ISRAELS & NEUMAN, PLC -Alaska Securities Attorneys
Chapter 45.55 of the Alaska Securities Act.
Israels & Neuman are securities arbitration and investment fraud attorneys that represent Alaska residents who have been wronged by their stockbrokers and brokerage firms. Our investment fraud attorneys have previously represented Alaskan investors, including a corporation from Anchorage.
Alaska residents are protected by the provisions of the Alaska Securities Act. This Act provides for the regulation of the sale of securities to Alaska residents and to Alaska financial advisors and stockbrokers. Additionally, the Alaska Division of Banking and Securities, with offices in Juneau and Anchorage, was created to help enforce the provisions of the Alaska Securities Act.
Alaska Statute Section 45.55.010 of the Alaska Securities Act provides for liability if a financial advisor or investment advisor misrepresents the risks of an investment to you. In particular, this statute provides that:
Sales and purchases.
(a) A person may not, in connection with the offer, sale, or purchase of a security, directly or indirectly
(1) employ a device, scheme, or artifice to defraud;
(2) make an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading; or
(3) engage in an act, practice, or course of business that operates or would operate as a fraud or deceit upon a person.
(b) A person may not rely on an exemption from registration under AS 45.55.900 or on a security being a federal covered security to avoid the application of (a) of this section.
See Alaska Stat. § 45.55.010. Section 45.55.025 also prohibits fraudulent, dishonest, or unethical business practices of securities broker-dealers and their agents. The Alaska Securities Act further provides civil remedies in the event that the Act is violated:
(a) A person is liable to the person buying the security from the person for the consideration paid for the security, together with interest at eight percent a year or the stated rate of the security if the security has a stated, fixed rate less than eight percent, from the date of payment, costs, and reasonable attorney fees, less the amount of income received on the security, on the tender of the security, or for damages if the buyer no longer owns the security, if the seller offers or sells a security
(1) other than a federal covered security, in violation of AS 45.55.030(a), 45.55.070, or 45.55.170(b) or of a regulation or order under AS 45.55.150 that requires the filing of sales literature before it is used, or of a condition imposed under AS 45.55.100(d) or 45.55.110(g) or (h); or
(2) by means of an untrue statement of a material fact, or omits to state a material fact, the omission of which makes a statement misleading.
(b) Damages are the amount that would be recoverable on a tender less the value of the security when the buyer disposed of it and interest at eight percent a year, or the stated rate of the security if the security had a stated, fixed rate less than eight percent, from the date of disposition.
If your financial advisor or stockbroker makes misrepresentations to you when selling securities, he or she may be liable for your losses. In addition, the brokerage firm that your advisor works for may also be liable.
Israels & Neuman PLC is a securities arbitration and investment fraud law firm with offices in Denver, Colorado and the Seattle area. We represent investors in FINRA arbitration and securities arbitration proceedings in all 50 states, including representing investors previously throughout Alaska, and in Anchorage, Juneau, Fairbanks, Sitka, Ketchikan, Wasilla, Kenai, and Kodiak. Our securities attorneys have represented over one thousand investors against many brokerage firms in the past, including LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James, ProEquities, Securities America, National Securities Corp., and many others.
If you are a resident of Alaska and have lost money with your financial advisor or investment advisor, please CONTACT ISRAELS & NEUMAN at 206-795-5798 for a free evaluation of your case.