Alaska Securities Attorneys – Chapter 45.56 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 45.56.500 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.
See Alaska Stat. § 45.56.500. The Alaska Securities Act further provides civil remedies in the event that the Act is violated:
(b) A person is liable to the purchaser if the person sells a security in violation of AS 45.56.100, or by means of an untrue statement of a material fact or an omission to state a material fact necessary to make the statement made, in light of the circumstances under which it is made, not misleading, the purchaser not knowing the untruth or omission and the seller not sustaining the burden of proof that the seller did not know and, in the exercise of reasonable care, could not have known of the untruth or omission. An action under this subsection is governed by the following:
(1) the purchaser may maintain an action to recover the consideration paid for the security, less the amount of any income received on the security, and interest at the legal rate of interest under AS 09.30.070, or eight percent a year, whichever is greater, from the date of the purchase, costs, and attorney fees as determined by the court, upon the tender of the security, or for actual damages as provided in (3) of this subsection;
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.