Alaska Securities Attorneys
The Alaska securities attorneys at Gana Weinstein LLP practice securities arbitration within the State of Alaska. We represent investors in Anchorage, Juneau and various other cities and towns around the state. Also known as the Last Frontier, Alaska is one of the largest states in the Union by size and one of the smallest by population. Even given its small population, many financial advisers take advantage of unsuspecting investors. Education about securities is imperative to protect the money investors spend a lifetime saving.
Investor losses stem from many different sources and as a result of many different types of claims. The Alaska investment fraud attorneys at Gana Weinstein LLP have a deep and broad understanding of the types of investment claims to bring on behalf of their clients. For example, the most common type of claim our attorneys see relate to the unsuitable sale of investment products to investors given the financial profile of the investor. If an investor is not informed about the risks associated with these products, the broker may be liable to the investor for making unsuitable recommendations and for materially misleading the investor. Other times, broker-dealers and investment advisers take control of client accounts and sell securities excessively to generate fees – this unlawful conduct is known as churning.
Our Alaska securities attorneys have handled dozens of large Ponzi scheme cases as well. Ponzi schemes are a basic fraud in which investors are lured into a non-existent investment supported by the payment of “income” from new investors to old. These types of cases are prominent in remote regions like Alaska.
Our Alaska securities attorneys also have a lot of experience handling broker theft cases, which are also known as conversion. In these cases, brokers will seek elderly and unsophisticated investors and simply tell them their money is invested when in fact it is simply stolen.
Securities fraud is another type of claim our attorneys face regularly. For a broker to commit securities fraud, the broker must make a statement or omit material information in the purchase, sale or exchange of a security that is the direct and proximate cause of the loss to an investor. Securities fraud can be a violation of federal law or the Alaskan state securities act and common law. In 1959, the state of Alaska adopted the model securities act and so the states act is similar to that in over 30 other states. Generally speaking the anti-fraud provisions of the Alaska securities act require the seller of securities to disclose material information to investors.
Remember, Alaskan investors are protected by both federal and state laws and also by industry rules that prohibit brokers from engaging in fraud, churning, unsuitable sales, unauthorized trading, and other forms of misconduct. Below are useful links and resources covering some of the investor protections available in the State of Alaska.
The Department of Commerce, banking and Economic Development – Banking and Securities Division regulates securities in Alaska. Both federal law the Alaska Securities Act protect Alaskan investors. The Alaska Securities Act is administered by the Division of Banking, Securities and Corporations, a division of the Department of Commerce, Community, and Economic Development. The Act contains four major parts: 1. The antifraud provisions that require a seller of securities to disclose material information to prospective investors; 2. The registration and notice of securities industry professionals (brokerage firms, securities salespersons, investments advisory firms, and investment adviser representatives); 3. The registration and notice of securities which will be publicly offered to investors; and 4. Exemptions from the securities registration and notice provisions (although some exemptions require notices to be filed).
FINRA regulates broker-dealers within the United States. FINRA and the Securities and Exchange Commission (SEC) enforce securities laws. However, private attorneys, like the attorneys at Gana Weinstein LLP, help investors recover capital through private arbitration and litigation.
To learn more about securities topics please visit our Securities Arbitration & Litigation page.