North and South Dakota

The Dakotas have a rich, shared history between the two states, with much of its territories being the ancestral lands of Native American tribes. Native Americans, as well as other cultural and religious groups, are particularly vulnerable to affinity frauds and financial scams, such as Ponzi schemes. Malecki Law is a securities fraud law firm that can provide legal representation to North and South Dakotans, as its securities fraud attorneys have extensive experience investigating and litigating against perpetrators and industry enablers of investment scams and financial affinity frauds. Our firm has recovered tens of millions of dollars for seniors and other retail investors caught up in Ponzi schemes perpetrated across the U.S. and abroad.

According to FINRA, millions of seniors are targets and victims of financial fraud. FINRA has certain rules that focus on the protection of senior citizens. Some of the rules are:

1. FINRA requires the member firm to obtain a trusted person of contact for a senior’s account;
2. Member firms can place a temporary hold on a securities transaction when they have a reasonable belief that there is fraudulent activity present in a senior’s account; and
3. Broker dealers cannot use a FINRA rule to pause a transaction in a senior’s account when they do not believe financial exploitation is present.

The North Dakota Securities Department has issued its own investor advisory regarding affinity frauds, highlighting one feature that helps the frauds continue and go underreported: “Frequently, victims fail to report the fraud to avoid embarrassment or because they want to handle it within the group, allowing scammers to prolong their schemes.” Malecki Law’s securities fraud attorneys empathize because we know that feelings of embarrassment and shame are frequently associated with being defrauded, but there should be no shame. Fraud can happen to anyone. The important thing is to get help from the right places to give yourself the best chance of recovering lost investment funds.

Malecki Law is a securities fraud law firm that has handled numerous securities litigations, arbitrations, and mediation cases involving affinity frauds and Ponzi schemes, having received record settlements and awards. Our team has a keen eye for fraudulent practices designed to circumvent firm compliance and supervisory controls of financial entities who have a duty to supervise customer accounts and their advisers, as well as to be on the alert for suspicious activity involving customer funds. North and South Dakota investors belonging to a religious or cultural group are especially vulnerable to affinity frauds, however, anyone can be defrauded. If you or anyone you know has been solicited with questionable schemes or have questions about possible suspicious activity in your investment accounts, schedule a free initial consultation with Malecki Law, by calling (212) 943-1233, or emailing jenice@maleckilaw.com.