ISRAELS & NEUMAN, PLC – Massachusetts Securities Attorneys

Sections 101 and 410 of the

Massachusetts Uniform Securities Act.

Israels & Neuman are securities arbitration and investment fraud attorneys that represent Massachusetts investors who have been harmed by their stockbrokers and brokerage firms.  Our investment fraud attorneys have previously represented investors in Massachusetts, including a number of investors from the Boston-area who lost money in the Schwab YieldPlus Fund.

The residents of Massachusetts are protected by the provisions of the Massachusetts Uniform Securities Act.  This Act provides for the regulation of the sale of securities to Massachusetts residents and to Massachusetts financial advisors and stockbrokers.  Moreover, the Massachusetts Securities Division, with offices in Boston, Springfield, and Fall River, enforces the provisions of the Massachusetts Uniform Securities Act.

Section 101 of the Massachusetts Uniform 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:

Chapter 110A: Section 101. Sales and 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 Mass. Gen. Laws ch 110A § 101.  The Massachusetts Uniform Securities Act further provides for civil remedies, including interest and attorneys’ fees, in the event that the advisor violates the provisions of the Act:

Any person who…

(2) offers or sells a security by means of any untrue statement of a material fact or any omission 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, the buyer not knowing of the untruth or omission, and who does not sustain the burden of proof that he did not know, and in the exercise of reasonable care could not have known, of the untruth or omission, is liable to the person buying the security from him, who may sue either at law or in equity to recover the consideration paid for the security, together with interest at six per cent per year 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 no longer owns the security. Damages are the amount that would be recoverable upon a tender less the value of the security when the buyer disposed of it and interest at six per cent per year from the date of disposition.

See Mass. Gen. Laws ch 110A § 410.

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 fi,rm with offices in Denver, Colorado, the Seattle, Washington area, Ann Arbor, Michigan, Chicago, Illinois, and Vancouver, Washington .  We represent investors in FINRA arbitration and securities arbitration proceedings in all 50 states, including representing investors previously throughout Massachusetts, and in Boston, Springfield, Worcester, Lowell, New Bedford, Brockton, Quincy, Lynn, Fall River, Newton, Somerville, Framingham, Waltham, and others. Our securities attorneys have represented over one thousand investors against many brokerage firms in the past.

Click to view:  Massachusetts Uniform Securities Act

If you are a resident of Massachusetts 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.