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Financial Services Litigation | Securities Litigation Attorney | FINRA Defense Lawyers - Wilchins Cosentino & Novins LLP

Financial Services Litigation



Securities Litigation

The securities litigation attorneys at Wilchins Cosentino & Novins represent clients throughout the securities industry. Whether your dispute arises in a traditional brokerage firm relationship or through private banking and wealth management at full-service financial institutions, Wilchins Cosentino & Novins can help resolve issues involving investment clients and current or former employees.

Our attorneys have substantial experience in securities litigation, with an emphasis on disputes involving broker-dealers, registered representatives, investment advisors and financial planners. Our financial services litigation attorneys have extensive experience in complex litigation and thorough knowledge of both securities law and the investment community.

We often represent investment professionals, advisors and their managers in compliance examinations, investigations, administrative proceedings and enforcement actions brought by regulatory bodies including the SEC, FINRA and state securities agencies. The firm’s securities litigation experience includes substantial work in the following areas: defending our clients against claims asserted by institutional and retail customers, such as those alleging fraud, misrepresentation, unauthorized exercise of discretion, churning, unsuitability, failure to supervise, improper margin calls and unfair securities liquidations. We have represented our clients in these disputes in state and federal courts around the country, as well as arbitration sponsored by self-regulatory organizations including FINRA.

We have appeared in investment-related arbitrations administered by FINRA and the American Arbitration Association. We also represent financial advisors in FINRA enforcement actions; internal investigations relating to potential legal/compliance issues; defense of investor claims of fraud and misrepresentation and other violations of securities laws. We also represent firms and investors in a wide range of civil disputes.

Wilchins Cosentino & Novins handles securities and financial services matters before the FINRA, SEC and state regulators involving various subject matters, including:

  • Fee-based brokerage accounts
  • Unauthorized trading 
  • Supervision
  • Market timing of mutual funds and variable annuities
  • Mark-ups
  • Market manipulation
  • Sales practices relating to variable annuities
  • Options trading and supervision
  • Investment advisor services


Broker/Dealer Disputes

For almost thirty years, the securities litigation attorneys at Wilchins Cosentino & Novins have represented both securities firms and individual financial advisors in disputes before FINRA and the American Arbitration Association, building a wealth of experience defending against disciplinary actions both for brokers and broker-dealers accused of violating FINRA and SEC rules. The securities attorneys at the firm can help both registered representatives and or investors navigate through FINRA arbitration, the FINRA enforcement process and the arbitration process. We also represent broker-dealers, financial advisors, retail customers and other entities in litigations and arbitrations concerning sales practices violations and other various broker dealer disputes throughout the United States. Having extensive experience working on both sides of the fence, we have a unique understanding of the complexities of securities arbitration, mediation, regulation and litigation. Because Wilchins Cosentino & Novins represents both plaintiffs and claimants in civil matters, and defendants and respondents in administrative and regulatory matters, we are familiar with all of the relevant legal arguments. We represent clients on both sides of customer-initiated complaints. Our attorneys are equally committed to recovering financial losses suffered by customers that are due to the wrongful acts of financial advisors, and to defending against false claims of wrongdoing against financial advisors.

Wilchins Cosentino & Novins attorneys have substantial experience in litigating disputes between and among securities firms and registered representatives regarding employment issues, including so-called "raiding" cases.

We routinely represent both member firms and registered representatives nationally and throughout New England, in injunction hearings in federal and state courts.


Regulatory and Compliance

Wilchins Cosentino & Novins represents firms in the financial services industry and their officers, directors and employees in regulatory examinations, investigations and enforcement actions by federal, state and SRO regulators. In addition to representing clients with respect to investigations, the regulatory and compliance attorneys at the firm advise clients with regard to compliance-related matters, such as questions relating to supervision, books-and-records maintenance, Form U-4 and U-5 filings, and customer privacy. We also represent advisory firms and their personnel in employment disputes, including violations of non-competition and non-solicitation agreements and claims of defamation on Form U-5 filings.


Expungement

When a customer files a claim against a financial advisor, in most cases, that claim is recorded in the Financial Industry Regulatory Authority’s (FINRA’s) Central Registration Depository (CRD) and BrokerCheck website. FINRA requires disclosure of any consumer-initiated, investment-related arbitrations and civil litigation proceedings. These records persist in CRD and BrokerCheck permanently. Even if the claim is frivolous, the mere allegation of wrongdoing by a financial advisor can have negative consequences that last well beyond the arbitration or civil proceeding. Most potential customers research a financial advisor before retaining their services. If negative comments exist, most potential customers will look elsewhere for an advisor.

The most effective remedy is to eliminate customer claims from your record. If a financial advisor is able to meet the requirements for expungement, which are set forth in the FINRA rules, a successful expungement request removes the dispute from both the financial advisor’s CRD and BrokerCheck record. Wilchins Cosentino and Novins have obtained numerous orders on behalf of registered representatives, requiring the expungement of information on Form U-5.

 

Customer Initiated Claims

Wilchins Cosentino & Novins successfully defends firms and individual investment advisors in the securities industry against various customer claims such as claims made by customers for investment losses, including claims alleging breach of contract, breach of fiduciary, unauthorized trading, failure to supervise, fraud, misrepresentation and churning.

During the course of our practice, our attorneys handle claims involving a variety of investment products, fee-based accounts, equities, bonds, mutual funds, options and variable and fixed annuities.

We represent clients on both sides of customer-initiated complaints. Our attorneys are equally committed to recovering financial losses suffered by customers that are due to the wrongful acts of financial advisors, and to defending against false claims of wrongdoing against financial advisors.