Florida Securities Fraud Attorney

Floridians are no strangers to investment fraud cases, from Bernie Madoff to senior scams. The Sunshine State is notorious in many ways for negligent brokers, advance fee fraud, life insurance schemes, insider trading, and other kinds of financial scams that take advantage of residents of all ages. However, many investors do not realize the full range of securities fraud and how it may impact them.

Securities fraud comes in many forms, from misrepresenting financial opportunities to recommending unsuitable investments or failing to follow FINRA or state regulations.

If you have lost money due to a securities scam, a Florida securities fraud attorney may be able to help you recoup your investment and hold the offending party accountable. Wolper Law Firm has a 99% success rate helping investors seeking relief through securities litigation. For a complimentary consultation about your claim, contact us today.

What Is Securities Fraud?

Securities fraud is characterized by using deceptive practices in the stock or commodities market to mislead investors in order to make a profit. While the market naturally fluctuates, your losses or gains should never be due to another party’s misrepresentations, false accounting, or attempts to conceal relevant facts about your investments. Common securities fraud elements include:

• Misrepresenting or spreading rumors about stock potential
• Making promises that cannot be fulfilled, often about returns or liquidity of an investment
• Withholding of material facts, such as hidden fees or disclosures
• Recommending unsuitable investments
• Failing to assess a client’s objectives
• Failing to adequately examine the investment opportunity
• Failing to follow FINRA standards or brokerage firm procedures
• Using confidential data improperly
• Engaging in insider trading
• Inflating prices artificially
• Using celebrity endorsements deceptively
• Misstating or omitting accounting information
• Breaching fiduciary duties
• Violating contractual agreements

Florida Securities Fraud Laws and Regulations

In addition to federal regulation through the SEC, Florida investors are also protected by the Florida Securities and Investor Protection Act (FSIPA), codified in Florida Statutes Chapter 517. This regulatory framework outlines the scope of securities fraud in the state as well as imposes fines, sanctions, and criminal penalties on those who perpetrate it.

Violation of Florida securities regulation under Chapter 517 is considered a third-degree felony and is punishable by imprisonment for up to five years. In cases that involve fraudulent transactions of securities valued above $50,000 from five or more people, Florida Statute §517.301 regarding concealment of facts may impose first-degree felony charges on perpetrators. In this case, Florida’s securities fraud penalty may reach up to 30 years imprisonment in addition to fines of no greater than three times the gross value of the fraud.

How to Identify Securities Fraud

Fraud schemes rely on misleading investors, especially those who lack deep financial knowledge. Securities fraud scams can be difficult to spot simply because the scam artist is often the “expert” in the room about the subject. You might be hesitant to report a scam or attempt to disprove it because the person recommending it is in a position of trust, or someone who “should” know more than you do about the opportunity.

However, there are many red flags that securities fraud schemes have in common. Be wary of anyone who approaches you unsolicited to sell you securities, such as by sending an email or via cold call. The following are some other common warning signs of securities fraud, as identified by the FBI:

• Big promises with very little data or details offered
• Evasive behaviors or purposeful obfuscation
• Being asked to send money via wire to cover “advance fees,” “taxes,” or “processing costs”
• High-pressure sales tactics, like claiming an offer is only available for a limited time or only has room for a few investors
• Affinity fraud, such as preying upon bonds of trust between shared heritages, experiences, or communities
• Demands for personal information, such as Social Security numbers, over the phone
• “Too good to be true” opportunities

What to Do If You Suspect Securities Fraud

Always conduct your own research about investment opportunities before you send money. If you suspect you have already been taken advantage of, there may be help available. Reporting the fraud can not only help prevent others from being victimized but also put you in a position to recover some or all of your defrauded funds. A securities fraud lawyer may be able to make a claim for damages if you have relied upon inaccurate information to make an investment.

If you suspect securities fraud, first:

• Gather evidence: Print out any email exchanges you have had with your broker as well as any contracts, documents, or statements pertaining to your investment. Create as much of a record as possible about the misleading information with which you have been presented.
• Report the fraud to the brokerage: When applicable, speak to a supervisor about your suspicions. There may already be complaints open about the employee. In this case, your information may be valuable when it comes to building a complete file and pursuing compensation.
• Speak with a securities fraud lawyer: Your attorney can advise you about how to proceed with your own claim, as well as factors that might impact your recovery. They will also be able to research any prior history of FINRA complaints and additional evidence that you may need in order to bring a successful claim.

How Can a Securities Fraud Lawyer Help Me?

At Wolper Law Firm, our skilled attorneys can help you work toward recovering your funds and holding bad actors accountable through a securities fraud lawsuit, FINRA arbitration, or other legal action. Our investment fraud lawyers can investigate your case, help you navigate federal and state securities laws, and build a strong claim for compensation.

Our proven track record of results as well as client testimonials illustrate our detail-oriented, discrete approach in the field of securities law prosecution and financial recovery. We know that our clients come to us after their trust has been misplaced or abused by another professional service. Therefore, we take every step possible to put our clients’ minds at ease, handling the cases we take on with compassion, transparency, and a dedication to results.

Consult an Experienced Securities Fraud Attorney in Florida

Being the victim of securities fraud does not have to be a dead end. At Wolper Law Firm, we have recovered millions in securities fraud cases for our clients. Contact us to learn what action steps you may be able to take to protect your rights as an investor and win back your funds.