ISRAELS & NEUMAN, PLC- Washington Securities Attorneys

Chapter 21 of the Securities Act of Washington.

Israels & Neuman are securities arbitration and investment fraud attorneys that represent Washington and Seattle-area residents who have been wronged by their stockbrokers and brokerage firms.  Our firm has an office in Bellevue, Washington and represents investors in FINRA arbitration hearings in Seattle.  We have represented numerous investors throughout the Seattle area, including investors who lost money in the Seattle-based chain of butcher shops called Bill the Butcher, victims of the fraud perpetrated by Bellevue investment advisor Chris Yoo, as well as numerous investors who lost money in non-traded REITs, oil and gas investments, and private placements.

The residents of Washington are protected by the provisions of the Securities Act of Washington.  This Act provides for the regulation of the sale of securities to Washington residents and to Washington financial advisors and stockbrokers.  Additionally, the Washington Division of Securities, with offices in Olympia, was created to help enforce the provisions of the Securities Act of Washington.

Washington Revised Code Section 21.20.010 of the Securities Act of Washington provides for liability if a financial advisor or investment advisor misrepresents the risks of an investment to you.  In particular, this statute provides that:

Unlawful offers, sales, purchases

It is unlawful for any person, in connection with the offer, sale or purchase of any security, directly or indirectly:

(1) To employ any device, scheme, or artifice to defraud;

(2) To make any untrue statement of a material fact or to 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) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person.

See Wash. Rev. Code § 21.20.010.  The Securities Act of Washington further provides civil remedies in the event that the Act is violated:

Civil liabilities—Survival, limitation of actions—Waiver of chapter void—Scienter.

• Any person, who offers or sells a security in violation of any provisions of RCW 20.010, 21.20.140 (1) or (2), or 21.20.180 through 21.20.230, is liable to the person buying the security from him or her, who may sue either at law or in equity to recover the consideration paid for the security, together with interest at eight percent per annum from the date of payment, costs, and reasonable attorneys’ fees, less the amount of any income received on the security, upon the tender of the security, or for damages if he or she no longer owns the security. Damages are the amount that would be recoverable upon a tender less (a) the value of the security when the buyer disposed of it and (b) interest at eight percent per annum from the date of disposition.

See Wash. Rev. Code § 21.20.430.

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 Washington, Oregon, Colorado, Michigan, and Illinois.  We represent investors in FINRA arbitration and securities arbitration proceedings in all 50 states, including representing investors previously throughout Washington, the Puget Sound, and the Pacific Northwest, and in Seattle, Bellevue, Spokane, Vancouver, Redmond, Olympia, Kirkland, Renton, Kent, Tacoma, Everett, Bellingham, Bothell, Woodinville, and Yakima. 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.

Click to view:  Securities Act of Washington TOC

Click to view:  Securities Act of Washington Unlawful Sales

Click to view:  Securities Act of Washington Civil Liabilities

If you are a resident of Washington 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.