The Indiana Securities Act, and specifically, Indiana Code 23-19-5-1, relating to “Fraudulent or deceitful acts” provides that:
It is unlawful for a person, in connection with the offer, sale, or purchase of a security, directly or indirectly:
(1) to employ a device, scheme, or artifice to defraud;
(2) to make an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statement made, in the light of the circumstances under which they were made, not misleading; or
(3) to engage in an act, practice, or course of business that operates or would operate as a fraud or deceit upon another person.
The Illinois Securities Act also provides for, among other things, “Civil liability” and Sec. 9 states, in pertinent part that:
a) a person is liable to the purchaser if the person sells a security in violation of this article, including a violation of IC 23-19-4-12(d)(9) or IC 23-19-4-12(d)(13). It is a defense if the person selling the security sustains the burden of proof that either the person did not know, and in the exercise of reasonable care could not have known, of the violation or the purchaser knowingly participated in the violation. An action under this subsection is governed by the following:
(1) The purchaser may maintain an action to recover the consideration paid for the security, less the amount of any income received on the security, and interest at the greater of eight percent (8%) per annum or the rate provided for in the security from the date of the purchase, costs, and reasonable attorney’s fees determined by the court or arbitrator, upon the tender of the security, or for actual damages as provided in subdivision (3).
(2) The tender referred to in subdivision (1) may be made any time before entry of judgment. Tender requires only notice in a record of ownership of the security and willingness to exchange the security for the amount specified. A purchaser that no longer owns the security may recover actual damages as provided in subdivision (3).
(3) Actual damages in an action arising under this subsection are the amount that would be recoverable upon a tender less the value of the security when the purchaser disposed of it, and interest at the greater of eight percent (8%) per annum or the rate provided for in the security from the date of the purchase, costs, and reasonable attorneys’ fees determined by the court or arbitrator.
Indiana Code 23-19-5-9 (Indiana Code 2016 Edition).
In Indiana, FINRA Arbitration hearings are held in Indianapolis
Under the FINRA Code of Arbitration Procedure, the FINRA Securities Arbitration hearing locations will be selected based upon the hearing location closest to your residence at the time of the events giving rise to the dispute.
Additional Indiana Investor Resources:
Office of the Secretary of State
302 West Washington
Indianapolis, IN 46204
Guiliano Law Group – Securities Arbitration & Investment Fraud Lawyers Serving Indiana
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. All consultations are confidential. For more information, contact us at (877) SEC-ATTY.
If you have been the victim of securities fraud or investment fraud you should contact a lawyer. Our services are offered on a contingent fee basis. We will receive payment for services in connection with your case only if there is a recovery. You will not be required to advance any fees to the firm during the course of the litigation. In the event that a settlement, award, or recovery is not made, clients have no financial or other obligation to us. Not admitted in all jurisdictions. The determination for the need for legal services and the choice of a lawyer are extremely important decisions that should not be based solely on advertisements or self proclaimed expertise. The limitation or concentration in any area of practice does not mean that a lawyer is a specialist or expert in a field of law, nor does it mean that the lawyer is necessarily any more expert or competent than any other lawyer. See Important Disclaimer.
All claims arising under state and federal securities laws must be brought within a specified time from the discovery of these claims, or within the occurrence of the events giving rise to your claims, whichever is shorter. If you fail to do file an action within this period, your claim may be potentially barred by the statute of limitations.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at stockbrokerfraud.com.
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com.
AboutNicholas Guiliano, Esq.
Nicholas J. Guiliano has more than 25 years of securities related experience, and has represented more than 1,000 public customers in claims against brokerage firms for fraud in connection with the sale of securities principally in arbitration before the Financial Industry Regulatory Authority (“FINRA”) Dispute Resolution, Inc. (formerly known as The National Association of Securities Dealers (“NASD”) Dispute Resolution, and the New York Stock Exchange (“NYSE”) Department of Arbitration.LEARN MORE