Fairfield County, CT Investment Fraud & FINRA Arbitration Lawyer

An Investment Fraud Lawyer Next Door to Fairfield County

Daren knows Fairfield County well. He earned his bachelor's degree at Fairfield University, in the town of Fairfield, and he has lived in the New York metropolitan area his entire life. His office in White Plains is just over the state line from Greenwich and a short drive from Stamford. Many investors would rather sit across the table from their lawyer, bring a box of account statements, and talk through what happened. That is available here, by appointment.

Fairfield County communities we serve

The office is convenient for investors throughout Fairfield County, including Greenwich, Old Greenwich, Riverside, Cos Cob, Stamford, Darien, New Canaan, Norwalk, Rowayton, Westport, Weston, Wilton, Fairfield, Southport, Easton, Redding, Ridgefield, Trumbull, Monroe, Shelton, Stratford, Bridgeport, Newtown, Danbury, Bethel and Brookfield. The firm also represents investors nationwide.

Connecticut's investor protection laws

The Connecticut Uniform Securities Act is enforced by the Securities and Business Investments Division of the Connecticut Department of Banking, in Hartford. Connecticut residents can file a complaint with the Division about a brokerage firm or investment adviser, but the Department does not represent individual investors in private cases. The Act also gives investors their own right to sue in some situations, for example over a sale made through a materially false statement or omission, or over fraud by an investment adviser. Where it applies, the Act can allow recovery of what you paid plus interest and, in some cases, attorneys' fees. Whether it fits your situation depends on the facts.

Common Investment Fraud and Financial Advisor Misconduct Claims

A falling market alone is not a legal claim. A loss caused by a financial advisor's or firm's misconduct can be. Common claims include:

• Misrepresentation and omission: a false statement, or the failure to disclose an important fact, about an investment's risks, costs, liquidity or returns. Fraud and misrepresentation

• Unsuitable recommendations: investments that did not fit your age, goals, risk tolerance or need for income, a frequent issue in retirement accounts.

• Overconcentration: too much of your money in one stock, sector or product.

• Churning (excessive trading): trading an account mainly to generate commissions.

• Unauthorized trading: trades made without your approval.

• Failure to supervise: a brokerage firm's failure to monitor its financial advisors.

• Breach of fiduciary duty: an advisor putting its own interests ahead of yours. Breach of fiduciary duty

• Complex and alternative products sold without a fair explanation, such as structured notes, private funds, non-traded real estate investment trusts ("REITs") and private placements. Complex products · Alternative investments

• Financial exploitation of older investors. Senior fraud and elder abuse

• Ponzi schemes and other outright fraud. Ponzi schemes

How an Investment Loss Claim Works

1. Free consultation and document review

Daren reviews your account statements, trade confirmations, account opening forms and any emails or texts with your financial advisor, and tells you whether he sees a viable claim.

2. Choosing the forum

Most brokerage account agreements require FINRA arbitration. Claims against an RIA often go to arbitration before the American Arbitration Association ("AAA") or JAMS, depending on the advisory agreement, or to court. Claims against other wrongdoers may be brought in court, such as Connecticut Superior Court or the U.S. District Court for the District of Connecticut, which has a courthouse in Bridgeport.

3. Filing and preparing the case

In FINRA arbitration, the case begins with a written statement of claim. The parties then help select the arbitrators, exchange documents, and prepare for a final hearing before a panel of one or three arbitrators, depending on the size of the claim. Many cases settle before the hearing.

4. Where the hearing happens

Under FINRA Rule 12213, FINRA generally selects the hearing location closest to the customer's residence at the time of the events that gave rise to the dispute. Hartford is FINRA's Connecticut hearing location, and New York City is another location nearby. Depending on where in Fairfield County you lived, the closest location may be New York City (likely for towns such as Greenwich, Stamford and Darien) or Hartford (possibly for towns farther north and east, such as Danbury, Newtown and Stratford). If New York City is closest, the rule lets you request Hartford instead, since it is in your home state. The parties can also agree in writing on a location early in the case.

5. Deadlines

Under FINRA Rule 12206, a claim cannot be brought in FINRA arbitration once six years have passed since the event that gave rise to it. Claims under the Connecticut Uniform Securities Act can have much shorter deadlines: generally two years from the sale or advisory contract, or, for intentional misrepresentation or fraud, two years from when it was or should have been discovered, but no more than five years. If you suspect a problem, talk to a lawyer promptly.

Why Daren's Background Matters

Daren has 26 years of experience in litigation, arbitration and regulatory matters involving the financial industry. He worked for 10 years at one of the largest defense law firms in the world, representing financial firms in litigation, arbitration and regulatory matters, and before that served as in-house counsel at one of the largest brokerage firms. He has seen how brokerage firms review customer complaints and build their defenses, and he now uses that experience for investors. Since founding the firm in 2018, he has represented over 400 clients and recovered over $130mm for investment victims. Prior results do not guarantee a similar outcome. He personally handles each case from start to finish. Daren is a graduate of Fairfield University and Fordham University School of Law and is admitted to practice in New York and Massachusetts.

Why Fairfield County investors choose Daren:

• 26 years in this field. He has spent 26 years on financial-industry disputes, including at one of the largest defense law firms in the world and as in-house counsel at one of the largest brokerage firms.

• Ties to Fairfield County. He is a Fairfield University graduate, and his office is just across the state line in White Plains.

• Personal attention. Daren personally handles each case from start to finish.

• No hourly fees. Investor cases are handled on a contingency fee basis, and the firm is paid only if you recover.*

Fees: Free Consultation and Contingency Fee

Your first consultation is free and carries no obligation. Investor cases are handled on a contingency fee basis, with no hourly fees, and the firm is paid only if you recover.* How case costs and expenses are handled depends on the case and the client, and is discussed at your free consultation.

Frequently Asked Questions

Can a lawyer in White Plains represent me if I live in Connecticut?

Yes. Investors can hire a lawyer anywhere, and the firm represents clients nationwide. For Fairfield County residents, the White Plains office is close by for in-person meetings.

Will my FINRA hearing be in Connecticut or New York?

It depends on where you lived when the events happened. FINRA generally picks the closest hearing location, which for some Fairfield County residents is New York City. If so, you can ask for Hartford instead.

Can I bring a claim against my financial advisor if the advisor isn't a broker?

Yes. Claims against RIAs and their advisors usually proceed in arbitration under the advisory agreement, often AAA or JAMS, or in court.

My account lost money in a down market. Do I have a case?

Not necessarily. A claim requires misconduct, such as misrepresentation, unsuitable advice, churning or unauthorized trades, that caused the loss. A free review can help you find out.

How does the firm charge for investor cases?

Investor cases are handled on a contingency fee basis, with no hourly fees, and the firm is paid only if you recover.* How case costs and expenses are handled depends on the case and the client, and is discussed at your free consultation.

What should I bring to the consultation?

Account statements, trade confirmations, account opening paperwork, and any letters, emails or texts with your financial advisor.

Talk to a Fairfield County Investment Fraud Lawyer

If a financial advisor or investment firm cost you money, call Daren A. Luma, PLLC at (914) 304-4051 or request a free consultation. Meetings are available in person at 75 South Broadway, Suite 400, White Plains, NY 10601, a short drive from Greenwich and Stamford. The consultation is free, and investor cases are handled on a contingency fee basis, with no hourly fees: the firm is paid only if you recover.*

*Investor cases are handled on a contingency fee basis, with no hourly fees. How case costs and expenses are handled depends on the case and the client, and is discussed at your free consultation.

Attorney Advertising. Prior results do not guarantee a similar outcome. This page provides general information, not legal advice, and contacting the firm does not create an attorney-client relationship. Responsible attorney: Daren A. Luma, Daren A. Luma, PLLC, 75 South Broadway, Suite 400, White Plains, NY 10601, (914) 304-4051.

Fairfield University sign photo: Stagophile, CC BY-SA 3.0; Stamford Harbor photo: John9474, CC BY-SA 4.0; both via Wikimedia Commons.