordable rates.
We are a New York law firm, but we can represent clients throughout the country. If you would like to obtain assistance with a securities matter or find out more about our firm, please feel free to contact us at 212.897.5410. You may also submit a contact form, and we will get back to you as soon as possible.