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Virginia Securities Fraud ResourcesIf an individual investor has a dispute with a FINRA brokerage firm stock broker, he/she most likely will have to arbitrate through FINRA’s Dispute Resolution system. FINRA Arbitration holds arbitration hearings in two Virginia cities: Richmond, Virginia and Norfolk, Virginia. Northern Virginia residents may also request a hearing in Washington, D.C. The Virginia State Corporation Commission, Division of Securities, in Richmond, Virginia, regulates the sales of securities in the state of Virginia. Its website provides information on state securities Statutes and Rules, and information on how to file a complaint. Virginia’s Securities Act is similar to many states’ Acts with regard to providing for civil liability for the commission of securities fraud in the sale of securities (including untrue statements of material fact or omissions of material fact). The statute provides for rescission (or damages if the investor no longer owns the security), reasonable attorney’s fees, and interest.
The Civil Liability section of the Virginia Securities Act is as follows: Va. Code § 13.1-522. Civil liabilities. A. Any person who: (i) sells a security in violation of §§ 13.1-502, 13.1-504 A, 13.1-507 (i) or (ii), 13.1-510 (e) or (f), or (ii) sells a security by means of an untrue statement of a material fact or any omission 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 (the purchaser not knowing of such untruth or omission), and who shall not sustain the burden of proof that he did not know, and in the exercise of reasonable care could not have known, of such untruth or omission, shall be liable to the person purchasing such security from him who may sue either at law or in equity to recover the consideration paid for such security, together with interest thereon at the annual rate of six percent, costs, and reasonable attorneys' fees, less the amount of any income received on the security, upon the tender of such security, or for the substantial equivalent in damages if he no longer owns the security. B. Any person who (i) engages in the business of advising others, for compensation, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities, or who, for compensation and as a part of a regular business, issues or promulgates analyses or reports concerning securities in willful and material violation of § 13.1-503, subsection A of § 13.1-504, or of any rule or order under § 13.1-505.1, or (ii) receives, directly or indirectly, any consideration from another person for advice as to the value of securities or their purchase or sale, whether through the issuance of analyses, reports or otherwise and employs any device, scheme, or artifice to defraud such other person or engages in any act, practice or course of business which operates or would operate as a fraud or deceit on such other person, shall be liable to that person who may sue either at law or in equity to recover the consideration paid for such advice and any loss due to such advice, together with interest thereon at the annual rate of six percent from the date of payment of the consideration plus costs and reasonable attorney's fees, less the amount of any income received from such advice and any other economic advantage. C. Every person who directly or indirectly controls a person liable under subsection A or B of this section, including every partner, officer, or director of such a person, every person occupying a similar status or performing similar functions, every employee of such a person who materially aids in the conduct giving rise to the liability, and every broker-dealer, investment advisor, investment advisor representative or agent who materially aids in such conduct shall be liable jointly and severally with and to the same extent as such person, unless able to sustain the burden of proof that he did not know, and in the exercise of reasonable care could not have known, of the existence of the facts by reason of which the liability is alleged to exist. There shall be contribution as in cases of contract among the several persons so liable. D. No suit shall be maintained to enforce any liability created under this section unless brought within two years after the transaction upon which it is based; provided, that, if any person liable by reason of subsection A, B or C of this section makes a written offer, before suit is brought, to refund the consideration paid and any loss due to any investment advice provided by such person, together with interest thereon at the annual rate of six percent, less the amount of any income received on the security or resulting from such advice, or to pay damages if the purchaser no longer owns the security, no purchaser or user of the investment advisory service shall maintain a suit under this section who has refused or failed to accept such offer within thirty days of its receipt. E. Any tender specified in this section may be made at any time before entry of judgment. F. Any condition, stipulation or provision binding any person acquiring any security or receiving any investment advice to waive compliance with any provision of this chapter or of any rule or order thereunder shall be void. G. The rights and remedies provided by this chapter shall be in addition to any and all other rights and remedies that may exist at law or in equity.FINRA securities brokerage firms with their main offices in Virginia: AGECROFT PARTNERS, LLC ALL FUNDS, INC. ALLIED BEACON PARTNERS, INC. ALPHA OMEGA CAPITAL SECURITIES, LLC ANDERSON & STRUDWICK, INCORPORATED BGB SECURITIES, INC. BIA CAPITAL STRATEGIES, LLC BLUESTONE CAPITAL PARTNERS, LLC BUTLER CAPITAL INVESTMENTS, LLC CAPITAL BROKERAGE CORPORATION CAPITOL SECURITIES & ASSOCIATES, INC. CAPITOL SECURITIES MANAGEMENT, INC. CARY STREET PARTNERS LLC CHEVAL CAPITAL, INC. CLEARVIEW CORRESPONDENT SERVICES, LLC CORTVIEW CAPITAL SECURITIES LLC DAVENPORT & COMPANY LLC DMG SECURITIES, INC. DOMINION PARTNERS, L.C. EWING BEMISS & CO. FBR CAPITAL MARKETS & CO. FINANCIAL SECURITY MANAGEMENT, INCORPORATED FIRST DOMINION CAPITAL CORP. FIRST GEORGETOWN SECURITIES, INC. FOLIOFN INVESTMENTS, INC. GIT INVESTMENT SERVICES, INC. GOULD CAPITAL, LLC GUIDANCE SECURITIES, LLC GUIDANCE SECURITIES, LLC HAMPTON HEDGE FUND MARKETING, LLC HARRIS WILLIAMS & CO. INVESTORS SECURITY COMPANY, INC. JAMES RIVER SECURITIES CORP. KINGSBRIDGE CAPITAL CORP. KIPPSDESANTO & COMPANY LARA, SHULL & MAY, LLC MANNA CAPITAL MANAGEMENT MARRIOTT SECURITIES, LLC MARTIN VENTURES LLC MATRIX PRIVATE EQUITIES, INC. MAYMONT PARTNERS, INC. MCKINNON & COMPANY, INC. MCLAUGHLIN RYDER INVESTMENTS, INC. MEDALIST SECURITIES INC. MONETA SECURITIES CORPORATION NAVY FEDERAL BROKERAGE SERVICES, LLC NORTHWEST FINANCIAL GROUP PACE FINANCIAL SERVICES, LLC PARCHMAN, VAUGHAN & COMPANY, L.L.C. POTOMAC SECURITIES, LLC PRESIDIO SECURITIES, INC. RE INVESTMENT CORPORATION ROBINSON & LUKENS, INC. SAUNDERS RETIREMENT ADVISORS, INC. SCOTT & STRINGFELLOW, LLC SEALE CAPITAL, INC. SPIRE SECURITIES, LLC STERLING BENEFITS BROKERAGE, LLC STONECROFT SECURITIES LLC TBC SECURITIES, LLC THOMPSON DAVIS & CO., INC. TRANS AMERICAN EQUITIES CORPORATION U.S. INVESTORS, INC. WEALTHFORGE, LLC WOODVILLE HALL CAPITAL, LLC WWC SECURITIES, LLC
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Greco & Greco, P.C., Securities Fraud LawyersOur attorneys have extensive experience representing investors in disputes with their stockbrokers, brokerage firms, financial planners, and investment advisors. We use this experience in arbitration and federal and state court to aggressively pursue recovery of investors' losses resulting from securities fraud, churning, lack of suitability, negligence, unauthorized trading, stockbroker malpractice, and other unlawful actions. If you feel that you may have a claim, please contact us for a free consultation with one of our attorneys.
Greco & Greco regularly represents clients using a contingency fee arrangement. With a contingency fee, the only attorney’s fee paid by the clients is a percentage of monies recovered for the clients.
Greco & Greco is an AV® Preeminent™ Peer Review Rated firm. |
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