ISRAELS & NEUMAN, PLC – New Hampshire Securities Attorneys
Sections 501 and 509 of the New Hampshire Uniform Securities Act.
Israels & Neuman are securities arbitration and investment fraud attorneys that represent New Hampshire residents who have been wronged by their stockbrokers and brokerage firms. Our investment fraud attorneys have previously represented investors in New Hampshire, including New Hampshire investors who lost money in the Schwab YieldPlus bond fund, and an investor who lost money in private placements and tenant-in-common (TIC) investments through an advisor in Nashua.
The residents of New Hampshire are protected by the provisions of the New Hampshire Uniform Securities Act. This Act provides for the regulation of the sale of securities to New Hampshire residents and to New Hampshire financial advisors and stockbrokers. Additionally, the New Hampshire Bureau of Securities Regulation, with offices in Concord, was created to help enforce the provisions of the New Hampshire Uniform Securities Act.
Section 501 of the New Hampshire 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:
421-B:5-501 Fraud and Liabilities.
(a) General fraud. It is unlawful for a person, in connection with the offer, sale, or purchase of a security, directly or indirectly, to:
(1) employ a device, scheme, or artifice to defraud;
(2) make an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statement made, in the light of the circumstances under which they were 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 another person.
See N.H. Rev. Stat. Ann. § 421-B:5-501. The New Hampshire Uniform Securities Act further provides civil remedies in the event that the Act is violated:
(b) Liability of seller to purchaser. A person is liable to the purchaser if the person sells a security in violation of RSA 421-B:3-301 or, by means of an untrue statement of a material fact or an omission to state a material fact necessary in order 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 from the date of the purchase, costs, and reasonable attorneys’ fees determined by the court, upon the tender of the security, or for actual damages as provided in subsection (b)(3).
(2) The tender referred to in subsection (b)(1) may be made any time before entry of judgment. Tender requires only notice in a record of ownership of the security and willingness to exchange the security for the amount specified. A purchaser that no longer owns the security may recover actual damages as provided in subsection (3).
(3) Actual damages in an action arising under subsection (b) are the amount that would be recoverable upon a tender less the value of the security when the purchaser disposed of it, and interest at the legal rate of interest from the date of the purchase, costs, and reasonable attorneys’ fees determined by the court.
See N.H. Rev. Stat. Ann. § 421-B:5-509.
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 New Hampshire, and in Manchester, Nashua, Concord, Derry, Rochester, Merrimack, Londonderry, Keene, Portsmouth, Bedford, Goffstown, Hampton, Durham, Exeter, and others. Our securities attorneys have represented over one thousand investors against many brokerage firms in the past.
Click to view: New Hampshire Uniform Securities Act
If you are a resident of New Hampshire 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.