Securities Law Questions & Answers by State

Securities Law Questions & Answers

Q: Having more than 10% of a corps shares, is one always considered an affiliate regardless of the holding period?

1 Answer | Asked in Securities Law and Business Law for District of Columbia on
Answered on Mar 24, 2017

See: https://www.sec.gov/reportspubs/investor-publications/investorpubsrule144htm.html

See: https://media2.mofo.com/documents/faqrule144_145.pdf

More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website. I practice law in CA, NY, MA, and DC in the following...
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Q: My gpa passed away when I was 12 and left me a very large amount of money. Obviously I wasn't allowed to have it

1 Answer | Asked in Probate, Juvenile Law and Securities Law for Indiana on
Answered on Mar 1, 2017

You are legally entitled to the money that was left to you as a minor. Your mother as your custodian had a duty to hold that money for you until you came of age. You need to consult with an attorney as soon as possible to discuss your options as there may be an issue with the statute of limitations for bringing a claim against your mother to recover your inheritance.
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Q: If I deposit cash into my child's UTMA account after she turns 21, is that deposit considered my daughter's UTMA Funds?

1 Answer | Asked in Estate Planning, Civil Litigation and Securities Law for New Jersey on
Answered on Jan 7, 2017

As a general rule, once money is deposited into an UTMA account, it is irrevocable. In other words, the money cannot be returned to the person who deposited the money. This is so even when the child reaches the age of majority. You should discuss your situation with your bank and your daughter.

The foregoing is not legal advice nor is it in any manner whatsoever meant to create or impute an attorney/client relationship.
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Q: What is a securities class action? How would I find others to file together with me?

1 Answer | Asked in Securities Law for Illinois on
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 statements or omissions, a class period generally starts when a company makes an untrue statement of material fact about the company or fails to disclose a material fact necessary to render other...
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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

1 Answer | Asked in Securities Law for Illinois on
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 to the risks associated with the industry or type of investment product. Generally, if an investment professional concentrates a customer’s portfolio in an individual investment or type of...
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Q: What's a phrase (I think it might be latin) that means "not enough legislation/precedence to draw from" aka grey area?

1 Answer | Asked in Consumer Law, Products Liability and Securities Law on
Answered on Dec 12, 2016

Actually that may not be a grey area because the smoke you exhale goes into the general atmosphere.

You are thinking perhaps of a case of first impression.

You are arguing that that which is not forbidden or regulated is permitted.

Your better argument is that an e cigarette does not meet the definition of cigarette--any more than a candy "cigarette" does.
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Q: Where can I find case law regarding the role of the Board of Directors under the Sarbanes Oxley Act?

2 Answers | Asked in Business Formation, Business Law and Securities Law for Tennessee on
Answered on Nov 30, 2016

Google Scholar is a good free resource. You could also go to a library at a local law school like UT, Belmont, or Vandy depending on where you are located. Those are probably the best resources.
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Q: What options would a fintech startup have to get around the securities license requirements?

1 Answer | Asked in Gov & Administrative Law, Securities Law, Business Formation and Business Law for California on
Answered on Nov 27, 2016

This sounds a material issue and you should consult a local counsel, and not take an unnecessary risk of sustaining penalties. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice, please consult an appropriate attorney in person. Good luck. Zaher Fallahi, Business and Tax Attorney, CPA.
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Q: I do not agree with some of the fees my broker has charged me. Do I have to pay them?

2 Answers | Asked in Securities Law for Illinois on
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 knowledgeable attorney will review the details of your specific situation, and advise as to your options moving forward, as there may be options where you do not have to pay the disputed fees.
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Q: Does a prohibited transaction related to a self-directed 401(k) plan result in distribution of the entire plan?

1 Answer | Asked in Tax Law and Securities Law for California on
Answered on Nov 7, 2016

Yes, it does. You need to consult a specialist in the field. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended as a solicitation. For specific advice, please consult an appropriate attorney in person. Good luck. Zaher Fallahi, Tax Attorney, CPA.
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Q: Is it illegal for a 19 year old female to date and have a sexual relationship with a 17 year old male

1 Answer | Asked in Employment Discrimination, Federal Crimes and Securities Law for Florida on
Answered on Nov 4, 2016

I don't think it has anything to do with employment discrimination, federal crimes, or securities law, but yes; it is illegal. Sexual relations between a 19 year old and a 17 year old would be a felony on the part of the 19 year old.
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Q: I think my broker has been making trades without my consent. Is that allowed?

1 Answer | Asked in Securities Law for Illinois on
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.
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Q: By Ga Law am I required to clean carpet and repaint walls in the home I'm renting my security dep is being threatened.

1 Answer | Asked in Landlord - Tenant and Securities Law for Georgia on
Answered on Oct 12, 2016

If your lease requires you to clean the carpet before you leave, you have to do so. Similarly, if you changed the colors of the walls during your tenancy, the landlord may require you to return them to the original colors. Similarly, if the paint has been damaged beyond the normal wear and tear, you will have to paint the walls or be charged for it.
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Q: Can I take the justice system to court?

1 Answer | Asked in Criminal Law, Civil Rights, Constitutional Law and Securities Law for Ohio on
Answered on Jul 6, 2016

You will not be able to successfully sue the FBI or Justice Department because they declined to prosecute Hillary. Law enforcement and prosecutors make decisions every day about which cases to pursue and which to decline. The concept of prosecutorial discretion has a long history in our legal system as a tool allocate resources. Sometimes that means a criminal walks.
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Q: Can i get a general dismissal release thrown out he lied to get me to sign it. based on what the car lot owner said?

1 Answer | Asked in Employment Law, Insurance Bad Faith, Insurance Defense, Lemon Law and Securities Law for Tennessee on
Answered on Jun 29, 2016

Not sure what is going on here and who the person is. Suggest you contact a consumer attorney go to www.naca.net

However they won't be able to do anyhing for your financial situation immediately so you need to develop a plan to meet your needs to get to work, etc.
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Q: what documents should I file for complaint against a night club and a security business for wrongful assault in MD

1 Answer | Asked in Criminal Law, Personal Injury and Securities Law for Maryland on
Answered on May 23, 2016

Assault and negligent security cases are quite complicated. You may want to retain the services of an attorney to pursue this matter on your behalf. There can be a count for assault, battery, negligence and other causes of action. If you do not formally hire an attorney, you may want to have an attorney draft the complaint for you to file. Before you file anything, go ahead and speak to a local personal injury or civil rights attorney as to recommended and practical courses of action.
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Q: Is stock promotion legal?

1 Answer | Asked in Securities Law for Colorado on
Answered on May 5, 2016

This is a specific legal question. Justia's Q&A is designed for general legal questions. You should contact a lawyer familiar with securities law.
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Q: NJ p2p lending firm we are not originate the loans do we have to get Consumer Lenders/Sales Finance Company license?

1 Answer | Asked in Consumer Law, Securities Law, Business Law and Business Formation for New Jersey on
Answered on Apr 26, 2016

You need to have an in person consultation with an experienced business attorney to learn exactly what the rules and requirements are for you to operate this type of business in NJ. You can have serious problems if you do not conduct your business properly. Good luck.
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Q: No will: Mom died 10 years ago. Dad last year. Computershare holds stock in his name and in joint names. What do I do?

1 Answer | Asked in Estate Planning and Securities Law for California on
Answered on Apr 21, 2016

For two different decedents, you will need two different probate actions and you can be appointed as the personal representative of each estate.
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Q: 2 "investors" gave me checks worth more than $100,000.00. But they bounced, they are fraud checks. what should i do?

1 Answer | Asked in Consumer Law, Contracts, Criminal Law and Securities Law for New Jersey on
Answered on Apr 20, 2016

Contact all levels of law enforcement, including FINRA and also contact the NJ State Attorney General. Good luck.
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