The New Mexico Securities Act, and specifically NM Stat. 58-13C-501 declares that:
It is unlawful for a person, in connection with the offer, sale or purchase of a security, directly or indirectly:
A. to employ a device, scheme or artifice to defraud;
B. 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 pursuant to which it is made, not misleading; or
C. to engage in an act, practice or course of business that operates or would operate as a fraud or deceit upon another person.
NM Stat. 58-13C-501 Securities fraud. (New Mexico Statutes (2016 Edition)).
The New Mexico Securities Act and NM Stat. 58-13C-509 also provides for Civil liability and expressly states:
B. A person is liable to the purchaser if the person sells a security in violation of Section 301 of the New Mexico Uniform Securities Act 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 pursuant to 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 pursuant to 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 legal rate of interest 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 as provided in Paragraph (3) of this subsection;
(2) the tender referred to in Paragraph (1) of this subsection 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 Paragraph (3) of this subsection; and
(3) actual damages in an action arising pursuant to 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 legal rate of interest from the date of the purchase, costs and reasonable attorney fees determined by the court.
NM Stat. 58-13C-509 Civil liability. (New Mexico Statutes (2016 Edition)).
In New Mexico, FINRA Arbitration hearings are held in Albuquerque
Additional New Mexico Investor Resources:
Regulation & Licensing Department
2550 Cerrillos Road
Santa Fe, NM 87505
Director of Securities
Guiliano Law Group – Securities Arbitration & Investment Fraud Lawyers Serving New Mexico
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 J. Guiliano
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