Montana Securities Attorneys – Chapter 45.55 of the Montana Securities Act.
Israels & Neuman are securities arbitration and investment fraud attorneys that represent Montana residents who have been wronged by their stockbrokers and brokerage firms. Our investment fraud attorneys have previously represented investors in Montana, including investors who lost money in a bond mutual fund and those who lost money in non-traded REITs and private placements.
The residents of Montana are protected by the provisions of the Montana Securities Act. This Act provides for the regulation of the sale of securities to Montana residents and to Montana financial advisors and stockbrokers. Additionally, the Montana Commission of Securities and Insurance, with offices in Helena, was created to help enforce the provisions of the Montana Securities Act.
Montana Statute Section 45.55.010 of the Montana 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:
Fraudulent and other prohibited practices.
(1) It is unlawful for any person, in connection with the offer, sale, or purchase of any security, directly or indirectly, in, into, or from this state, to:
(a) employ any device, scheme, or artifice to defraud;
(b) make any untrue statement of a material fact or omit to state a material fact necessary in orderto make the statements made, in the light of the circumstances under which they are made, not misleading; or
(c) engage in any act, practice, or course of business that operates or would operate as a fraud or deceit upon any person.
See Mont. Code Ann. § 30-10-301. The Montana Securities Act further provides civil remedies in the event that the Act is violated:
Civil liabilities — limitations on actions.
(1) Any person who offers or sells a security in violation of 30-10-202 or offers or sells a security by means of fraud or misrepresentation is liable to the person buying the security from the offeror or seller, who may sue either at law or in equity to recover the consideration paid for the security, together with interest at 10% a 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 the buyer 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 10% a year from the date of disposition.
See Mont. Code Ann. § 30-10-307.
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 Montana, and in Billings, Missoula, Great Falls, Bozeman, Butte, Helena, Kalispell, and Havre. 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.