Herskovits PLLC represents investment advisors, broker-dealers, registered representatives, and other participants in the financial services industry. We have ample experience in a wide range of securities matters, and when litigation is unavoidable, we represent clients in state and federal court 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 Charleston, Huntington, Parkersburg, Morgantown, Wheeling, and various other locations throughout West 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.
West Virginia "Blue Sky" Laws
The United States Securities and Exchange Commission (SEC) has enacted rules and regulations that govern the securities industry at the federal level. Some of these laws include the Securities Act of 1933, the Securities Exchange Act of 1934, and the Sarbanes-Oxley Act of 2002. These laws are intended to protect investors and promote capital formation.
At the local level, each state has also adopted its own securities laws, known as "Blue Sky" laws. In West Virginia, this law is called the West Virginia Uniform Securities Act because it is based off the Uniform Securities Act–an act intended to assist states with adopting local securities laws and to ensure uniformity in the securities laws. The West Virginia Securities Commission enforces the state securities laws, and it registers industry participants and investigates alleged violations of the securities laws, including investment fraud and ponzi schemes.
A recent Financial Industry Regulatory Authority (FINRA) proceeding demonstrates the large awards possible in securities matters, and thus, the importance of securing the assistance of an experienced securities lawyer to handle these claims. Here, an arbitration panel in Charleston awarded Claimants $106,500 in compensatory damages. [In the Matter of the FINRA Arbitration Between Charlie E. Brown, Jr., Individually and on behalf of Charlie E. Brown IRA and Sheila R. Brown, Individually and on behalf of Sheila R. Brown IRA, Claimants, v. Signator Investors, Inc., Respondent (FINRA Arbitration 05-02830, February 14, 2007)].
Claimants asserted numerous causes of action, including but not limited to breach of contract, negligence, omission of facts, and misrepresentation. Specifically, Claimants argued that Respondent purchased equity-based growth mutual funds, and these funds were high-risk, speculative investments that were unsuitable based on Claimants' financial objectives. There was also a third-party claim where Respondent argued for full indemnification and contribution from Michael Allen Melrose, an employee. After a hearing, the arbitration panel awarded Claimants $106,500 in compensatory damages. It also upheld the third-party claim and found Mr. Melrose liable for $106,500 in compensatory damages.
Herskovits PLLC Can Help You Navigate Federal and State Securities Laws
If you are involved in a federal or state securities matter, you should seek the assistance of a knowledgeable securities attorney. Herskovits PLLC has the ability and skill to handle your case–our attorneys have decades of collective experience in a wide range of securities matters. Moreover, our size permits us to avoid the conflicts of interest faced by large firms and represent clients with substantial claims.
Although we are located in New York, we can represent clients from cities throughout the United States. If you would like to find out more about our firm or our practice areas, please contact us at 212.897.5410. You may also fill out our contact form, and we will get back to you as soon as possible.