ISRAELS & NEUMAN, PLC – Nevada Securities Arbitration and Investment Fraud Attorneys
Section 570 of the Nevada Uniform Securities Act.
Israels & Neuman are securities arbitration and investment fraud attorneys that represent Nevada residents who have been wronged by their stockbrokers and brokerage firms. Our investment fraud attorneys have previously represented investors throughout the State of Nevada, including an investor who lost money in stocks recommended by his investment adviser.
Nevada residents are protected by the provisions of the Nevada Uniform Securities Act. This Act provides for the regulation of the sale of securities to Nevada residents and to Nevada financial advisors and stockbrokers. Additionally, the Nevada Securities Division, with offices in Las Vegas, was created to help enforce the provisions of the Nevada Uniform Securities Act.
Nevada Revised Statute Section 90.570 of the Nevada 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:
Offer, sale and purchase. In connection with the offer to sell, sale, offer to purchase or purchase of a security, a person shall not, directly or indirectly:
1. Employ any 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 not misleading in the light of the circumstances under which they are made; or
3. Engage in an act, practice or course of business which operates or would operate as a fraud or deceit upon a person.
See Nev. Rev. Stat. § 90.570. The Nevada Uniform Securities Act further provides civil remedies in the event that the Act is violated:
Civil liability.
1. A person who offers or sells a security in violation of any of the following provisions:
(a) Subsection 1 of NRS 90.310;
(b) NRS 90.460;
(c) Subsection 10 of NRS 90.500;
(d) Subsection 2 of NRS 90.570;
(e) Subsection 2 of NRS 90.610; or
(f) A condition imposed in subsection 8 or 9 of NRS 90.500,
…is liable to the person purchasing the security. Upon tender of the security, the purchaser may recover the consideration paid for the security and interest at the legal rate of this State from the date of payment, costs and reasonable attorney’s fees, less the amount of income received on the security. A purchaser who no longer owns the security may recover damages. Damages are the amount that would be recoverable upon a tender less the value of the security when the purchaser disposed of it, plus interest at the legal rate of this State from the date of disposition of the security, costs and reasonable attorney’s fees determined by the court. Tender requires only notice of willingness to exchange the security for the amount specified.
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 Nevada, and in Las Vegas, Henderson, Reno, Carson City, Paradise, Sunrise Manor, Spring Valley, Enterprise, and Sparks. 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 Nevada 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.