Illinois investment fraud attorney Robert Wayne Pearce at the Law Offices of Robert Wayne Pearce P.A., has extensive experience representing investors and organizations in securities arbitrations through FINRA in the State of Illinois.
Have you fallen victim to investment fraud? Are you looking for an experienced attorney to help you fight for the compensation you deserve?
You need an investment fraud lawyer who is dedicated to protecting your rights as an Illinois-based investor.
We recognize the distress and anxiety caused by falling prey to investment fraud, and we’re committed to guiding you through the legal journey to seek justice and hold the accountable parties responsible.
Since 1980, we have been devoted to helping investors and have successfully recovered over $170 million in settlements and verdicts on their behalf. View client testimonials here. We have experience handling all types of securities fraud cases and utilize all available legal avenues from the federal level to Illinois law as it applies to investment fraud cases. Don’t let investment fraud ruin your financial future – contact the Law Offices of Robert Wayne Pearce, P.A. today via our quick-response form, or call (800) 732-2889.
Definition of Investment Fraud and Securities Fraud
Investment fraud is a term sometimes used interchangeably with securities fraud, and it involves using deceptive practices, including false or misleading information, to manipulate investors into making investment decisions that result in substantial losses. Dishonest brokers may even resort to outright theft of investor’s funds or securities.
Every type of investment fraud is designed to trick investors into making decisions that financially benefit the fraudster. Fraudsters may misrepresent their credentials, track record, and investments nature, mechanics, and risks. They may perpetrate scams such as Ponzi schemes, pump-and-dump operations, or selling securities that are not registered. Engaging in securities fraud, which encompasses any illegal or unethical financial manipulation, is against the law and subject to legal penalties.
“Did you know that in the first quarter of 2023, The FTC has reported nearly 50,000 individual cases of investor fraud with an estimated $1.9 Billion in total losses?”
Brokers, broker-dealers, and investment advisors frequently market new and complex investment options to secure high commissions and profits, irrespective of their clients’ capacity to absorb potential losses. These intricate investment solutions and tactics, appropriate for only a limited segment of investors ready for substantial risk, are occasionally employed to conceal excessive trading and risk exposure in accounts.
Example Scenario: An investor is persuaded by their broker to put a large portion of their retirement savings into a high-risk, illiquid investment. The broker downplays the risks, misrepresents the potential returns, and pressures the investor to make a quick decision. The investment ultimately fails, leading to significant losses for the investor.
Upon engaging a broker-dealer, you probably placed your trust in them to prioritize your interests. However, it’s common that many brokers and financial advisors fail to adhere to their fiduciary obligations, or they may even engage in outright securities fraud. This could involve misleading you about the nature of investments, hiding associated risks, conducting unnecessary high volumes of trading (churning) to earn commissions, or imposing hidden fees to overcharge you.
Investment Losses? We Can Help
Discuss your legal options with an attorney at The Law Offices of Robert Wayne Pearce, P.A.
or, give us a ring at (800) 732-2889.
Illinois and Federal Laws That Protect Investors
Illinois investors benefit from a robust framework of protections designed to ensure fair and transparent markets. These safeguards include:
- Key Laws and Regulations
- Illinois Securities Act: The cornerstone of Illinois investor protection, this law combats fraud, mandates the registration of most securities, and provides avenues for investors to seek recourse if they’ve been misled.
- Illinois Business Corporations Act: This outlines shareholder rights and the responsibilities of company leaders, aiming to ensure that corporations act in the shareholders’ best interests.
- Illinois Uniform Deceptive Trade Practices Act (DTPA): This broad law empowers investors to take action against unfair or deceptive investment practices
- Governing Agencies
- Illinois State Securities Department: This agency is the primary watchdog for the Illinois securities industry. They register offerings, license brokers, investigate misconduct, and educate investors about their rights.
- Office of the Illinois Attorney General (Consumer Protection Division): Focused on consumer protection, this office can intervene in cases of investment fraud or other deceptive practices that harm Illinois investors.
- National Regulatory Bodies
- FINRA (Financial Industry Regulatory Authority): FINRA oversees all broker-dealers in the US, setting ethical standards, enforcing securities laws, and providing investor education resources. They work alongside the SEC (Securities and Exchange Commission) for broad investor protection.
Useful Resources
- Illinois State Securities Department: https://www.ilsos.gov/departments/securities/home.html
- Office of the Illinois Attorney General, Consumer Protection Division: https://illinoisattorneygeneral.gov/consumer-protection/
- FINRA: https://www.finra.org/
- The SEC – https://www.sec.gov/
How our Illinois Securities Law Attorneys Can Help You
Certainly, experiencing losses is a natural aspect of investing; however, brokers engaging in fraudulent activities can be legally accountable. If you suspect being a victim of investment fraud, reaching out to an investment fraud attorney, who is seasoned in dealing with such matters, is crucial. Additionally, it might be necessary to inform regulatory organizations such as the SEC or FINRA about possible market manipulation or insider trading.
Acting swiftly enhances your likelihood of obtaining compensation. At the Law Offices of Robert Wayne Pearce, P.A., we’ve assisted numerous investors in recouping their losses stemming from investment fraud. We commit to an exhaustive examination of your case, identifying any deceit or fraudulent conduct, and we’ll vigorously advocate on your behalf to secure the justice and compensation you rightfully deserve.
If you have lost money due to negligence or fraud by a stockbroker or advisor, the easiest way to know if you have a case is to call our office at 800-732-2889. Here’s how our knowledgeable and experienced investment fraud law firm can advocate for you:
- Represent & Advise: We’ll stand as your legal representative, advising you on your rights and options throughout the process.
- Investigate & Analyze: We’ll thoroughly investigate your case, meticulously analyzing financial documents and potential fraudulent schemes to uncover evidence of wrongdoing.
- Identify Liable Parties: We’ll work strategically to identify all potentially liable parties, including brokers, financial advisors, and financial institutions.
- File Complaints & Lawsuits: We’ll file formal complaints with regulatory agencies (such as the SEC or FINRA) and, when necessary, initiate lawsuits to protect your interests.
- Litigate & Negotiate: We are skilled litigators ready to fight aggressively for you in court or arbitration. Additionally, we’ll negotiate tirelessly to secure the most favorable settlement possible.
- Recover Losses: Our ultimate goal is to recover your financial losses and protect you from further harm. We are results-driven and committed to achieving the maximum financial recovery you deserve.
Can I Recover my Investment Losses?
In order to recover your investment losses, you must prove that your broker-dealer or financial advisor violated the securities laws, common law duties, or disregarded securities industry rules and regulations.
In most cases, this means filing a FINRA arbitration claim against the broker-dealer and/or representative.
The majority of securities fraud cases are handled by FINRA (Financial Industry Regulatory Authority) rather than being brought to the court system.
FINRA arbitration is a streamlined, cost-effective way to resolve disputes between investors and their brokers without going to court – it also allows you to collect punitive damages, which are not available in civil court.
As an investor, you have certain rights that must be respected and protected.
We’re currently investigating several financial firms and stockbrokers who may have been the subject of customer complaints, may be facing legal action, and who may have acted unethically and committed fraud in Illinois, including:
- https://www.secatty.com/investigations/edward-delaney-edward-jones/
- https://www.secatty.com/investigations/ortal-shacar-ubs-financial/
- https://www.secatty.com/investigations/gerald-repasz-ausdal-financial-partners/
- https://www.secatty.com/investigations/stephen-carver-lifemark-securities/
- https://www.secatty.com/investigations/steven-kramer-pruco-securities/
- https://www.secatty.com/investigations/kathleen-morton-raymond-james-financial-services/
- https://www.secatty.com/investigations/joseph-delsignore-edward-jones/
- https://www.secatty.com/investigations/robert-kribbs-allstate-financial-services/
- https://www.secatty.com/investigations/jeff-ninness-state-farm-vp-management/
- https://www.secatty.com/investigations/nathan-kinzinger-northwestern-mutual-investment-services/
- https://www.secatty.com/investigations/david-geake-american-trust-investment-services-2/
- https://www.secatty.com/investigations/grant-birkley-sagepoint-financial-2/
- https://www.secatty.com/investigations/james-rosen-j-p-morgan-securities/
- https://www.secatty.com/investigations/jeff-kramer-morgan-stanley/
- https://www.secatty.com/investigations/jeremy-andracke-pruco-securities/
- https://www.secatty.com/investigations/john-michalak-j-w-cole-financial/
- https://www.secatty.com/investigations/kenneth-luccioni-triad-advisors /
- https://www.secatty.com/investigations/kenneth-levin-mesirow-financial/
- https://www.secatty.com/investigations/kerry-hoffman-union-capital-company/
- https://www.secatty.com/investigations/leonard-mcabee-national-securities-corp/
- https://www.secatty.com/investigations/michael-bramlett-country-capital-management/
- https://www.secatty.com/investigations/patrick-callaghan-wells-fargo-clearing-services/
- https://www.secatty.com/investigations/richard-ristau-ubs-financial-svcs/
- https://www.secatty.com/investigations/robert-piton-rothschild-investment-corp/
- https://www.secatty.com/investigations/trenton-murfin-edward-jones/
- https://www.secatty.com/investigations/frederick-kort-ubs-financial-services-2/
- https://www.secatty.com/investigations/timothy-mcgrath-vanderbilt-securities/
- https://www.secatty.com/investigations/jason-murphy-stifel-nicolaus-co/
- https://www.secatty.com/investigations/michael-sloan-wintrust-investments/
- https://www.secatty.com/investigations/john-enright-wells-fargo/
- https://www.secatty.com/investigations/grant-birkley-sagepoint-financial/
- https://www.secatty.com/investigations/todd-oldham-nylife-securities/
Some of our Lawyer’s Success Stories Include:
FINRA ARBITRATION AWARD $5,887,498
Case No. 17-02354
Jose E. Blanco Garrido, et al. v. UBS Financial Services Inc. of PR, et al.
This FINRA arbitration against UBS Financial Services, Inc. and UBS Financial Services Inc. of Puerto Rico involve the overconcentration of Mr. Blanco’s family’s assets in Puerto Rico municipal bonds and closed-end bond funds. The arbitrators awarded substantially all of the Blanco family losses and over $1.5 million prejudgment interest and all of the litigation expenses, $170,000, arising out of an unsuitable recommendation to “hold” their Puerto Rico securities in the fall of 2012 when market conditions were perilous. The arbitration award was entered in favor of the Blanco family after 40 hearing sessions in 2019.
FINRA ARBITRATION SETTLEMENT $5,000,000
In this FINRA Arbitration, investors accused their financial advisor of misrepresenting and completely omitting the risks associated with employing a highly leveraged credit spread strategy. Moreover, the clients claimed that the financial advisor, who was affiliated with a prominent investment bank, inappropriately invested all their assets in this unsuitable strategy. The account became excessively leveraged and was exposed to significant risk in March 2020, leading to the forced sale of securities at drastically reduced prices to cover margin calls. The dispute was resolved through a settlement before the arbitration hearing in September 2023.
FEDERAL COURT CLASS ACTION SETTLEMENT $4,300,000
Case No. 14-001695-CI
State of Florida, Office of Financial Regulation v. Tri-Med Corp., et al.
Mr. Pearce served as co-counsel alongside the Receiver in a class action lawsuit targeting accounting and legal professionals accused of facilitating a Ponzi scheme. Following the case’s transfer from state to Federal court and enduring several years of legal battles, the matter was settled in 2017. The resolution came through mediation, resulting in law and accounting firms paying over $4.3 million to the receivership, benefiting the investors.
Did You Know . . . Investment Fraud Attorney Robert Pearce Has Single-Handedly Collected Over $170 Million On Behalf of His Clients
In the last 20 years alone, Robert Pearce has recovered over $170 million for his investor clients. In fact, he has recovered funds for over 99% of his investor clients through various avenues of recovery, including settlements, arbitrations, and court litigation.
No investment fraud firm can ever guarantee the same or similar results in any given case. However, when you hire the Law Offices of Robert Wayne Pearce, P.A., you can sleep well knowing you are in qualified and capable hands. Attorney Robert Pearce has represented hundreds of investors over his 40 year career and in the last 20 years alone recovered over $170 million for his investor clients.
Robert Pearce will fight for your rights day in and day out to get you the recovery you are entitled to.
What Can an Investment Fraud Lawyer Do for Investors?
What Can an Investment Fraud Lawyer Do for Investors?
An investment fraud lawyer helps investors recover investment losses that they lost due to a financial advisor or broker who did not act in their best interest. Typically, the lawyer will help the investor recover their losses through a process called FINRA arbitration.
Investment Losses? Let’s talk.or, give us a ring at 800-732-2889.
Client Testimonials
What is the Cost to Hire a Securities Attorney?
A first meeting with a securities lawyer usually comes at no cost. In this session, the attorney will assess your situation and provide an estimated cost for their services. Should you choose to proceed, you’re likely to enter into a contingency fee arrangement. Under such an agreement, legal fees are payable only if the lawyer successfully secures a financial recovery for you. If the attempt to recover funds is unsuccessful, you won’t be responsible for paying any legal fees or expenses.
What Are the Statute of Limitations?
In investment fraud cases, acting promptly is crucial. Both Illinois and federal laws impose statutes of limitations, which are deadlines by which legal claims must be filed. Typically, in Illinois, the deadline for filing securities fraud claims is three years. Nevertheless, claims involving fraudulent concealment or breach of fiduciary duty may extend up to five years from the sale date. Consulting with an attorney at your earliest convenience is vital to ensure that your claim is submitted within the required deadlines..
Types of Investment and Securities Fraud Cases We Can Help Represent You With
There are a variety of investment fraud tactics that unscrupulous brokers and advisors may use.
Our firm has represented investors who have fallen victim to a wide range of investment fraud tactics, including:
- Unsuitable Investments: Recommendations not aligned with the investor’s needs.
- Forced liquidation (forced selling): Broker sold without warning client or advising on margin calls.
- Ponzi Scheme Fraud: Fraudulent investment operation promising high returns.
- Excessive Trading (Churning): Excessive transactions to generate advisor commissions.
- Misrepresentation & Omission: Deceptive or misleading information about investments.
- Breach of Fiduciary Duty: Prioritizing advisor interests over the client’s best interests.
- Unauthorized Trading: Executing trades without client permission.
- Failure to Supervise: Brokerage firms not adequately monitoring advisors.
- Overconcentration or lack of diversification: Holding too much of a single investment, increasing risk.
- Theft or Misappropriation of client funds: Brokers stealing money for their own personal use.
- Mutual Fund Sales Violations: Recommending unsuitable mutual funds or excessive switching.
- Excessive Markups/Markdowns: Inflated prices when buying/selling securities.
- Selling Away: The advisor sells unapproved investments outside the firm.
- Broker & Advisor Negligence: Failure to adhere to industry standards.
- Margin Abuse: Encouraging excessive margin use, leading to high risks.
- Conflicts of Interest: Prioritizing advisor/firm profits over client interests.
- Private Placements: Selling risky, non-registered securities.
- Cryptocurrency Fraud: Deceitful schemes related to digital currencies.
- 401(k) Plan Misconduct: Fiduciary breaches affecting retirement plans.
- Microcap Fraud: Manipulation of stocks of small companies.
- Mining and Mineral Investment Fraud: Schemes involving fictitious investments in mining or minerals.
- EB-5 Immigrant Investor Program Fraud: Scams related to obtaining visas through investment.
- Advance Fee Schemes: Asking for upfront fees in exchange for non-existent investments.
- Including many more that we can’t fit on this list.
Contact an Illinois Securities and Investment Fraud Attorney Today
The Law Offices of Robert Wayne Pearce, P.A., is a law firm specializing in representing defrauded investors recover. Illinois investment fraud lawyer Robert Wayne Pearce specializes in getting individuals their money back from bad investments using any and all available methods.
If you’re an investor who has recently experienced financial losses due to possible securities or investment fraud, we’re here to offer assistance.
If you have questions about how to move forward, contact our team online or by phone at 561-338-0037 for a free confidential consultation with an Illinois securities lawyer. We will fight aggressively for your financial recovery and for justice.
Our law firm works with clients in Chicago, Joliet, Naperville, Rockford, Elgin. Springfield. Peoria, Waukegan, Champagne, Springfield, and throughout the state of Illinois. Robert Wayne Pearce has decades of first-hand experience in FINRA securities arbitration, and is one of the preeminent experts in this matter both nationwide and internationally.