The Ohio Securities Act, and specifically, Ohio Revised Code 1707.44, relating to Prohibited acts, states that
(1) No person shall engage in any act or practice that violates ivision (A), (B), or (C) of section 1707.14 of the Revised Code, and no salesperson shall sell securities in this state without being licensed pursuant to section 1707.16 of the Revised Code.
(2) No person shall engage in any act or practice that violates division (A) of section 1707.141 or section 1707.161 of the Revised Code.
(3) No person shall engage in any act or practice that violates section 1707.162 of the Revised Code.
(4) No person shall engage in any act or practice that violates section 1707.164 of the Revised Code.
(B) No person shall knowingly make or cause to be made any false representation concerning a material and relevant fact, in any oral statement or in any prospectus, circular, description, application, or written statement, for any of the following purposes:
(1) Registering securities or transactions, or exempting securities or transactions from registration, under this chapter;
(2) Securing the qualification of any securities under this chapter;
(3) Procuring the licensing of any dealer, salesperson, investment adviser, investment adviser representative, bureau of workers’ compensation chief investment officer, or state retirement system investment officer under this chapter;
(4) Selling any securities in this state;
Ohio Rev. Code 1707.44 (Ohio Revised Code (2016 Edition)).
The Ohio Securities Act, and specifically,Ohio Rev. Code 1707.42, also provides for “Civil liability” and states that
(A) Whoever, with intent to secure financial gain to self, advises and procures any person to purchase any security, and receives any commission or reward for the advice or services without disclosing to the purchaser the fact of the person’s agency or interest in such sales, shall be liable to the purchaser for the amount of the purchaser’s damage thereby, upon tender of the security to, and suit brought against, the adviser, by the purchaser. No suit shall be brought more than one year subsequent to the purchase.
(B) Whoever acts as an investment adviser or investment adviser representative in violation of Chapter 1707. of the Revised Code shall be liable for damages resulting from the violation in an action at law in a court of competent jurisdiction. Damages may include consideration paid for the advice, any loss due to the advice, and all court costs, less the amount of any income received from the advice. No person may bring an action under this division more than five years after the rendering of investment advice or two years after discovery of facts constituting the violation, whichever is the shorter period.
Ohio Rev. Code 1707.42 (Ohio Revised Code (2016 Edition)).
In Ohio, FINRA Arbitration hearings are held in Cleveland, Columbus, and Cincinnati
Division of Securities
77 South High Street
Columbus, OH 43215
(614) 466-3316 (Fax)
Guiliano Law Group – Securities Arbitration & Investment Fraud Lawyers Serving Ohio
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