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.
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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If your securities-backed credit line or margin account was hit with margin calls and liquidated, recovery focuses on what your advisor recommended and disclosed before the account opened—not the liquidation itself. Misrepresentations, unsuitable leverage for conservative investors, and concentration can support claims. Investors often must pursue FINRA arbitration or mediation to seek reimbursement and fees.
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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.
Fraudulent misrepresentation occurs when someone knowingly or recklessly makes a false statement of material fact intending for another person to rely on it, and that person suffers damages as a result. In investment disputes, this can happen when a stockbroker or financial professional lies about or conceals important information concerning an investment’s risks, returns, fees, liquidity, or other material facts. If you have been the victim of stockbroker misrepresentation, you are probably feeling angry, confused, and unsure whether you can recover the money you lost. We want you to know that you have rights. Contact the investment fraud lawyers at the Law Offices of Robert Wayne Pearce, P.A., for a free consultation. We can review your case and determine whether we can help you pursue the settlement or damages you deserve. In this guide, we will cover what fraudulent misrepresentation is, the elements required to prove it, how it differs from negligent and innocent misrepresentation, when it may constitute a crime, and how an investment fraud attorney can help you recover your losses. What Is Fraudulent Misrepresentation? Fraudulent misrepresentation occurs when a person or business knowingly makes a false or misleading statement of material fact to induce another person to act, and this deceptive practice causes financial harm. It is a form of fraud that can involve an outright lie, a misleading statement, or, in some circumstances, the concealment or omission of material information. For a misrepresentation to constitute fraud, several elements generally must be present. There must be a false representation of material fact, knowledge that the representation is false or reckless disregard for its truth, an intent to induce reliance, actual and justifiable reliance, and resulting damages. The precise elements vary by jurisdiction, which we will discuss in more detail later in this guide. Fraudulent misrepresentation can arise in ordinary business transactions, contracts, real estate transactions, sales, and many other commercial dealings, including contract disputes. In contract law, it may involve a false statement that leads someone to enter into an agreement, potentially making the contract voidable. But in investments and securities transactions, a broker, financial advisor, issuer, or other party may misrepresent or conceal material information to persuade an investor to purchase, sell, or hold an investment. If you lost money because a broker or financial professional misrepresented an investment, contact the investment fraud lawyers at the Law Offices of Robert Wayne Pearce, P.A. Our firm represents investors nationwide and can review the circumstances surrounding your losses to determine whether you may have a claim. What Are the Elements of Fraudulent Misrepresentation? The elements of fraudulent misrepresentation include a false statement of material fact, knowledge that the statement is false or reckless disregard for its truth, an intent to induce reliance, actual reliance, and resulting damages. A Representation Was Made The defendant must have made a statement or representation to the plaintiff. In some circumstances, concealing or omitting material information can also qualify when the defendant had a duty to disclose it. The Representation Was False The statement or representation must have been false or misleading when it was made. The falsehood generally must concern a material fact, meaning information significant enough to affect the plaintiff’s decision. The Defendant Knew the Representation Was False The defendant must have known the representation was false or acted recklessly without knowing whether it was true. The legal term for this is scienter. It is what separates a fraudulent misrepresentation from an innocent mistake. The Defendant Intended to Induce Reliance The defendant must have made the representation with the intent to cause the plaintiff to rely on it. In an investment case, this could involve making false claims about an investment to persuade an investor to purchase or hold it. The Plaintiff Relied on the Representation The plaintiff must have made a decision because of the false or misleading information. The law may also require the plaintiff to show that doing so was reasonable or justifiable under the circumstances. The Plaintiff Suffered Damages The plaintiff’s reliance on the misrepresentation must have caused an actual loss or injury. In an investment fraud case, this can include financial losses, lost profits, and other damages resulting from purchasing, selling, or holding an investment based on false information. It can also bring reputational harm when supported by the facts and applicable law. The precise elements and standards required to prove fraudulent misrepresentation claims can vary by jurisdiction and the type of fraud claims involved. At the Law Offices of Robert Wayne Pearce, P.A., we litigate cases where stockbrokers and financial professionals make material misrepresentations or conceal important facts from investors. Investors who suffer financial losses because of fraudulent misrepresentation may have the legal right to recover damages. Fraudulent vs. Negligent vs. Innocent Misrepresentation The difference between fraudulent, negligent, and innocent misrepresentation generally comes down to what the person making the false statement knew, or should have known, when they made it. Is Fraudulent Misrepresentation a Crime? Fraudulent misrepresentation can be a crime, but it is more commonly pursued as a civil claim. The legal consequences depend on the facts, the defendant’s intent, and the federal or state laws that apply, including whether punitive damages may be available. In the investment industry, fraudulent misrepresentation can also constitute securities fraud. A stockbroker, investment adviser, or other financial professional may violate federal or state securities laws by knowingly making material false statements or concealing material facts to induce you to invest. Serious cases can lead to investigations or enforcement actions by the SEC and, where criminal laws have been violated, prosecution by federal or state authorities. The same conduct may also violate FINRA rules. For example, FINRA Rule 2020 prohibits members from using manipulative, deceptive, or other fraudulent devices in connection with the purchase or sale of securities. Brokers and brokerage firms may face FINRA disciplinary action, while investors who suffer losses may be able to pursue compensation through FINRA arbitration. At the Law Offices of Robert Wayne Pearce, P.A., we represent investors in fraudulent misrepresentation cases involving...
Learn MoreCredit Default Swaps—once the exclusive domain of Wall Street trading desks—now reach everyday investors through structured notes, ETFs, and mutual funds, often without their knowledge. These complex instruments embed CDS risk inside products marketed as “enhanced yield” or “principal protected” investments, exposing retirement accounts and conservative portfolios to catastrophic losses. Since the 2008 financial crisis, CDS-linked products have generated hundreds of billions in investor losses, triggered landmark enforcement actions, and remain a persistent source of FINRA arbitration claims.
Learn MoreA closed-end fund is a registered investment company that raises a fixed pool of capital through an initial public offering. A closed-end fund issues a fixed number of shares and then trades on a stock exchange like any other listed security. If you own one and have never been told how the price is set, you are in the same position as most of the investors who come to us. The fund does not issue new shares when demand rises and does not redeem shares when you want out. Instead, closed-end fund shares change hands between other investors on an exchange such as the New York Stock Exchange, at whatever price the market will bear on any trading day. Closed-end funds, or CEFs, as some listings abbreviate them, are a long-established structure. The fund’s investment strategy is set out before launch, and buying the fund’s shares on the exchange is the only way in. They are actively managed and professionally managed portfolios, and the fund’s investment objectives are set out in a prospectus filed with the Securities and Exchange Commission. How Do Closed-End Funds Work? A closed-end fund raises money once, then investors trade the shares among themselves. The share price and the value of the portfolio behind it are therefore two separate numbers. The IPO and the Fixed Share Count A closed-end fund launches at a set offering price and raises a fixed amount of capital before the offering closes for good. Where the sponsor pays the selling brokers out of those proceeds, the fund begins life holding less than the investors actually paid in. Rights offerings and share buybacks can change the count later, though neither happens often enough to rely on. That fixed share count is the defining feature of the whole structure. Trading on the Secondary Market From the day it lists, you buy and sell a closed-end fund through a broker on the secondary market. Unlike an open-end mutual fund, you generally trade with other market participants rather than redeeming your shares directly with the fund. The price comes from what other people are willing to pay rather than from the value of the fund assets. A publicly traded CEF’s share price moves with the stock market and with investor sentiment, and thin trading volume makes some funds expensive or slow to sell. Liquidity can be a real concern when you need to sell quickly. And because the market price can differ from the value of the fund’s assets, there’s one more figure you need to know before you buy: the fund’s net asset value. Net Asset Value (NAV) vs Market Price Net asset value is the total net assets of the underlying holdings minus liabilities, divided by the outstanding shares. A closed-end fund’s market price is a separate number set by the market. An open-end mutual fund transacts at NAV, and a closed-end fund does not. A CEF trades at a discount when its market price is below NAV and at a premium when it is above NAV. Before you buy, compare the two to see whether the shares are trading below or above the value of the fund’s assets. Why Closed-End Funds Trade at a Discount If a fund trades below its net asset value, something about the manager, the fees, or the assets is keeping buyers away. Investors may distrust the management, or the fees may run high relative to peers, or the portfolio assets may be illiquid and hard to value. A persistent discount is not automatically a bargain, and finding that out after you have bought is an expensive way to learn it. A discount can narrow, and that narrowing is where your investment return comes from if you buy well, but nothing forces a discount to close, and it can widen instead. Now look at the opposite case, because paying above net asset value carries its own cost. Why Closed-End Funds Trade at a Premium Paying a premium means handing over more than a dollar for every dollar of assets you receive. Buyers usually pay it because of the size of the distribution or the reputation of the manager. High distributions may attract plenty of buyers. But if demand fades, the premium can narrow even when the fund’s portfolio has not lost value. Someone who bought at that premium can lose money simply because the market price moves closer to NAV. Closed-End Funds vs Open-End Mutual Funds Open-end funds create and cancel shares on demand, so you buy from the fund, and you sell back to the fund. Both transactions happen at the net asset value calculated after the market closes, while closed-end funds trade at a market price all day. Freedom from redemption pressure lets a closed-end fund manager hold illiquid securities without worrying that a wave of withdrawals will force a sale at the worst moment. You carry the liquidity risk instead, and it shows up as a share price that may not track the portfolio for years at a time. The same structural difference also shapes what these funds are able to hold. Types of Closed-End Funds and Related Investment Vehicles Closed-end funds invest in many different asset classes. Some of them are: Nearly all of these funds exist to pay you income, and that is why most people buy them rather than for capital appreciation. What Are Interval Funds? An interval fund is a registered closed-end fund that offers to repurchase shares from investors at set intervals rather than listing on an exchange. Brokers sometimes present them as ordinary closed-end funds without explaining the difference, and the difference is the part that will affect you. Repurchase offers come round every three, six, or twelve months, and each one covers between five and twenty-five percent of the shares outstanding. Interval funds do not list on an exchange or trade on an over-the-counter market, so there is no market price and no discount to track. The word limited is doing a great deal of work in that...
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