Michigan Securities Fraud Attorney

Getting bad advice from your broker is sometimes more than just a misstep. In some circumstances, your broker may have committed securities fraud by recommending unsuitable investments or failing to do their due diligence. If you need help after an investment loss, contact a Michigan securities fraud lawyer at Wolper Law Firm. Our attorneys can assess your case and determine whether you may be able to recover your lost funds through a securities fraud lawsuit or arbitration. 

How Wolper Law Firm Can Help Recover Your Securities Fraud Losses in Michigan

Wolper Law Firm brings deep industry knowledge and a strong track record to every case. Founding attorney Matt Wolper spent over 15 years representing major brokerage firms, and he now uses that experience to stand up for investors who’ve been misled or taken advantage of. Our firm has helped clients recover millions in losses, with a 99% success rate.

When your trust has been broken, we understand how overwhelming it can feel to know where to turn. Our attorneys take the time to understand what happened and what recovery looks like for you. We look for patterns in your broker’s behavior, build a strategy that fits your situation, and explore every available path to compensation. That may include:

• Securities litigation: In certain cases, such as those involving stockbroker misconduct, margin calls, elder financial abuse, breach of fiduciary duty, and more, our firm may be able to pursue a securities fraud lawsuit on your behalf.
• FINRA arbitration: Perhaps the most common pathway forward for recovery, FINRA arbitration can be swifter and more efficient than a securities fraud lawsuit. However, it also offers no opportunity for an appeal, meaning that it is important to work with the right securities fraud lawyer from the start to have your case handled appropriately. 
• Class action lawsuit: When multiple investors have been defrauded through the same scam, a class action lawsuit can be an effective way to bundle costs and tackle the problem as a group of plaintiffs. 

Common Securities Fraud Schemes in Michigan Our Firm Can Help With

Some of the most common securities fraud elements include misrepresentation, poor communication, and time pressure. If you have trouble getting a hold of your broker or are seeing unauthorized transactions taking place on your account, contact a Michigan securities fraud attorney as soon as possible. Some common securities fraud schemes include: 

• Churning, or excessive trades to generate commissions
• Unauthorized trading, including forged signatures or moving funds between different client accounts
• Advance fee fraud, or requesting upfront payments that do not lead to a genuine opportunity
• Pump and dump schemes, including misinformation spread through social media and celebrity endorsements
• Ponzi or pyramid schemes, where investors are paid out from funds collected solely from other investors
• Market manipulation, including late-day trading, selling away, microcap fraud, hedge fund fraud, and more
• Life insurance scams, like offering false information, concealing commissions or fees, or misrepresenting material facts about the policy

Michigan Securities Laws: Understanding Your Protections

The Michigan Uniform Securities Act (MUSA), 2008 PA 551 regulates the securities industry in the state of Michigan. Shareholders are also protected by federal laws and regulations under the Securities and Exchange Commission (SEC). MUSA registers securities, qualifies certain exemptions, and oversees brokers and financial advisors throughout the state. 

It is crucial to note that although the Michigan Securities Division investigates securities fraud within the state, and filing a complaint is an important step, the division does not represent defrauded investors. In order to engage a dedicated advocate who can help explore your avenues for recovery, contact a securities fraud attorney at Wolper Law Firm.

What Are the Red Flags for Michigan Securities Fraud?

Michigan investors trust their brokers and financial advisors to look out for their best interests. There is no shame in being taken advantage of by someone who understandably knows more than you do about the market. The best way to look out for yourself is to watch for red flags of bad behavior, keep detailed records of your communications with your broker, and contact a securities fraud lawyer when you think something is not right. 

Some common red flags for Michigan securities fraud include:

• Time pressure: Always take the time to do your own research on an investment, regardless of time pressure. Many boiler room scams rely upon coercive sales techniques in order to force a decision. 
• “Too good to be true” offers: All legitimate investments involve an element of risk. If something seems too good to be true, walk away.
• Unsolicited calls: Many scam artists pretend to be with a trustworthy company or organization and impersonate a legitimate broker in order to make a sale or steal your financial information. 
• Unlicensed financial advisors: Check your broker’s history with FINRA online as well as the Michigan Securities Division to make sure that they are properly registered. You can also scan for prior complaints or a history of discipline. 
• Missing documentation: Beware sales of unregistered securities or stocks with no transaction trail or market history. Legitimate offers leave a paper trail. 
• Secrecy: If your broker is unwilling to communicate the terms of a deal clearly to you, or if you are having trouble getting the investment in writing, it is likely a scam. While the market does involve a degree of insight, be wary of overly complicated pitches or opportunities that you cannot personally understand or explain. 
• Losses when the market is on an upturn: If you are consistently losing money, even when the market seems to be on the rise, you may be right to be suspicious. Consistent losses are a common red flag. 
• Unauthorized trades: Check your account activity regularly, and scan the trades that you have made and approved. Keep notes about trades you do not recognize, and escalate your concerns to a supervisor whenever possible.
• Affinity fraud: Do not rely upon someone’s financial advice just because of a shared affinity. Many scam artists target people who share their religion, ethnic background, work history, or other community markers in order to build trust. They then take advantage of this shared affinity in order to convince investors not to research their claims and discover the scam. 

What Should You Do If You’re a Victim of Michigan Securities Fraud?

If you have been a victim of a Michigan securities fraud scam, act sooner rather than later. You will need to:

• Stop sending money. Do not chase good money after bad in order to tie up loose ends on a scam. 
• Gather documentation. Take notes whenever possible about conversations you have had. Mark down the dates and times you have attempted to get in touch with your broker, whether or not they have responded, and what they have said. Be sure to print out emails and text messages and gather your account statements.
• Contact a securities fraud lawyer in Michigan. Time is of the essence when it comes to filing a securities fraud lawsuit, arbitration, or other action to recover stolen funds. The Michigan Uniform Securities Act Section 451.2509 only provides for a two-year statute of limitations on securities fraud claims after discovery of the fraud, as well as a strict five-year statute of repose. After this time a claim for recovery cannot be brought, even if the fraud has not yet been uncovered within the five-year timeline. 

Schedule a Consultation With Our Michigan Securities Fraud Lawyer Today

At Wolper Law Firm, we stand up for Michigan investors who have been misled, exploited, or defrauded. Our team investigates potential misconduct, explains your legal options clearly, and fights for the maximum recovery available. If you’re seeing consistent, significant, or unexplained losses in your portfolio, don’t wait. Contact us today for a free consultation.