Westchester County Investment Fraud & FINRA Arbitration Lawyer

A White Plains Investment Fraud Lawyer Who Knows Westchester

Daren lives in Westchester County, and he began his legal career as an assistant county attorney in the Westchester County Attorney's Office. His office is in White Plains, the county seat. 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.

Westchester communities we serve

The office is convenient for investors throughout Westchester County, including White Plains, Scarsdale, Harrison, Rye, Rye Brook, Port Chester, Mamaroneck, Larchmont, New Rochelle, Yonkers, Mount Vernon, Pelham, Bronxville, Eastchester, Tuckahoe, Hartsdale, Ardsley, Dobbs Ferry, Irvington, Tarrytown, Sleepy Hollow, Ossining, Briarcliff Manor, Chappaqua, Armonk, Mount Kisco, Bedford, Katonah, Pound Ridge, Somers, Yorktown Heights, Croton-on-Hudson and Peekskill. The firm also represents investors nationwide.

Common Investment Fraud and Broker Misconduct Claims

A falling market alone is not a legal claim. A loss caused by a broker's or adviser'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 brokers.

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

• Complex and alternative products sold without a fair explanation, such as structured notes, 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 broker or adviser, 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.

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. New York City is one of FINRA's hearing locations; FINRA's New York office is at Brookfield Place, 200 Liberty Street in Lower Manhattan. For most investors who lived in Westchester when the events occurred, the hearing would be expected in New York City. If the closest location were in another state, the rule lets the customer request a location in their home state.

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, and other legal deadlines can be shorter. 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 served as in-house counsel at one of the largest brokerage firms and worked at one of the largest defense law firms in the world. 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 more than 400 clients. He personally handles each case from start to finish. Daren is a graduate of Fordham University School of Law and is admitted to practice in New York and Massachusetts.

Why Westchester investors choose Daren:

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

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

• Local and accessible. He lives in Westchester and meets clients at his White Plains office.

• 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. The fee terms are set out in a written agreement before any work begins.

Frequently Asked Questions

Do I need a lawyer located in Westchester?

No. Investors can hire a lawyer anywhere, and the firm represents clients nationwide. A local office simply makes in-person meetings easy for Westchester residents.

Will I have to travel far for a FINRA hearing?

FINRA generally sets the hearing in the location closest to where you lived when the events happened. For Westchester residents, that is typically New York City.

Can I bring a claim against my financial adviser, not just a broker?

Yes. Claims against RIAs 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 broker or adviser.

Talk to a Westchester Investment Fraud Lawyer

If a broker or adviser cost you money, call Daren A. Luma, PLLC at (914) 304-4051, email dluma@lumalegal.com, or request a free consultation. Meetings are available in person at 75 South Broadway, Suite 400, White Plains, NY 10601. 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.