Herskovits PLLC is a small firm located in New York City. We represent broker-dealers, investment advisors, registered representatives, and other participants in the financial service industry in a wide-range of securities matters, both in court and in Financial Industry Regulatory Authority (FINRA) arbitration proceedings. Our office is located in New York City, but we can at times provide legal counsel to individuals in Arlington, Chesapeake, Norfolk, Richmond, Virginia Beach, and other parts of Virginia, 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.
Virginia "Blue Sky" Laws
The United States Securities and Exchange Commission (SEC) regulates the securities industry at the federal level. It seeks to promote capital formation and protect investors from the investment risks associated with volatile markets. Each state also has its own securities laws, known as "Blue Sky" laws, and in Virginia, this law is the Virginia Securities Act.
The Virginia Division of Securities and Retail Franchising registers securities, broker-dealers, investment advisors, and registered representatives. It also promotes investor education programs and investigates alleged violations of the Securities Act.
Because of a FINRA arbitration panel's ability to issue large awards, it is advisable to seek the assistance of a skilled attorney to handle securities disputes. For example, a FINRA arbitration panel in Richmond awarded Claimants $225,000—$75,000 in compensatory damages and $150,000 in punitive damages. [In the Matter of the FINRA Arbitration Between Winifred B. Loria and Roger M. Loria, Individually, and on Behalf of the Immunitas, Inc. Retirement Plan; Dr. Roger Loria IRA; and Mrs. Winifred Loria IRA, Claimants, v. Elmer Wayne Bullis; Arnold Dorman; and Next Financial Group, Inc., Respondents (FINRA Arbitration 10-04782, May 8, 2012)].
Claimants asserted several causes of action, including but not limited to fraud, violations of the Virginia Securities Act, breach of fiduciary duty, negligence, and failure to supervise. Claimants alleged that Respondents' failed to analyze whether a proposed purchase and sale of variable annuities would result in a loss of existing benefits. Consequently, Claimants wanted to rescind the transactions that had occurred in their portfolios; they asked for other fees and damages as well. Although the former relief was denied, the panel decided compensatory and punitive damages were warranted.
Herskovits PLLC Can Help You Navigate Federal and State Securities Laws
If you are a participant in the financial services industry and are involved in a federal or state securities dispute, you should seek the assistance of an experienced securities attorney. Herskovits PLLC has experience before state and federal courts and in a variety of arbitration and mediation settings. Moreover, our small size allows us to provide unprecedented client service at affordable rates. It also enables us to avoid the conflicts of interest faced by larger firms and represent clients with substantial claims.
Our office is located in New York, but we can represent clients in states across the country. If you would like to speak with us about a securities matter or learn more about our services, please contact us at 212.897.5410 or fill out a contact form.