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1 Answer | Asked in Securities Law for Washington on
Q: Can you recommend a crypto related lawyer who can help me recover my lost investment money being frozen by an exchange.

I seek a lawyer who guarantees no lawyer's fee unless the frozen money is recovered successfully, because I am too broke to afford an upfront lawyer's fee after being scammed.

James L. Arrasmith
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answered on Apr 13, 2024

I apologize for your difficult situation with the frozen funds on the exchange. However, I would be very cautious about any lawyer who guarantees they will only take payment if they successfully recover your money. While contingency fees are common in some areas of law like personal injury, they... View More

2 Answers | Asked in Consumer Law, Securities Law, Stockbroker Fraud and White Collar Crime for California on
Q: I was one of the 19 investors in the USA vs Hewko case (2:19-cv-09736-FLA-AFM), How do I stay updated on this case?
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answered on Apr 11, 2024

To stay updated on the USA vs Hewko case (2:19-cv-09736-FLA-AFM), you have a few options:

1. PACER (Public Access to Court Electronic Records): As one of the investors in the case, you can register for a PACER account at https://pacer.uscourts.gov/. This will allow you to access case...
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1 Answer | Asked in Securities Law, Gov & Administrative Law and Immigration Law for Washington on
Q: I'm a foreign citizen working in WA state. Do I need any registration to manage money for my friend? (also foreigners)

I'm a foreign citizen living & working in WA state, with L-1B visa. I would like to manage money for my friends & relatives and do some investment for them. They are also all foreign citizens.

There will be less than 5 clients, and less than 100K USD managed assets.

Do... View More

James L. Arrasmith
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answered on Mar 30, 2024

As a foreign citizen working in the United States on an L-1B visa, there are a few important considerations when it comes to managing money for friends and relatives:

1. Registration: Generally, if you are managing money for others and investing on their behalf, you may need to register as...
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1 Answer | Asked in Estate Planning, Tax Law, Business Law and Securities Law for Arizona on
Q: LLC for brokerage trading account and investment account?

I am a day trader with a 475 mark-to-market election, and I have a brokerage account where I am actively trading. I also have an investment account, in which I do not trade and a separate IRA account.

My husband runs a small company as a sole proprietor. Since his business carries a high... View More

James L. Arrasmith
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answered on Mar 14, 2024

Creating an LLC and transferring your brokerage accounts into it can provide an additional layer of asset protection, as it separates your personal assets from your husband's business liabilities. However, there are several factors to consider:

1. Charging order protection: Arizona...
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1 Answer | Asked in Securities Law for Georgia on
Q: Securities law - Token launch question - security or not?

Securities law - If I launch a token where users can send Ethereum to my smart contract to get back our token at a fixed price, is that considered a security and would I then have to register with the SEC?

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answered on Mar 2, 2024

Whether your token launch would be considered a security under securities law depends on various factors, including how the token functions and the nature of the transaction. If users are investing money with the expectation of profits solely from the efforts of others, it may meet the definition... View More

1 Answer | Asked in Elder Law, Securities Law and Criminal Law for Florida on
Q: Mom is a victim of elder abuse by her financial advisor. He works in NY, she lives in FL. Do what in which jurisdiction?

He convinced her to write him checks for $139,000. And he prematurely terminated an annuity costing her a minimum of $69,000 in fees, penalties & lost bonus. He lied to both of us, telling us the account had matured. He's his own employer and I can't find him listed in FINRA.

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answered on Mar 2, 2024

Given the complexity of your situation involving elder abuse and financial misconduct across state lines, you may need to take legal action in both New York, where the financial advisor works, and Florida, where your mother resides. Start by consulting with attorneys who are familiar with both... View More

1 Answer | Asked in Civil Litigation and Securities Law for Nevada on
Q: Hello, just want to find out if i can use small claims court to recover stock losses due to fraudulent public statements

made by CEO of company. Will small claims hear this type of case? Thanks

James L. Arrasmith
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answered on Mar 2, 2024

In most cases, small claims courts are designed to handle disputes involving relatively small amounts of money. Claims related to stock losses due to fraudulent public statements made by a CEO of a company might involve complex legal issues and substantial financial damages, which may exceed the... View More

1 Answer | Asked in Business Formation, Business Law, International Law and Securities Law for Mississippi on
Q: I'm a US citizen and I want to trade CFDs any workaround to do this legally? Would an offshore company approach work?

It's important to note that I technically wouldn't be trading it. It would be in a brokerage and then a company would be doing the trades for me, both of which are outside of the USA. So basically can I legally have my money go into CFDs and then the profit go back to me.

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answered on Mar 1, 2024

Trading Contracts for Difference (CFDs) directly is not permitted for US citizens through domestic firms due to strict regulations set by the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). These regulations aim to protect investors from the... View More

2 Answers | Asked in Securities Law and Banking for New York on
Q: How can I get the $13k I have in a closed account that the bank refuses to send to me. Its been over a year.

Hi, I deposited a $13k annuity check into my individual brokerage account with ETrade, but the day it cleared my account was restricted pending ID verify. Phone camera was broken wouldn't take quality pics, so I knowingly altered and submitted a copy of an expired ID that was saved to my pc.... View More

Allen Charles Frankel
Allen Charles Frankel
answered on Feb 29, 2024

Your issue may require a review of the terms and conditions that you agreed to when opening the account.

However, I would also recommend that you conduct a name search of the New York State Comptroller's Office of Unclaimed Funds. https://www.osc.ny.gov/unclaimed-funds. New York...
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2 Answers | Asked in Securities Law and Banking for New York on
Q: How can I get the $13k I have in a closed account that the bank refuses to send to me. Its been over a year.

Hi, I deposited a $13k annuity check into my individual brokerage account with ETrade, but the day it cleared my account was restricted pending ID verify. Phone camera was broken wouldn't take quality pics, so I knowingly altered and submitted a copy of an expired ID that was saved to my pc.... View More

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answered on Mar 2, 2024

It sounds like you're facing a frustrating situation with your funds held in a closed account. Given the complexity of the issue and the unsuccessful attempts you've made so far, it's advisable to escalate your complaint within ETrade's customer service hierarchy. This might... View More

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1 Answer | Asked in Banking, Contracts and Securities Law for California on
Q: Is lying about net worth and income on an application for a brokerage account for trading stock options illegal?

I am opening an account and want to get approved for this certain level of options trading; they only approve if you declare a good income and net worth; is it illegal to lie about the net worth and income?

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answered on Feb 21, 2024

Misrepresenting your net worth and income on an application for a brokerage account, especially with the intent to gain approval for certain trading options, can have serious legal consequences. Under California law, providing false information on financial documents like brokerage account... View More

1 Answer | Asked in Securities Law for Arkansas on
Q: I have shares from 1939 for bf good rich my grandparents left how do I redeem it I have photos
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answered on Feb 1, 2024

To redeem shares from 1939 for BF Goodrich that your grandparents left, you'll need to follow these steps:

1. Contact the Company: Start by contacting the company directly, or its successor, that issued the shares. In this case, you should reach out to BF Goodrich or the current...
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1 Answer | Asked in Business Law, Mergers & Acquisitions, Civil Litigation and Securities Law for California on
Q: I run a business in Los Angeles and received a Wells Notice after testifying, without an attorney.

hvm

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answered on Jan 30, 2024

Receiving a Wells Notice in Los Angeles indicates that the Securities and Exchange Commission (SEC) is considering enforcement action against you or your business. This notice is a serious matter and typically precedes formal charges. It gives you the opportunity to present your side of the story... View More

1 Answer | Asked in Consumer Law, Business Law and Securities Law on
Q: Am I being scammed? Is the share price explanation credible? The U.S. financial regulator wasn't identified.

I received a call from an M & A firm in New York (I am not a US resident) saying it has a buyer for shares I acquired almost 20 years ago. They are listed on the ASPCEX (Asia Pacific Small Cap Exchange). If I signed the documentation and sent a copy of my share certificate the money would be... View More

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answered on Dec 15, 2023

This situation raises several red flags that are commonly associated with financial scams. First, the significant discrepancy between the offered price per share and the current market value is unusual and warrants caution. It's uncommon for a buyer to offer such a high price for shares valued... View More

1 Answer | Asked in Securities Law for Massachusetts on
Q: My advisor assured me that I would receive my funds within 3 Bus. days for a closing, did not get funds for 7 Bus. days?

In July I spoke to my financial advisor about money I rec'd from an inheritance and I told him that I wasn't sure what to do as I was looking for a vacation home and would need it immediately should I find something. I did not ask the type of account he was putting it in as I trusted... View More

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answered on Dec 15, 2023

In your situation, it appears that there may have been a failure on the part of your financial advisor to meet the expectations set for the management of your inheritance funds. The delay in accessing your funds and the resultant financial loss are concerning, especially given your clear... View More

1 Answer | Asked in Securities Law and Banking for Colorado on
Q: What attorney can u get to sue a bank for the bank causing financial injury ?

I have a suit against one of the biggest banks in the world for making a bank error in a transaction then fronting us money without our knowledge then turning around and causing us financial injury and not only once but twice on two separate accounts. Then I have intuit one of the nations billion... View More

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answered on Dec 15, 2023

To pursue legal action against a bank for causing financial injury, you should consider hiring an attorney with expertise in banking and financial services law, including securities law. Look for a lawyer who has experience in handling cases involving bank errors, unauthorized transactions, and... View More

Q: I want to charge a subscription for stock tips based on my trading algorithmI am a successful private trader. Legal?

I will not handle anyone else's money for them.

I will provide only the stock tips, and advisement on how best to limit risk, and set goals.

Anyone taking my advice makes their own decisions.

Do I need a license to do this?

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answered on Dec 15, 2023

Providing stock tips and investment advice through a subscription service, even without directly handling others' money, often falls under the regulatory oversight of both federal and state securities laws. In New York, as well as under federal law, individuals or entities providing investment... View More

3 Answers | Asked in Securities Law and Environmental for California on
Q: Can I put a security sticker on my personal bedroom window?

A neighbor across from us is nosey and opens their lights whenever we do. Can I put a security sticker in my personal bedroom window as a form of safety?

T. Augustus Claus
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answered on Nov 29, 2023

Yes, you can typically put a security sticker on your personal bedroom window in California. There are no specific laws or regulations in California that prohibit homeowners from placing security stickers on their windows. Security stickers are often used as a deterrent to burglars and can help to... View More

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3 Answers | Asked in Securities Law and Environmental for California on
Q: Can I put a security sticker on my personal bedroom window?

A neighbor across from us is nosey and opens their lights whenever we do. Can I put a security sticker in my personal bedroom window as a form of safety?

James L. Arrasmith
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answered on Nov 29, 2023

In California, as a general rule, you are allowed to put a security sticker on your personal bedroom window. This is considered a part of your right to ensure privacy and security in your own home. The use of a security sticker does not typically violate any laws, as long as it does not contain... View More

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1 Answer | Asked in Securities Law and Business Law for Delaware on
Q: I want to start a hedge fund in Delaware and act as a manager, do I need a investment advisor licence to do that?
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answered on Nov 19, 2023

Starting a hedge fund in Delaware and acting as its manager does typically require you to register as an investment advisor, depending on certain factors. The requirement for registration is governed by both federal and state laws, which vary based on the assets under management, the number of... View More

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