Nevada Securities Fraud Attorneys

For nearly 25 years, Malecki Law and its securities fraud attorneys have provided legal representation to investors who have been victimized by financial fraud, whether within private investments or the stock market. The firm’s founder, Jenice L. Malecki, has recovered tens of millions of dollars for senior investors and retirees, and has long been passionate about serving the underrepresented, especially elderly victims of financial abuse. Federal regulators such as the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) have continued to monitor and ultimately prosecute perpetrators of financial abuse. At the state level, the Securities Division of the Nevada Secretary of State has previously issued investor alerts to help guard against exploitation of vulnerable groups, including seniors and minors. Under Nevada state law, broker dealers and investment advisers registered in Nevada are required to report exploitation of older and vulnerable persons. An obvious shortfall of such laws is that the industry persons required to report the abuse may, in fact, be a perpetrator engaging in financial exploitation of vulnerable groups; it is the equivalent of the fox being asked to guard the hen house.

One safeguard that Nevada implemented to avoid the possibility of broker misconduct is the requirement of all broker dealers and sales representatives to obtain licenses under the state law. Nevada’s securities laws list some examples of conduct that could give rise to a cause of action under Nevada law. Those examples are (1) Charging a customer an unreasonable price for a transaction, (2) charging a customer an excessive commission, (3) telling a prospective customer to blatantly ignore the risk disclosures in a prospectus or a private placement brochure, or (4) using misleading advertising that would induce a reasonable person to do business with a particular broker, investment advisor, or brokerage firm.

Losing investment funds due to fraud is devastating for senior investors because they usually have left the workforce and have no ability to recoup their losses. Today, while most of the population trades stocks on their phone, seniors typically rely on the advice of a financial adviser, thus making them more prone to abuse. Seniors build this trust with their advisor(s) over time, thus making it hard to spot fraud when it is happening. One underutilized undertaking that most investors can do to protect themselves is performing online research about the adviser’s background. Research can alert you to red flags, such as prior customer complaints or regulatory discipline against the adviser. FINRA’s BrokerCheck website allows you to conduct such a search by entering the name of the adviser and the firm he or she is registered with. The site then provides a CRD (Central Registration Depository) report that is publicly viewable. A separate search can also be conducted against the firm itself. The firm can also be held liable for negligence in failing to supervise an investor’s account.

Malecki Law is a boutique, securities fraud law firm based in the heart of New York City’s financial district. The firm ensures proper representation in each state and has represented investors across the country, both in state and federal court, as well as in arbitration. The majority of lawsuits to recover retail investment losses are, in fact, filed in FINRA’s arbitration forum, which can offer a faster, more efficient way to recover one’s losses compared to court. Malecki Law’s securities fraud lawyers can also help move the process along even faster by regularly ensuring that its eligible clients are granted expedited case status from the case’s outset. Another big advantage of suing a wrongdoer in FINRA arbitration is that the awards are binding, requiring payment within 30 days of the award. Arbitration awards also have very limited grounds for appeal, making recovery efforts much less prolonged than filing in court. This is a good thing, especially for elderly investors, who have less time to lose because of their age, and who are more prone to suffer more financial hardship than other investors because of the continually increasing burden of age-related medical and care expenses.

In addition to representing defrauded retail investors, Malecki Law offers a broad range of representations in other securities matters. The firm’s experienced, securities fraud attorneys also represent financial professionals in employment disputes against their financial institution employers, whether in contractual, promissory note disputes or expungement matters to remove defamatory remarks and customer complaints on a Form U5. Malecki Law also provides extensive regulatory defense representation to anyone in receipt of a FINRA 8210 request letter, or a subpoena request for documents or testimony from FINRA, the SEC, or state regulators like the Nevada Securities Division. If you have questions about whether you have a case or if Malecki Law is right for you, call us for a free consultation.