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Florida Securities Law Questions & Answers
2 Answers | Asked in Securities Law for Florida on
Q: What is meant by "This offer to compromise shall not be admissable in any subsequent claim for liability."?

From a Securities firm who wrongly allowed TOD beneficiaries to be removed and the account went to probate

Terrence H Thorgaard
Terrence H Thorgaard answered on Sep 24, 2020

It means that, should you reject the settlement offer, you cannot use the offer as evidence that the defendant did anything wrong.

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1 Answer | Asked in Securities Law for Florida on
Q: If I want to start a private investing fund while overseas (SOFA), should I use a Securities lawyer from my home state?

I am a US military contractor interested in running a fund for less than 35 people. Florida resident but mainly live in Japan. I believe registering an LLC in Florida would possibly negate the overseas part of the question.

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Jul 20, 2020

Unless you want to try to create a Japanese company you are going to have to create the investment company in some state; right? So why not do it Florida where you say you are a resident?

FYI: The last time I looked Florida law recognizes "investment clubs" which look like...
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1 Answer | Asked in Consumer Law, Internet Law and Securities Law for Florida on
Q: I believe I am eligible for this 5000$

I was looking at medical sites for a skin cream

as well a 3d render application without Google recommended also you should just know this site po*nhub all my data was saved and when i went back on to the site i was still getting recommended yeah i know of all things i metion is this but i... Read more »

Adam Savett
Adam Savett answered on Jun 9, 2020

This is a brand new case that was just filed last week.

There is no settlement, no judgement, nothing to claim at this point.

Class action cases take time, often 2-5 years from the time they are filed until they are resolved.

And there is no guarantee that the case will be...
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1 Answer | Asked in Securities Law and Stockbroker Fraud for Florida on
Q: question about advisory

Can I make membership based content (for instance on www.pateron.com) and share my stock market trading signals that I use to buy/sell with disclaimer that I am not investment/financial advisor, will I be under the risk of penalty?

Bruce Alexander Minnick
Bruce Alexander Minnick answered on May 26, 2020

The area of law you are flirting with is fraught with great danger; those who do not retain an experienced lawyer BEFORE stepping into the line of fire very often greatly regret doing so. Advising the public on how to buy and sell securities is the job that licensed stock brokers and brokerage... Read more »

1 Answer | Asked in Banking and Securities Law for Florida on
Q: How serious is it if somebody who has a series 7 license opens an account in my mine and then cashes out the profits?

I have discovered that my spouse forged my signature to open an investment account in my name and then cashed out and I don't know where the money went. Is this something I should report to his employer? The company in which is opened the account?

So far I discovered he opened an... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Mar 11, 2020

This is called stealing. And if the person who did the stealing is a licensed security salesperson there are several more crimes being committed. You need to START with the company; and you must tell them everything--not just the stuff you do not like.

1 Answer | Asked in Securities Law for Florida on
Q: Does fiduciary duty flow to a beneficiary of an IRA that was held in an advisory account in Connecticut?

This case involves GSB Wealth Management in Connecticut and Fidelity Investments, corporate headquarters in Boston.

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Feb 18, 2020

Your question cannot be answered appropriately without more information--such as whether the owner of the IRA is alive or not. Generally, banks and all other financial institutions have a fiduciary relationship with (owe allegiance to) all their customers--and are required by law to do the right... Read more »

1 Answer | Asked in Securities Law for Florida on
Q: Can an Issuer sell securities in Delaware that have been qualified per reg a tier one ?

If the answer is yes, what is the process and cost to blue sky ?

Terrence H Thorgaard
Terrence H Thorgaard answered on Jan 4, 2020

You should ask your question in Justia › Ask a Lawyer › Delaware › Securities Law ›.

1 Answer | Asked in Insurance Bad Faith and Securities Law for Florida on
Q: At age 71 the Mortality Table estimated my death at age 78. Yet a CFP recommended an Allianz Annuity Fixed Index which

would provide monthly payments to begin at 81! And draconian penalties should I seek withdrawals in the first 7 years.

Do these facts indicate a breach of Fiduciary Duty, fraud,etc. on the part of the CFP and or Allianz. My tel.no. is 561 400-2721.

Samuel B. Edwards
Samuel B. Edwards answered on Dec 29, 2019

Generally speaking, there are very limited reasons to sell an annuity to someone who is over 70. Based on the limited facts you have provided here, it seems like this would have bee a completely unsuitable investment for you and could be a breach of fiduciary duty as well has violation of various... Read more »

1 Answer | Asked in Civil Rights, Constitutional Law, Consumer Law and Securities Law for Florida on
Q: Which legal platform needs to be used : Small Claims, Civil or FINRA for this? Claim can range from $5000 to $50000

I have an account with a brokerage firm and they have wrongfully escheated and sent my money to Department of Financial Services (Escheatment) in Florida. On enquiring, I have learnt that they have failed to follow the Due-diligence as per Florida Statues 732 and 717 and have also violated 17 CFR... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Nov 12, 2019

You cannot sue the State of Florida--or the Florida Department of Financial Services--for punitive damages under any theory of law. Sign the settlement agreement and accept the $100 Florida apparently owes you.

1 Answer | Asked in Legal Malpractice, Probate, Securities Law and Stockbroker Fraud for Florida on
Q: Can a Florida spouse/POA/ PR be sued to recover inheritances after estate admin closed?

If illegal/egregious actions by stepmother/POA/PR were recently learned of by daughter beneficiaries, and estate admin was closed August, 2018, do we have options to sue or recover estate assets (money)? (Date of death 5/2017) One of several issues involves fathers long-time advisor. Investment... Read more »

Seril L Grossfeld
Seril L Grossfeld answered on Oct 10, 2019

At this point you should probably see an attorney who specializes in securities fraud to ascertain whether you have an action against the investment firm for changing type of account without proper authority.

Other issue is whether there was fraud on the court as far as the probate...
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1 Answer | Asked in Securities Law, Stockbroker Fraud and White Collar Crime for Florida on
Q: I am stuck in a shorting position of 4000 shares of $CETC (Hongli Clean Energy Technologie) that I am unable to cover

since the stock was halted on April 2017 and delisted from Nasdaq and never relisted on OTC. My broker at first said they wouldn’t charge short interest fees since the stock is halted.

But then they suddenly start charging  “Stock Borrow Fee” ranging from $500-$700 every month since... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Sep 13, 2019

There are some critical facts missing from your facts: (1) Why are you asking for advice in mid-September 2019 about events that you say occurred in May 2017? There must be more than you are telling us.

(2) EXACTLY when did you short the security?

(3) EXACTLY when was the end date...
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1 Answer | Asked in Civil Litigation, Collections, Securities Law and White Collar Crime for Florida on
Q: I own a small marketing business and I have a former client who won't pay his invoices.

I discontinued work with this particular client because I discovered he was committing what I was quiet certain was investor fraud and did not want this to affect my or my companies reputation. I later discovered that he left the state of Connecticut because he had been summoned and fined for the... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Jul 18, 2019

Unless you sue the deadbeat client and receive a Judgment, collecting all the money they owe you is nearly impossible--especially without competent counsel to help you. Look for a good lawyer using the Find a Lawyer tab at the top of every page.

1 Answer | Asked in Securities Law and Tax Law for Florida on
Q: I gained a lot of money when I bought in to BitCoin last summer. I want to take it out before it crashes. Do I have to

pay taxes on it?

Terrence H Thorgaard
Terrence H Thorgaard answered on Oct 29, 2018

Yes, the profit is oncome. Whether it's long term capital gain or not depends upon whether by "last summer" you mean the summer of 2018 or of 2017.

1 Answer | Asked in Securities Law for Florida on
Q: I'm accredited investor in my country (Czech jurisdiction) but I'm by no means accredited according the US jurisdiction.

My question is - which law should I follow if I want to invest in a US startup but I'm a Czech citizen?

A bit of content in order to be accredited in Czech republic you need a net worth of an equivalent of $60k and in the US it's $1M.

Thanks in advance!

Terrence H Thorgaard
Terrence H Thorgaard answered on Feb 10, 2018

I don't know that one has to be an "accredited investor" to invest in the U.S., no matter what your net worth. So you would probably have to follow the laws of the Czech Republic.

2 Answers | Asked in Contracts, Stockbroker Fraud, Business Law and Securities Law for Florida on
Q: We received an adverse claim regarding the 3,106,000 shares of SFRX.What can I do

I paid in full 12/15/2016 for unrestricted stocks. Then he and I had a dispute not related to the stock. The person I bought the stocks from took his time on getting me my stock and when I did receive the stocks they were restricted. I then had to pay his lawyer $250 to get a opinion letter... Read more »

Terrence H Thorgaard
Terrence H Thorgaard answered on Jul 22, 2017

You need the services of an attorney who works for you, not the other party. I don't know why you were required to pay the other party's attorney, but it may be something in the contract. Your attorney can review the whole matter and advise you.

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1 Answer | Asked in Securities Law for Florida on
Q: I was a 2.5% shareholder of an LLC from November 2012 till jan 2015. only paid out lil over 100 4 2 of the yrs.

I only was paid $1 one the 1st year and a little over $100 the 2nd year and nothing for the 3rd year. How can I obtain what the profits where for the years I was a share holder? How do i know if they owe me for the year that I have not got paid?

Robert Jason De Groot
Robert Jason De Groot answered on Aug 26, 2015

You probably have to sue, and you will need an attorney to do that.

1 Answer | Asked in Securities Law for Florida on
Q: How can I get a copy of Pooling and Servicing Agreement for Bear Stearns Mortgage Funding Trust 2007-AR1, Mortgage Pass
Robert Jason De Groot
Robert Jason De Groot answered on Aug 9, 2015

Ask them for a copy? Why do you ask this specific question? It might require a bit of work on an attorney's part.

1 Answer | Asked in Securities Law for Florida on
Q: I have 5 commopn shares of AdFlex Solutions, Inc stock. It appears it is in Bankruptcy. What, if any thing, can I do?
Robert Jason De Groot
Robert Jason De Groot answered on Aug 9, 2015

Appears? Did you get a notice from the bankruptcy court? Read it.

1 Answer | Asked in Securities Law for Florida on
Q: If my investment management company is FSA registered in the UK, do I need to register with the SEC?
Robert Jason De Groot
Robert Jason De Groot answered on Aug 7, 2015

As far as I know, only general practitioners usually answer questions on forums like this. What you need to do, if you have not done so already, is to consult with an attorney, face to face, who handles securities regulations.

1 Answer | Asked in Securities Law for Florida on
Q: What are the rules for marketing an investment service company in the US as per the new JOBS act?
Robert Jason De Groot
Robert Jason De Groot answered on Aug 7, 2015

Securities regulation law is a highly specialized part of the law. I doubt that you will get a full answer here. The question is way too broad.

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