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Advisers Sue State Securities Regulator

By Mark H. Astarita, Esq.

Years ago I wrote a column for Research Magazine titled Fight Back, an analysis of a litigation strategy for advisers when faced with frivolous customer complaints. The article created something of a stir among securities lawyers, which was a good thing. Sometimes regulated professionals are too timid to stand up for their rights.Two former financial advisers have taken this a step further, and have sued the Utah Securities Commission for conducting what the advisers claim was an over-zealous campaign against them.According to press reports, the two advisers, who were who were barred from the securities industry, have sued Utah for $357.6 million, accusing state regulators of targeting them without proof of wrongdoing.The advisers allege that the Securities Division heaped dozens of allegations on each of them without giving them a chance to appear before a judge in a timely manner...continue to full post

Full post as published by SECLaw.com on February 08, 2010 (boomark / email).