ISRAELS & NEUMAN, PLC – Nebraska Securities Arbitration and Investment Fraud Attorneys
Section 8-1102 of the Securities Act of Nebraska
Israels & Neuman are securities arbitration and investment fraud attorneys that represent Nebraska residents who have been wronged by their stockbrokers and brokerage firms. We have previously represented more than 20 investors who were wronged by a large Omaha, Nebraska-area based securities brokerage firm.
Nebraska residents are protected by the provisions of the Securities Act of Nebraska. This Act provides for the regulation of the sale of securities to Nebraska residents and to Nebraska financial advisors and stockbrokers. Additionally, the Nebraska Department of Banking and Finance, with offices in Lincoln, was created to help enforce the provisions of the Securities Act of Nebraska.
Section 8-1102 of the Securities Act of Nebraska provides for liability if a financial advisor, stockbroker, or investment advisor misrepresents the risks of an investment to you. In particular, this statute provides that:
Fraudulent and other prohibited practices.
(1) It shall be unlawful for any person, in connection with the offer, sale, or purchase of any security, directly or indirectly:
(a) To employ any device, scheme, or artifice to defraud;
(b) To make any untrue statement of a material fact or to 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
(c) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person.
See Neb. Rev. Stat. § 8-1102. The Securities Act of Nebraska further provides civil remedies in the event that the Act is violated:
Violations; damages; statute of limitations.
(1) Any person who offers or sells a security in violation of section 8-1104 or offers or sells a security by means of any untrue statement of a material fact or any omission 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, the buyer not knowing of the untruth or omission, and who does not sustain the burden of proof that he or she did not know and in the exercise of reasonable care could not have known of the untruth or omission, shall be liable to the person buying the security from him or her, who may sue either at law or in equity to recover the consideration paid for the security, together with interest at six percent per annum from the date of payment, costs, and reasonable attorney’s fees, less the amount of any income received on the security, upon the tender of the security, or for damages if he or she no longer owns the security, except that in actions brought based on a transaction exempt from registration under subdivision (23) of section 8-1111, no person shall be liable for any statement of a material fact made or for an omission of a material fact required to be stated or necessary to make the statement made not misleading unless such statement or omission was made with the intent to defraud or mislead, with the burden of proof in such cases being on the claimant. Damages shall be 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 six percent per annum from the date of disposition.
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 Colorado, Washington, the Portland, Oregon Area, and Michigan. We represent investors in FINRA arbitration and securities arbitration proceedings in all 50 states, including representing investors throughout Nebraska, and in Omaha, Lincoln, La Vista, Bellevue, Grand Island, Kearney, Fremont, Hastings, North Platte, Norfolk, and Columbus. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including Securities America, 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, National Securities Corp., and many others.
Click to view: Nebraska Securities Act
If you are a resident of Nebraska and have lost money with your financial advisor or investment advisor, please CONTACT ISRAELS & NEUMAN at 720-599-3505 for a free evaluation of your case.