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Illinois Securities Law Questions & Answers

1 Answer | Asked in Securities Law and Tax Law for Illinois on

Q: Does investment firm have to refund withholding tax that was withheld in error?

Backdoor Roth Conversion in December requested NO Withholding. Discovered 1st. week of February that they withheld 10% for taxes.

D. Mathew Blackburn answered on Mar 17, 2019

When you file your personal return you add the withheld tax as a credit which will be applied to tax due or refunded.

The investment firm doesn't have the money they sent it to the IRS.

1 Answer | Asked in Securities Law for Illinois on

Q: When does someone need to file an amended 8K? I'm a shareholder and want to know if they followed the law.

T. J. Jesky answered on Oct 5, 2018

This is a good question, and somewhat difficult to give you a solid answer. Here is why. A Company is required to file a Form 8-K when a "material event" takes place. It is management's call as to what they consider material. This is also based on the size the Company. For a small company,... Read more »

1 Answer | Asked in Securities Law and Employment Law for Illinois on

Q: I'm a little unclear on employee stock ownership

- if I'm offered stock, but I don't think it's worth it, I don't have to take it, right?

T. J. Jesky answered on Sep 14, 2018

You are correct. If some one wants to give you stock, you are under no obligation to accept it. The same is true for an inheritance. You may not want to accept a property, if it includes a huge mortgage or a number of tax liens.

There must be more to this story than your comment above....
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1 Answer | Asked in Securities Law for Illinois on

Q: How do I donate stock to a charity?

T. J. Jesky answered on Sep 4, 2018

Before you donate any stock to a charity, you should check with the charity first to determine if they will accept the stock.

Once you determine, the charity will accept the stock, you need to transfer the stock into their name.

The transfer depends if you have the stock in...
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1 Answer | Asked in Securities Law and Criminal Law for Illinois on

Q: At a restaurant where there was an altercation between a group of friends and security guard giving a parking ticket

one of the friends gets in between to avoid a fight, the security pulls out a gun and goes it goes off, the man has very minor injuries on his skin due to the gun, does he have a case to sue the restaurant/security guard security agency? The incident on the police report shows states battery... Read more »

Juan Ooink answered on Jun 18, 2018

Your friend needs to sit down with a Civil Attorney to find out if there is something here and they should do so right away.

1 Answer | Asked in Personal Injury and Securities Law for Illinois on

Q: Can I sue if I was injured by a store employee

I was basically dragged into a back room and was forced to the grown and asked questions then he took my wallet and seached through it I ended up with a broken ankle

Steve McCann answered on Apr 30, 2018

You can certainly file a lawsuit based on the facts provided, but the viability of prevailing and recovering on the lawsuit are dependent on specific facts that are not provided here, such as the nature of you getting dragged out and if you were resisting with the individual.

That said, I...
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1 Answer | Asked in Securities Law for Illinois on

Q: My broker misrepresented several things to me that I luckily realized before I lost any money. Can I still sue him?

Steve McCann answered on Apr 16, 2018

Yes, it is certainly possible you have a viable cause of action against your broker, but the chances of obtaining a judgment and recovering on that judgment is dependent on very specific facts that are not provided here, such as details of any contracts you have signed with the broker, and the... Read more »

1 Answer | Asked in Securities Law for Illinois on

Q: What's the best way to check a broker's credentials?

Joel Ewusiak answered on Apr 28, 2017

For free, FINRA Broker Check is your best bet. The report will show education, employment, and complaint history for licensed brokers: https://brokercheck.finra.org/

1 Answer | Asked in Securities Law for Illinois on

Q: What is a securities class action? How would I find others to file together with me?

Jeffrey Michael Haber answered on Jan 4, 2017

A securities fraud class action is a lawsuit filed by one or more investors who bought or sold a company’s securities within a specific period of time (known as a “class period”) and suffered economic injury as a result of violations of the securities laws. In cases involving misleading... Read more »

1 Answer | Asked in Securities Law for Illinois on

Q: How can I prove my broker failed to diversify my portfolio and how terrible an error would it have to be for me to win a

lawsuit over it?

Jeffrey Michael Haber answered on Jan 3, 2017

What you describe is also known as over-concentration. Over-concentration violates the suitability rules that financial professionals are required to follow. Over-concentration is one of the riskiest, and most speculative, investment strategies because the portfolio is not diversified and subject... Read more »

2 Answers | Asked in Securities Law for Illinois on

Q: I do not agree with some of the fees my broker has charged me. Do I have to pay them?

Steve McCann answered on Nov 14, 2016

The answer to your question depends on the specific details of the contract and/or arrangement you have with your broker. I would recommend organizing all information relevant to this situation, including the contract you have with your broker, and consult with an attorney individually. A... Read more »

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1 Answer | Asked in Securities Law for Illinois on

Q: I think my broker has been making trades without my consent. Is that allowed?

Steve McCann answered on Oct 14, 2016

It depends on the nature of your agreement with the broker. I would recommend organizing the agreement (assuming there is one), and consulting with an attorney individually. An attorney will be able to review the specifics of the situation, and advise you as to your options moving forward.

1 Answer | Asked in Criminal Law, Personal Injury and Securities Law for Illinois on

Q: If a female gets aggravated assault on an officr but only because the police beat her up and she later on spit on him

she only spit in front of security, who witnessed it , what is the precidure of resitted arrest

Unkown

Adam Studnicki answered on Aug 16, 2015

Not sure why this posted in injury law. Talk to a criminal defense lawyer.

Please Take Notice: I am not your lawyer unless we enter into an engagement agreement in writing. This is general information that is given for legal education only. It is not legal advice, and it may not work for...
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1 Answer | Asked in Securities Law for Illinois on

Q: Does an arbitration agreement have to be seperate from customer account agreement when opening a brokerage account?

Robert D. Kreisman answered on Dec 20, 2014

It does not. All the more reason to carefully review any agreement before signing, paying particular attention to the details of what may be buried in the agreement, the arbitration clause.

1 Answer | Asked in Securities Law for Illinois on

Q: When can a shareholder be personally liable for a tort associated with a corporation?

Robert D. Kreisman answered on Dec 20, 2014

Generally, shareholders are not liable for the tortious acts of the corporation. Officers and directors who may be found to be intimately involved in the tortious act or neglect that led to the injury, may be found personally liable for their acts or omissions.

1 Answer | Asked in Securities Law for Illinois on

Q: How to file a litigation case against a misconduct in variable annuities.

We bought a variable annuity product from a sales firm based on the guaranteed (minimum) 6% annual growth rate, which is documented in the brochure of the issuer and further rephrased in three e-mails from the sales firm after we discovered their misconducts, i.e., misstatements and omissions and... Read more »

Zaven Andranik Sargsian answered on Dec 20, 2013

The product you purchased is likely a "security," which means that the state's securities laws as well as the Securities Act of 1933, the Exchange Act, and potentially other federal laws, apply and regulate the sale and offer of the product you purchased. In other words, material... Read more »

1 Answer | Asked in Securities Law for Illinois on

Q: If a judge does not dismiss a shareholder class action, ie Prime Group Realty , does that mean it willl go to trial?

Zaven Andranik Sargsian answered on Dec 6, 2013

Assuming that the request to dismiss was made by way of a motion to dismiss, the answer is no. Federal law, and even Utah law for instance, allows a party to move to dismiss a lawsuit. If the judge denies the party's motion to dismiss, however, it doesn't necessarily mean that the case will make... Read more »

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