The Law Offices of Robert Wayne Pearce, P.A. has helped investors recover losses from broker securities fraud for over 45 years.
A nationwide law firm, they represent defrauded investors, stockbrokers, and financial advisors in securities fraud cases, FINRA arbitrations, and regulatory enforcement matters involving the SEC, CFTC, and FINRA.
Founded and led by Robert Wayne Pearce who has over 45 years of experience in investment fraud law, the securities law firm focuses primarily on helping investors recover losses from investment fraud while also defending financial professionals in regulatory actions and employment disputes within the securities industry.
The firm's attorneys handle complex investment disputes including private placement and Regulation D fraud, structured products litigation, and broker-dealer misconduct cases.
The investment and securities fraud lawyers at the Law Offices of Robert Wayne Pearce P.A., represents clients on all sides of securities, commodities and investment fraud and other issues in a broad range of practice areas in courtroom litigation, arbitration, SEC defense, and mediation proceedings.
Attorney Robert Wayne Pearce and his team have handled hundreds of FINRA, AAA and JAMs securities arbitration and mediation cases for satisfied clients located in many U.S. states and throughout the world.
Our investment and securities fraud lawyers have represented investors throughout the United States and internationally. We have recovered over $185 million for our investor clients in all types of stockbroker fraud and broker and advisor misconduct cases.
At The Law Offices of Robert Wayne Pearce, P.A., we believe the ultimate barometer of our success is surpassing the expectation of our clients.
The following clients have direct knowledge of our law firm's processes from the inside and experienced our securities fraud attorneys' fierce advocacy.
The page explains that non-traded real estate investment trusts (REITs) were widely promoted but often involved misrepresentations about returns, liquidity, and risks. At our firm, we’ve seen investors misled by sales solicitations lacking transparency, resulting in unsuitable, complex investment losses. Understanding these risks is essential before investing in any illiquid REIT offering.
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FINRA arbitration can help investors recover losses, but results depend on preparation and strategy. Our attorneys conduct a detailed case review, draft a fact-rich Statement of Claim, and manage arbitrator selection, discovery, mediation, and hearing presentation. We focus on evidence, deadlines, and damages analysis so clients know what to expect from start to award today.
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If you invested in an Inspired Healthcare Capital DST, income fund, or private placement and lost money, you are not alone. Thousands of investors are now facing suspended distributions, frozen capital, and the very real possibility of total loss after Inspired Healthcare Capital (IHC)’s downfall and subsequent Chapter 11 bankruptcy filing on February 2, 2026.
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Investment Fraud Lawyer | Law Offices of Robert Wayne Pearce, P.A | Securities Law Firm
With a Successful Track Record for Recovery of Investment Losses
Attorney Robert Wayne Pearce is a well-respected advocate for investors throughout the legal community, known as a fierce litigator and tireless not only in Florida but across the nation and near you.
Read his Investors’ Rights Blog and discover the breadth of his knowledge that can only be gained from over 45 years of legal experience for yourself. As one of the most experienced in FINRA arbitration, Mr. Pearce knows all of the available options for your case and will pursue them vigorously to secure the best possible outcome for you and your stockbroker fraud and stockbroker misconduct case.
He has earned a peer rating of AV Preeminent * through the Martindale-Hubbell peer review rating process, the highest available rating through that program.
Mr. Pearce is one of Thomson Reuters Florida Super Lawyers ** for Securities Litigation (Top 5). Read the feature article about him in the Florida 2014 Super Lawyers magazine entitled: “No Excuses – How Robert Wayne Pearce Stared Down Personal Disaster”.
During his more than 45 years of experience practicing securities and commodities law, he has won numerous million-dollar awards and settlements for his clients which has earned him recognition for his success by The Million Dollar Advocates Forum and The Multi-Million Dollar Advocates Forum as one of the Top Trial Lawyers in America TM***.
By hiring The Law Offices of Robert Wayne Pearce, P.A., you get access to his over 45 years of experience practicing in the area of securities, commodities and investment fraud on both sides of the table in arbitrations and courtroom litigation, and you will clearly see his legal experience and knowledge in action. Having a fierce litigator and tireless advocate of your rights, and one who will quickly identify both the strengths and the weaknesses of your case will surely increase the likelihood of winning your case.
The risks of structured products are issuer credit risk, illiquidity, pricing you cannot verify, capped or conditional returns, embedded costs, missed dividends, and the potential loss of principal if a barrier is breached. A structured product combines debt with a derivative, which means your outcome can depend on the performance of the underlying asset, the issuer’s ability to pay, and the specific terms of the note. FINRA announced a review of higher-risk structured products in May 2026 after identifying instances where firms and their representatives concentrated customer accounts in these products. If a broker sold you a structured note as a safe, income-producing substitute for bonds and you are now looking at a loss, the recommendation may deserve closer scrutiny. You may be entitled to recover that money. The investment fraud team at the Law Offices of Robert Wayne Pearce, P.A. has spent 45 years representing investors in exactly these disputes, and the consultation is free. In this guide, we are going to walk you through what these products are and how the payoff is built, the risks one at a time, who they actually fit, FINRA’s current scrutiny of worst-of notes, and the questions to ask before signing. What Is a Structured Product? A structured product is a debt security issued by a bank and packaged with derivatives, so your return depends on the performance of an underlying asset instead of a fixed rate of interest. Issuers, including investment banks, build these products by combining a bond component with options on an index, a single stock, a commodity, or a currency. FINRA describes structured products as securities derived from or based on a single security, a basket of securities, an index, a commodity, a debt issuance and/or a foreign currency. They are sold as notes, certificates of deposit, or other market-linked investments, and the label on the term sheet rarely tells you how the payoff works. Our page on what structured notes are takes the definition apart in more detail. How Structured Products Work Structured products work by splitting your money in two: a bond component that funds repayment of principal at maturity, and a derivative component that produces whatever return you are credited. Terms set at issuance fix the cap, the participation rate, the observation dates, and the level at which protection stops. The type of protection built into the note determines the level of capital protection and when you can start taking losses. A buffer absorbs losses up to a stated percentage, while a barrier provides protection only if the underlying asset stays above a specified level. If the barrier level is breached, the investor may become exposed to principal loss, depending on the product’s terms. These terms are set when the note is issued, so understanding how the payoff works before you invest matters. We set them out step by step on our structured notes page. The Different Types of Structured Products Structured products fall into a few families: principal protected notes, buffers and barrier notes, autocallable notes, and yield enhancement products such as reverse convertibles. Family names signal where the risk actually sits inside the payoff formula. Worst-of notes track several reference assets and pay only on the weakest one, which is the design FINRA singled out for review in May 2026. A strong year in three of the four assets does not save the payoff if the fourth one falls through its barrier. The full breakdown by underlying asset and payoff type sits on our structured notes page. Risks to Consider When Investing in Structured Notes/Products As an investor, you must be fully aware of the associated risks and whether structured notes fit within your investment parameters. Robert Pearce, Attorney at the Law Offices of Robert Wayne Pearce, P.A., will explain these risks to you. He is a highly experienced investment fraud lawyer who has successfully handled many structured note cases and other complex securities and investment law matters. Features of a particular structured product, dependent upon the type of products issued, that you as an investor should consider when determining its general suitability: Credit Issues Structured products are unsecured debt obligations of the issuer. As a result, they are subject to the risk of default by the issuer. This creates counterparty risk, because investors depend on the issuer to meet its obligations. The creditworthiness of the issuer will affect its ability to pay interest and repay principal. The financial condition and credit rating of the issuer are, therefore, important considerations. The credit rating, if any, pertains to the issuer and is not indicative of the market risk of the structured product or underlying asset. If a structured issue provides principal protection or a minimum return, any such guarantee rests on the credit quality of the issuer. Those issued by banks in the form of CDs may also provide FDIC insurance with standard coverage limitations. Liquidity Structured products are generally not listed on an exchange or may be thinly traded. As a result, there may be a limited secondary market for these products, making it difficult for investors to sell them prior to maturity. Investors who need to sell structured products prior to maturity are likely to receive less than the amount they invested. Therefore, structured products with longer maturities are subject to greater liquidity risk. The price that someone is willing to pay for structured products in a secondary sale will be influenced by market forces and other factors that are hard to predict. Sometimes, a broker-dealer affiliate of the issuer may make a market for the resale of structured products prior to maturity, but the price it is willing to pay will be adversely affected by the commissions paid by the issuer on the initial sale of the structured products and the issuer’s hedging costs. Pricing Risks Structured products can be difficult to price because their valuation is tied to an underlying asset or basket of assets, and there typically is no established trading market for structured products from which to determine...
Learn MoreAlternative investments are assets outside traditional stocks, bonds, and cash. They include private equity, real estate, commodities, hedge funds, and other investments that provide exposure to different markets. Investors use these assets to diversify their portfolios and pursue returns beyond conventional investments. However, alternative investments often come with higher fees, limited liquidity, and stricter investor requirements. In this guide, we’ll explain the different types of alternative investments, their benefits and risks, and how to invest in them. We’ll also cover your legal options for recovering losses caused by investment misconduct. What Are Alternative Investments? Alternative investments are financial or physical assets outside traditional investment categories such as publicly traded stocks, bonds, and cash. Common examples include private equity, real estate, hedge funds, commodities, and private credit. These investments generally involve either direct ownership of an asset or participation in a professionally managed investment fund. For example, buying shares of Apple gives an investor ownership in a publicly traded company. Investing in private equity, on the other hand, provides an ownership interest in a privately held business, either directly or through a fund. Alternative investments can vary quite a bit in their requirements and how they work. Some require substantial minimum investments, while others are accessible to everyday investors. They also differ in how assets are valued, how easily they can be sold, and which regulatory requirements apply. These factors can help investors decide whether a particular alternative investment fits their financial goals and circumstances. Alternative Investments vs. Traditional Investments Alternative investments differ from traditional investments in their liquidity, valuation methods, fees, accessibility, and underlying assets. Traditional investments generally include publicly traded stocks and bonds, while alternatives often involve private assets or specialized investment strategies. The main differences include: Alternative investments can respond differently to economic conditions and stock market movements. So, they create more opportunities for diversification. However, the benefits depend on the assets involved and their performance under different market conditions. What Are the Different Types of Alternative Investments? The main types of alternative investments include private equity, venture capital, private credit, real estate, infrastructure, commodities, hedge funds, and collectibles. Each investment type operates differently, and some involve considerably more complexity than others. And because these assets generate returns in different ways, their liquidity, ownership structures, and investment requirements can vary considerably. What Are the Benefits of Alternative Investments? Alternative investments may offer several benefits, including portfolio diversification, capital appreciation, inflation protection, and additional income opportunities. The potential benefits depend on the asset class, investment strategy, and prevailing market conditions. However, these benefits vary substantially between investments. An asset that performs well during one economic cycle may experience significant losses during another. And while diversification can help manage certain risks, alternative investments can also introduce additional exposure to market downturns, leverage, and illiquidity. What Are the Risks of Alternative Investments? The main risks of alternative investments include limited liquidity, higher fees, complex investment structures, valuation uncertainty, and the possibility of substantial financial losses. Some alternative investments carry significantly greater risks than traditional securities, especially when investors have limited access to financial information. The most common risks include: Consider an investor who places $100,000 into a private investment fund and unexpectedly needs the money for an emergency. If the fund restricts withdrawals, the investor may be unable to access those savings for months or even years. The SEC specifically warns that private placements can involve substantial liquidity restrictions, limited disclosure, and the possibility of losing your entire investment. How to Invest in Alternative Investments Investors can access alternative investments by purchasing assets directly, such as rental properties, physical gold, or collectible artwork, or by investing through professionally managed funds, including private equity, private credit, and hedge funds. Some private offerings are available only to accredited investors. Certain interval funds and tender-offer funds may offer broader access to alternative assets, though they come with restrictions on when and how much investors can withdraw. Before investing, we recommend reviewing the following: Tip: If a financial advisor recommends an alternative investment, ask them to explain how they are compensated and whether they receive additional commissions or incentives for selling that product. Are Alternative Investments Right for You? Alternative investments may be a good fit for investors with a long-term investment horizon, sufficient available capital, and the ability to tolerate potential losses and limited liquidity. The right choice depends on each investor’s financial situation, investment goals, and risk tolerance. For example, an investor with a 15-year investment horizon who does not need immediate access to their capital may feel comfortable committing a portion of their portfolio to a private equity fund. But someone who needs access to their savings within the next year would be better served by more liquid investments. Before investing, review your portfolio concentration, potential losses, and future cash requirements. A qualified financial advisor can also help determine how alternative investments fit into your overall financial strategy. How to Seek Restitution for Alternative Investment Losses Investors who lose money through alternative investment fraud, misrepresentation, or other actionable misconduct may be entitled to seek financial recovery through FINRA arbitration, civil litigation, or other applicable legal remedies. At the Law Offices of Robert Wayne Pearce, P.A., we represent investors who have suffered financial losses involving securities fraud, broker misconduct, and other investment-related wrongdoing. If you suspect misconduct contributed to your alternative investment losses, preserve your account statements, offering documents, investment agreements, and communications with the parties involved. We recommend consulting an experienced securities attorney to evaluate your circumstances and determine which legal remedies may be available.
Learn MoreAn equity-linked certificate of deposit (or equity-linked CD) is a bank CD whose interest depends on a stock index, so it can hand back your principal and nothing more. Brokers often pitch it as safe, yet caps and a years-long lock-up can cost you real growth. If a broker sold you one that didn’t fit your needs, you may be able to recover your losses through FINRA arbitration, depending on the facts. Act soon, because FINRA’s six-year eligibility limit can prevent you from pursuing a claim through arbitration. Other legal deadlines may apply, too. Robert Wayne Pearce and our investment fraud lawyer team have recovered over $185 million for investors across 45 years. There’s no fee unless we recover for you, so start with a free consultation. In this guide, we’ll cover how equity-linked CDs work, how participation rates, interest caps, and averaging affect your returns, and what a hypothetical investment could earn. We’ll also explain the Federal Deposit Insurance Corporation (FDIC) insurance limits, the risks and tax implications, whether these CDs are a good investment, and when you may be able to recover losses through FINRA arbitration. What Is an Equity-Linked Certificate of Deposit? An equity-linked certificate of deposit is a bank CD that pays interest based on how a market index performs, often reflecting stock market movements, instead of paying a fixed rate. The SEC describes it as “an FDIC-insured certificate of deposit that ties the rate of return to the performance of a stock index such as the S&P 500,” and says the usual term is five years. You’ll also hear it called a market-linked certificate of deposit, an index-linked CD or a market participation CD, and HelpWithMyBank.gov, run by the Office of the Comptroller of the Currency (OCC), treats all of those names as the same product. Banks issue them, but they’re sold through bank branches and brokers, both affiliated and unaffiliated, so the person who pitched yours may work for a brokerage firm rather than the bank. The OCC also warns that these CDs “may have complicated payout structures and may not be appropriate for all investors.” That warning is the reason a product with “CD” in its name can still end up in a FINRA arbitration. How Equity-Linked CDs Work Equity-linked CDs tie your potential interest to a stock index, such as the S&P 500 or Russell 2000. You typically get your principal back at maturity, but your earnings depend on the index’s performance and the CD’s payout terms. The product’s structure resembles a zero-coupon bond paired with a call option on the index, which serves as the underlying asset. Participation rates, interest caps, and averaging determine how much of the index’s gains you receive. Participation Rate The participation rate is the share of the index’s gain the bank credits to your CD. HelpWithMyBank.gov gives the example of an 80 percent participation rate on a 10 percent index gain, which pays you 8 percent, while the SEC notes that a 70 percent rate means you get only 70 percent of the gain. Interest Cap An interest cap is the most your CD can earn, however far the index climbs. In the OCC’s example, the S&P 500 rises 20 percent, and the participation rate is 70 percent, which would pay 14 percent, but a 10 percent cap holds you to 10 percent. Averaging Averaging means the bank measures the index across several dates instead of comparing its start and end values. The SEC says this can “lessen the impact of a declining market,” but it can also shrink your gain in a rising market, especially when market volatility causes index readings to fluctuate. An Equity-Linked CD Example Here’s a hypothetical equity-linked certificate of deposit example, using made-up terms (not any bank’s actual offer) so you can see how the math works. You put $100,000 into a five-year CD with a 70 percent participation rate and a 20 percent cap. If the index gains 40 percent over the term, 70 percent of that gain is 28 percent, but the cap cuts your interest to 20 percent, or $20,000. If the index finishes 15 percent lower, you get your $100,000 back and nothing else after five years. Meanwhile, a stock index fund holding the same stocks would have collected dividends along the way, and the SEC says dividend yields typically aren’t counted in a market-linked CD’s return. Run your own CD’s terms through the same arithmetic before you assume the upside matches the market’s. Is an Equity-Linked CD FDIC Insured? An equity-linked CD is FDIC-insured, but the SEC says coverage applies only to principal and guaranteed interest, subject to applicable FDIC insurance limits. The FDIC’s standard limit is “$250,000 per depositor, per FDIC-insured bank, for each account ownership category.” So, the index-linked return isn’t guaranteed or covered by FDIC insurance. Because the coverage is limited to $250,000 per depositor, per insured bank, per ownership category, larger deposits may leave part of your principal or guaranteed interest unprotected. The Risks of Equity-Linked CDs Equity-linked CDs may protect your principal at maturity, but they still carry risks, including zero returns, limited liquidity, losses if you sell early, early redemption by the bank, and potentially unfavorable tax treatment. Zero Return Equity-linked CDs may pay no interest if the linked index fails to meet the CD’s payout conditions. You could receive only the principal amount at maturity, even after locking away your money for several years, while a traditional CD could have earned a fixed rate of interest income. Liquidity Risk Liquidity risk means you may not be able to get your money out early. The SEC notes that redemption before maturity is limited, and an early withdrawal can cost you a penalty and your interest, even inside an IRA or an education savings account. Market Risk Before Maturity Principal protection applies only at maturity. If you sell an equity-linked CD on the secondary market before then, the SEC warns it may be worth less than you paid, so a retiree...
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