Investment markets are unpredictable by nature. While certain funds and brokers may be considered more trustworthy than others, there is no way to guarantee a positive market outcome. However, if you are accused of engaging in fraud or deceit while managing securities on another person’s behalf, you could end up facing consequences worse than investment losses.
If you find yourself under investigation for securities fraud, retaining a skilled white-collar criminal defense attorney should be your top priority. An experienced Omaha securities fraud lawyer at Berry Law can help you understand the nature of your charges and work with you to secure a favorable case outcome.
How Federal and State Law Define Securities Fraud
Chapter 8, Article 11 of the Nebraska Revised Statutes makes it illegal to defraud, deceive, or mislead someone while selling them securities, advising them on investments, or managing an investment portfolio on their behalf. Neb. Rev. Stat. §8-1102(3) also prohibits an investment advisor from basing their compensation off funds they are responsible for managing. However, advisors can draft contracts that base their compensation on a fund’s total value over a definite period of time or on a specific date.
The Securities Act of 1933 also establishes how investment broker-dealers, agents, and advisers must register their credentials. Any failure to do so prior to engaging in professional securities services may be grounds for criminal charges. A knowledgeable attorney can offer clarification on what circumstances might justify securities fraud charges in Omaha.
Potential Consequences upon Conviction
Per Neb. Rev. Stat. §8-1117, virtually every willful violation of the Securities Act is considered a Class IV felony offense with a potential prison sentence of up to 2 years, as well as a fine of $10,000 and up to 12 months of post-release supervision.
Parties convicted of securities fraud may also be financially liable to pay damages to anyone they defrauded. Specifically, Neb. Rev. Stat. §8-1118 allows an impacted investor to file suit for the value of any fees they paid for a fraudulent broker or agent’s services with a 6 percent annual interest rate, any losses they sustained on their investments, and attorneys’ fees.
The applicable statute of limitations for alleged violations of the Securities Act is five years. This means that prosecutors can only press charges against an individual within five years of the alleged fraudulent acts. Retaining counsel from a lawyer in Omaha as soon as possible can help you get ahead of the prosecution and improve your chances of having your securities fraud charges reduced or dropped.
Get in Touch with an Omaha Securities Fraud Attorney Today
Simply being accused of fraudulent activity can be a career-ending development for a broker or financial adviser. If you were charged with securities fraud, hiring a steadfast and diligent legal representative may be crucial to protecting your rights and best interests.
A dedicated Omaha securities fraud lawyer can offer guidance and support tailored to your case. Contact Berry Law today to set up a confidential consultation and start exploring your legal options.