ISRAELS & NEUMAN, PLC- Wyoming Securities Lawyers
Section 101 of the Wyoming Uniform Securities Act
Israels & Neuman are securities arbitration and investment fraud lawyers that represent Wyoming residents who have been wronged by their stockbrokers and brokerage firms. Our investment fraud attorneys have previously represented investors throughout the State of Wyoming, including investors who lost money in a fraudulent oil and gas investment, and investors who lost money in a bond mutual fund.
Wyoming residents are protected by the provisions of the Wyoming Uniform Securities Act. This Act provides for the regulation of the sale of securities to Wyoming residents and to Wyoming financial advisors and stockbrokers. Additionally, the Wyoming Securities Division, with offices in Cheyenne, was created to help enforce the provisions of the Wyoming Uniform Securities Act.
Wyoming Code Section 17-4-101 of the Wyoming 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:
Fraudulent practices prohibited in securities sales and purchases.
(a) It is unlawful for any person, in connection with the offer, sale or purchase of any security, directly or indirectly:
(i) To employ any device, scheme, or artifice to defraud;
(ii) 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
(iii) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person.
See Wyo. Stat. Ann. § 17-4-101. The Wyoming Uniform Securities Act further provides civil remedies in the event that the Act is violated:
17-4-122. Civil liability of sellers violating provisions.
(a) Any person who:
(i) Offers or sells a security in violation of W.S. 17-4-103(a), 17-4-107, or 17-4-117(b) or of any rule or order under W.S. 17-4-115 which requires the affirmative approval of sales literature before it is used, or of any condition imposed under W.S. 17-4-110(d), 17-4-111(g), or 17-4-111(h); or
(ii) 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 did not know, and in the exercise of reasonable care could not have known, of the untruth or omission, is liable to the person buying the security from him, who may sue either at law or in equity to recover the consideration paid for the security, together with interest at six percent (6%) per 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 he no longer owns the security. Damages are the amount that would be recoverable upon a tender less the value of the security when the buyer disposed of it and interest at six percent (6%) per year from the date of disposition.
See Wyo. Stat. Ann. § 17-4-122.
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 Wyoming, and in Cheyenne, Casper, Laramie, Gillette, Rock Springs, Sheridan, and Green River. 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.
If you are a resident of Wyoming 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.