Virginia Securities Fraud Attorney

Securities fraud in Virginia takes many forms, but it almost always leaves investors worse off—and not just because of their initial loss. Virginians who have been victimized by securities fraud may be less likely to invest in the market again, missing out on opportunities to provide for their families, make smart choices for their financial futures, and build generational wealth.

If you have been victimized by securities fraud, you have options. At Wolper Law Firm, we stand up for investors who have been taken advantage of and build the strongest possible case to recover funds. We aggressively pursue restitution as well as damages, disgorgement, and other remedies available for our clients. If you have been the victim of securities fraud in Virginia, contact Wolper Law Firm today to see how we may be able to help you.

Warning Signs of Securities Fraud in Virginia

The two most common securities fraud elements are misrepresentation and omission of material information. This means that information that would have changed your decision-making was either misrepresented to you or left out of the conversation entirely.

Take the following scenario for example. Suppose that your broker advises you to switch your life insurance policy. This in itself is not fraudulent, and may in fact be in your best interests. However, imagine that as part of this recommendation, the broker either:

• Fails to mention you will incur new fees and surrender charges from the switch—this is an omission of material facts.
• Or informs you of the fees, but wrongfully claims that the new policy has better investment features that make the change worthwhile or that it will generate revenue to cover the surrender charges—this is a material misrepresentation.

Worse still, the broker does not disclose that they earn a commission off of your decision to change policies. All of these elements are textbook examples of life insurance twisting or churning, a common securities scam.

While securities fraud is not always easy to spot, there are certain warning signs to look out for, including:

• Pressure to make decisions quickly, especially with a lack of information
• Receiving unsolicited calls or emails about financial opportunities
• Brokers who do not consider factors like your age, investment experience, income, or cash flow needs when they make recommendations
• Laziness in your account management, such as brokers who do not perform due diligence on what they recommend to their clients
• Missing paperwork, or brokers who do not return your calls
• Promises of absurdly high returns, especially after paying high upfront fees in order to gain “access”
• Opportunities that sound too good to be true
• Pressure to recruit other members for the investment, the hallmark of pyramid and Ponzi schemes
• Saying that an investment “won’t last”, or using other high-pressure sales tactics in boiler room scams
• Churning, or seeing unknown and frequent transactions and fees in your accounts solely in order to generate broker commissions
• Deceptive promotion practices, including some celebrity sponsorships or generating fake online or social media buzz for pump-and-dump scams
• Sales of unregistered securities
• Brokers with a past history of FINRA violations or complaints

What Should You Do If You Are the Victim of Securities Fraud in Virginia?

If you have been victimized by securities fraud in Virginia, first stop the flow of money. Do not pay any more out to the fraudulent source, even in an effort to extricate yourself from the scheme. Instead, you should consider contacting an experienced Virginia securities fraud attorney.

Our attorneys at Wolper Law Firm can help you understand your next steps. We suggest you bring all of the following information to your first consultation with us:

• Financial statements, account balances, summary of fees, and any other related records
• Exchanges you have had with your broker, dealer, or financial advisor. Print out text messages, and emails, and write down what happened in conversations to ensure that you can remember it all.
• Copies of any paperwork you have signed related to the account, including contracts and initial signing forms

Gather as much evidence as you can. In some cases, like in affinity fraud schemes, Ponzi, or pyramid practices, there may be other victims of the same scam who can help corroborate your account and add more information.

In addition to speaking with one of our securities fraud attorneys, you can also report a complaint to the Virginia State Corporate Commission. Doing so comes at no cost to you and will help create a paper trail that can assist with your recovery efforts in the future.

How Can a Securities Fraud Attorney in Virginia Help Me Recover My Losses?

At Wolper Law Firm, our securities fraud attorneys can serve as your personal advocates, helping you understand securities laws and regulations that affect your case as well as how to build a strong claim.

We can assist you in gathering all necessary evidence of fraud and guide you step by step through your options for recovering your losses, which may include filing a securities fraud lawsuit for damages or pursuing compensation through mediation or a FINRA arbitration claim.

Virginia Securities Fraud Laws That Protect Investors

There are federal laws in place that protect investors against shady tactics from brokers and dealers. The broadest governance comes from Rule 10b-5 under Section 10(b) of the Exchange Act of 1934. This rule creates civil liability, allowing those harmed by fraud to recover their losses through a securities fraud lawsuit. Additionally, Section 11 imposes strict liability on securities registrants, holding them liable for material misrepresentations when they register securities for trade, regardless of their knowledge or even intent to defraud.

The federal Securities and Exchange Commission enforces instances of insider trading, pump and dump schemes, microcap fraud, affinity fraud, Ponzi and pyramid schemes, and others. A conviction for securities fraud can carry criminal penalties as well as civil fines, loss of license, restitution, and disgorgement of profits. Additionally, 18 U.S.C. § 1348 carries the threat of up to 25 years imprisonment, as well as fines of up to $1,000,000.

Stocks in Virginia must also be registered under the Virginia Securities Act. The Virginia Division of Securities regulates the insurance industry, state-chartered financial institutions and their advisors, franchises, and the retail market. While they enforce securities violations and impose penalties, they cannot always help investors recover damages.

Schedule a Free Consultation With a Virginia Securities Fraud Attorney at Wolper Law Firm

Wolper Law Firm has a 99% success rate recovering funds for our clients when they have been defrauded by their brokers, dealers, and financial advisors.

We know that our clients come to us after they have had their trust betrayed by another professional. Because of this, we take great pains to ensure that our process is transparent and that each of our clients is treated with the utmost respect, compassion, and dignity. We pride ourselves not only on our legal acumen but also our years of experience in the field of securities fraud, our fine-toothed forensic accounting strategies, and the quality of our attention to our clients’ needs.

At Wolper Law Firm, a first consultation with one of our securities fraud lawyers is always free. If you have a securities fraud claim regarding churning, advance fee schemes, pump and dump scams, microcap fraud, unregistered offerings, material omissions, or misrepresentations, contact us today.