The Arkansas Uniform Securities Act, Arkansas Code 23-42-507
It is unlawful for any person, in connection with the offer, sale, or purchase of any security, directly or indirectly:
(1) To employ any device, scheme, or artifice to defraud;
(2) To make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading; or
(3) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person.
Ark. Code 23-42-507 Fraud or deceit in connection with offer, sale, or purchase of securities. (Arkansas Code (2015 Edition))
With respect to Civil Liabilities, Ark. Code 23-42-106 states that:
(a) (1) A person is liable to a buyer of a security if the person offers or sells the security:
(A) In violation of § 23-42-212(b), § 23-42-301, or § 23-42-501(1) or (2), a rule or order of the Securities Commissioner under § 23-42-502 which requires the affirmative approval of sales literature before it is used, or any condition imposed under § 23-42-403(d), § 23-42-404(g), or § 23-42-404(i); or
(B) By means of an untrue statement of a material fact or a failure to state a material fact necessary in order to make the statement made, in the light of circumstances under which it is made, not misleading, if the buyer does not know of the untruth or omission and meets the burden of proof that he or she did not know, and in the exercise of reasonable care could not have known, of the untruth or omission.
(2) In a successful action under subdivision (a)(1) of this section, the buyer may recover costs and reasonable attorney’s fees plus:
(A) Upon tender of the security, the consideration paid for the security and interest at six percent (6%) per year from the date of payment, less the amount of any income received from owning the security; or
(B) (i) Damages if the buyer no longer owns the security.
Ark. Code 23-42-106 Civil liability. (Arkansas Code (2015 Edition)).
FINRA Hearing Locations
In Arkansas, FINRA Arbitration hearings are held in Little Rock.
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 Firm – Securities Arbitration & Investment Fraud Lawyers Serving Arkansas
Our practice is limited to the litigation of securities related matters and securities arbitrations against stockbrokers, brokerage firms and investment professionals for fraud, the sale of defective investment products, failure to conduct due diligence, negligence, the sale of unsuitable investments, churning or excessive activity, failure to supervise, breach of fiduciary duty, and the sale of unregistered securities.
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. 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.
Other Arkansas Investor Resources:
Heritage West Building
201 East Markham, Room 300
Little Rock, AR 72201-1692
(501) 324-9268 (Fax)
The investment fraud attorneys at the Guiliano Law Firm serve clients throughout Arkansas!