The Iowa Securities Act, and specifically, Iowa Code Section 502.321D, relating to “Fraudulent, deceptive, or manipulative acts and practices” states:

An offeror, target company, affiliate or associate of an offeror or target company, or broker-dealer acting on behalf of an offeror or target company shall not engage in a fraudulent, deceptive, or manipulative act or practice in connection with a takeover offer. For purposes of this section, a fraudulent, deceptive, or manipulative act or practice includes, but is not limited to, any of the following:

1. The publication or use in connection with a takeover offer of a false statement of a material fact, or the omission of a material fact which renders the statements made misleading.

IA Code Sec. 502.321D, Fraudulent, deceptive, or manipulative acts and practices prohibited. (Iowa Statutes (2016 Edition)).

Civil Liability

The Iowa Statute in Section 502.509, also provides for “Civil liability” and states that:

2. A person is liable to the purchaser if the person sells a security in violation of section 502.301 or, by means of an untrue statement of a material fact or an omission to state a material fact necessary in order to make the statement made, in light of the circumstances under which it is made, not misleading, the purchaser not knowing the untruth or omission and the seller not sustaining the burden of proof that the seller did not know and, in the exercise of reasonable care, could not have known of the untruth or omission. An action under this subsection is governed by the following:

a. 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 legal rate from the date of the purchase, costs, and reasonable attorney fees determined by the court, upon the tender of the security, or for actual damages.

In Iowa, FINRA Arbitration hearings are held in Des Moines

Under the FINRA Code of Arbitration Procedure, the FINRA Securities Arbitration hearing locations will selected based upon the hearing location closest to your residence at the time of the events giving rise to the dispute.

Guiliano Law Group – Securities Arbitration & Investment Fraud Lawyers Serving Iowa

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

To learn more about FINRA Securities Arbitration, and the legal process, please visit us at

Additional Iowa Investor Resources

Insurance Division
Securities Bureau
601 Locust – 4th floor
Des Moines, IA 50309

Rosanne Mead
Securities Administrator
(515) 281-5705
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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.