Herskovits PLLC is a boutique firm that provides legal assistance to individuals in the financial services industry. Our practice areas include securities litigation and arbitration, securities industry regulatory defense, broker-dealer advisory services, securities industry employment litigation, and commercial litigation. Our attorneys have successfully litigated and arbitrated a wide range of securities disputes, and our small size gives us the flexibility to represent industry participants with substantial claims. Our office is located in New York City, but we can at times provide legal counsel to individuals in Cheyenne, Casper, Laramie, Gillette, Rock Springs, and other locations throughout Wyoming, 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 Wyoming
At the federal level, the United States Securities and Exchange Commission (SEC) regulates and enforces matters related to the securities offered, bought, sold, and traded in the United States. The SEC's main objectives are to encourage capital formation and protect investors from the risks involved in investing in a volatile market. To accomplish these objectives, the SEC oversees key participants in the industry to ensure compliance with the securities laws. It also has an office dedicated to assisting investors, and this office responds to questions, suggestions, and complaints.
At the local level, each state also has its own securities laws, called "Blue Sky" laws, and in Wyoming, this law is the Wyoming Securities Act. The Wyoming Secretary of State administers and enforces the state securities laws and has the ability to bring enforcement actions against those who violate the securities laws. It also has an investor awareness site that provides individuals with important investment information to increase their knowledge and help protect against fraud.
A recent Financial Industry Regulatory Authority (FINRA) arbitration panel proceeding demonstrates the enormous awards involved in securities matters. Although the arbitration panel in Cheyenne, Wyoming awarded Claimants a relatively small award-$28,000 in attorneys' fees-$3,000,000 was at stake. [In the Matter of the FINRA Arbitration Between George D. Busse and Yvonne M. Busse, Claimants, v. D.A. Davidson & Co., Respondent (FINRA Arbitration 05-06525, June 19, 2008)].
In this matter, Claimants requested damages based off numerous causes of action, including but not limited to fraud, failure to supervise, negligence, and violation of the securities laws. These claims related to investments in Level 3 Communication and WorldCom stock. Although Claimants were only awarded attorneys' fees, the enormous damages at stake demonstrate the importance of securing the representation of an accomplished securities attorney to handle these matters.
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 state or federal securities dispute, you should seek the assistance of an accomplished securities lawyer. At Herskovits PLLC, we have 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 allows us to provide unparalleled client service at affordable and predictable rates.
We are located in New York, but we can provide assistance to clients nationwide. If you would like to speak with us about a securities matter or find out more about our services, please contact us by calling 212.897.5410 or by utilizing our contact form. We look forward to hearing from you.