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Greco & Greco, P.C., Securities Fraud Lawyers

Our attorneys have extensive experience representing investors in disputes with their stockbrokers, brokerage firms, financial planners, and investment advisors. We use this experience in arbitration and federal and state court to aggressively pursue recovery of investors' losses resulting from securities fraud, churning, lack of suitability, negligence, unauthorized trading, stockbroker malpractice, and other unlawful actions.  If you feel that you may have a claim, please contact us for a free consultation with one of our attorneys. 

Greco & Greco regularly represents clients using a contingency fee arrangement. With a contingency fee, the only attorney’s fee paid by the clients is a percentage of monies recovered for the clients.

Greco & Greco is an Martindale AV-rated firm

Greco & Greco is an AV® Preeminent™ Peer Review Rated firm.

If an individual investor has a dispute with a FINRA brokerage firm or stock broker, he/she most likely will have to arbitrate through FINRA’s Dispute Resolution system.  FINRA Arbitration holds arbitration hearings in one Maryland city:  Baltimore, Maryland.  D.C. Metro area Maryland residents may also request a hearing in Washington, D.C.

The Maryland Attorney General, Securities Division, in Baltimore, Maryland, regulates the sales of securities in the state of Maryland.  Its website provides information on state securities Statutes and Rules, and information on how to file a complaint. 

Maryland’s Securities Act is similar to many states’ Acts with regard to providing for civil liability for the commission of securities fraud in the sale of securities (including untrue statements of material fact or omissions of material fact).  The statute provides for rescission (or damages if the investor no longer owns the security), reasonable attorney’s fees, and interest.

The Civil Liability section of the Maryland Securities Act is as follows:

Md. Corporations and Associations Code § 11-703.  Civil liabilities

   (a) When seller, purchaser or advisor liable. --

   (1) A person is civilly liable to the person buying a security from him if he:

      (i) Offers or sells the security in violation of § 11-304(b), § 11-401(a), § 11-402(a), or § 11-501 of this title, or of any rule or order under § 11-205 of this title which requires the affirmative approval of sales literature before it is used; or

      (ii) Offers or sells the security by means of any untrue statement of a material fact or any omission to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading, the buyer not knowing of the untruth or omission, and if he does not sustain the burden of proof that he did not know, and in the exercise of reasonable care could not have known, of the untruth or omission.

   (2) A person is civilly liable to the person selling a security to him if he offers to purchase or purchases the security by means of any untrue statement of a material fact or any omission to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading, the seller not knowing of the untruth or omission, and if he does not sustain the burden of proof that he did not know, and in the exercise of reasonable care could not have known, of the untruth or omission.

   (3) A person is civilly liable to another person if the person:

      (i) Acts as an investment adviser or representative in violation of § 11-302(c), § 11-401(b), § 11-402(b), or § 11-304(b) of this title or any rule or order promulgated under it, except that an action based on a violation of § 11-402(b) of this title may not be maintained except by those persons who directly received advice from the unregistered investment adviser representative; or

      (ii) Receives, directly or indirectly, any consideration from another person for advice as to the value of securities or their purchase or sale or for acting as an investment adviser or representative under § 11-101(h) and (i) of this title, whether through the issuance of analyses, reports, or otherwise, and employs any device, scheme, or artifice to defraud such other person or engages in any act, practice or course of business which operates or would operate as a fraud or deceit on such other person.

(b) Extent of liability. --

   (1) A buyer may sue either at law or in equity:

      (i) On tender of the security, to recover the consideration paid for the security, together with interest at the rate provided for in § 11-107(a) of the Courts and Judicial Proceedings Article, as amended, from the date of payment, costs, and reasonable attorneys' fees, less the amount of any income received on the security; or

      (ii) If he no longer owns the security, for damages.

   (2) A seller may sue either at law or in equity:

      (i) On tender of the consideration paid for the security, to recover the security, together with the amount of any income received on the security, costs, and reasonable attorneys' fees; or

      (ii) If the buyer no longer owns the security, for damages.

   (3) For the purposes of subsection (b)(1)(ii) of this section, damages are the amount that would be recoverable on a tender less the value of the security when the buyer disposed of it and interest at the rate provided for in § 11-107(a) of the Courts and Judicial Proceedings Article, as amended, from the date of disposition.

   (4) (i) In any action brought under subsection (a)(3) of this section a person may sue either at law or in equity for the rescission of the advisory contract and any damages resulting from the violation, together with interest at the rate provided for in § 11-107(a) of the Courts and Judicial Proceedings Article, as amended, from the date of payment of the consideration, costs, and reasonable attorneys' fees, less the amount of any income received from such advice.

      (ii) An action based on a violation of § 11-302(c) of this title may not prevail where the person accused of the violation sustains the burden of proof that he did not know, and in the exercise of reasonable care could not have known, of the existence of the facts by reason of which the liability is alleged to exist.

(c) Others jointly and severally liable with seller or purchaser. --

   (1) Every person who directly or indirectly controls a person liable under subsection (a) of this section, every partner, officer, or director of the person liable, every person occupying a similar status or performing similar functions, every employee of the person liable who materially aids in the conduct giving rise to the liability, and every broker-dealer or agent who materially aids in such conduct are also liable jointly and severally with and to the same extent as the person liable, unless able to sustain the burden of proof that he did not know, and in exercise of reasonable care could not have known, of the existence of the facts by reason of which the liability is alleged to exist.

   (2) There is contribution as in cases of contract among the several persons so liable.

(d) Time of making tender. -- Any tender specified in this section may be made at any time before entry of judgment.

(e) Survival of cause of action. -- Every cause of action under this statute survives the death of any person who might have been a plaintiff or defendant.

(f) Limitation of actions; effect of offer of refund. --

   (1) A person may not sue under subsections (a)(1) and (2) of this section after the earlier to occur of 3 years after the contract of sale or purchase or the time specified in paragraph (2) of this subsection.

   (2) An action may not be maintained:

      (i) To enforce any liability created under subsection (a)(1)(i) of this section, unless brought within one year after the violation on which it is based; or

      (ii) To enforce any liability created under subsection (a)(1)(ii) or (2) of this section, unless brought within one year after the discovery of the untrue statement or omission, or after the discovery should have been made by the exercise of reasonable diligence.

   (3) A person may not sue under subsection (a)(3) of this section more than 3 years after the date of the advisory contract or the rendering of investment advice, or the expiration of 2 years after the discovery of the facts constituting the violation, whichever first occurs.

   (4) A person may not sue under this section:

      (i) If the buyer received a written offer, before suit and at a time when he owned the security or asset, to refund the consideration paid together with interest at the rate provided for in § 11-107(a) of the Courts and Judicial Proceedings Article, as amended, from the date of payment, less the amount of any income received on the security or asset, and he failed to accept the offer within 30 days of its receipt;

      (ii) If the buyer received the offer before suit and at a time when he did not own the security or asset, unless he rejected the offer in writing within 30 days of its receipt; or

      (iii) If the seller received a written offer from the buyer, before suit, to return the security or asset, together with the amount of any income received on the security, less interest at the rate provided for in § 11-107(a) of the Courts and Judicial Proceedings Article, as amended, from the date of payment, and he failed to accept the offer within 30 days of its receipt.

(g) Effect of making or performing contract with knowledge of facts. -- A person may not base any suit on any contract if he:

   (1) Has made or engaged in the performance of the contract in violation of any provision of this title or any rule or order under this title; or

   (2) Has acquired any purported right under the contract with knowledge of the facts by reason of which its making or performance was in violation.

(h) Provision for waiver of compliance with section void. -- Any condition, stipulation, or provision binding any person acquiring any security or asset or receiving any investment advice to waive compliance with any provision of this title or any rule or order under this title is void.

(i) Rights and remedies additional to others. -- The rights and remedies provided by this title are in addition to any other rights or remedies that may exist at law or in equity, but this title does not create any cause of action not specified in this section or § 11-410 of this title.

FINRA securities brokerage firms with their main offices in Maryland:

ARONSON CAPITAL ADVISORS, LLC
805 KING FARM BOULEVARD, SUITE 300, ROCKVILLE, MD 20850
 
ATLANTIC SECURITIES, INC.
920 PROVIDENCE RD., SUITE 201, TOWSON, MD 21286-2988
 
BELLAMAH, NEUHAUSER & BARRETT, INC.
8730 GEORGIA AVENUE, SUITE 500, SILVER SPRING, MD 20910-3648
 
BENGUR BRYAN & CO., INC.
509 SOUTH EXETER STREET, SUITE 210, BALTIMORE, MD 21202
 
BLUE SAND SECURITIES LLC
610 PROFESSIONAL DR., STE 275, GAITHERSBURG, MD 20879
 
BROADOAK PARTNERS, LLC
7201 WISCONSIN AVENUE, SUITE 630, BETHESDA, MD 20814
 
BROWN ADVISORY SECURITIES, LLC
901 SOUTH BOND STREET, SUITE 400, BALTIMORE, MD 21231-3340
Mailing Address: 901 SOUTH BOND STREET, SUITE 400, BALTIMORE, MD 21231
 
C. G. MENK & ASSOCIATES, INC.
7502 CONNELLEY DRIVE, SUITE 104, HANOVER, MD 21076
 
CALVERT INVESTMENT DISTRIBUTORS, INC.
4550 MONTGOMERY AVENUE - SUITE 1000N, BETHESDA, MD 20814
 
CAMPBELL FINANCIAL SERVICES, INC.
2850 QUARRY LAKE DRIVE, BALTIMORE, MD 21209
 
CAPITAL PORTFOLIO MANAGEMENT, INC.
2205 YORK ROAD, SUITE 203, TIMONIUM, MD 21093

CEROS FINANCIAL SERVICES, INC.
1445 RESEARCH BOULEVARD, SUITE 530, ROCKVILLE, MD 20850
 
CFG CAPITAL MARKETS, LLC
1422 CLARKVIEW ROAD, 5TH FLOOR, BALTIMORE, MD 21209
 
CHAPIN, DAVIS
2 VILLAGE SQUARE, SUITE 200, BALTIMORE, MD 21210
 
CHESSIECAP SECURITIES, INC.
7911 SHERWOOD AVENUE, TOWSON, MD 21204
Mailing Address: 3 BETHESDA METRO CENTER, SUITE 700, BETHESDA, MD 20814
 
EAGLE EQUITIES, INC.
400 CRAIN HIGHWAY S.W., GLEN BURNIE, MD 21061-3645
Mailing Address: 400 CRAIN HWY S.W., GLEN BURNIE, MD 21061
 
ENTERPRISE EQUITIES, INC.
10227 WINCOPIN CIRCLE, SUITE 800, COLUMBIA, MD 21044
 
FELLS POINT RESEARCH LLC
600 WYNDHURST AVENUE, SUITE 300, BALTIMORE, MD 21210
 
FIFTH THIRD SECURITIES, INC.
34 FOUNTAIN SQUARE PLAZA, MD 10AT5G, CINCINNATI, OH 45202
Mailing Address: 38 FOUNTAIN SQUARE PLAZA, MD 10AT5G, CINCINNATI, OH 45263
 
FIRST INTERNET SECURITIES NETWORK
4800 MONTGOMERY LANE, BETHESDA, MD 20814
 
FORTIGENT SECURITIES COMPANY, LLC.
2600 TOWER OAKS BLVD, SUITE 300, ROCKVILLE, MD 20852-3103
 
FOUNDERS FINANCIAL SECURITIES LLC
1020 CROMWELL BRIDGE ROAD, TOWSON, MD 21286
 
FRS SECURITIES, LLC
1110 BONIFANT STREET, SUITE 301, SILVER SPRING, MD 20910
 
GLOBAL BROKERAGE SERVICES, INC.
11350 MCCORMICK RD., EP III SUITE 901, HUNT VALLEY, MD 21031
 
H. BECK, INC.
11140 ROCKVILLE PIKE, SUITE 400, ROCKVILLE, MD 20852
Mailing Address: 11140 ROCKVILLE PIKE-400, ROCKVILLE, MD 20852
 
HANNON ARMSTRONG SECURITIES, LLC
1997 ANNAPOLIS EXCHANGE PARKWAY, SUITE 520, ANNAPOLIS, MD 21401
 
HARBOR INVESTMENT ADVISORY, LLC
100 LIGHT STREET, SUITE 1300, BALTIMORE, MD 21202
 
HIGHBANK SECURITIES LLC
1 SOUTH STREET, SUITE 860, BALTIMORE, MD 21202
 
HOLLOWAY & ASSOCIATES, INC.
ONE MILL PLACE, STE 101, EASTON, MD 21601
Mailing Address: P.O. BOX 1559, EASTON, MD 21601

INNOVA SECURITIES, INC.
3703 WOODSMAN COURT, SUITLAND, MD 20746-1376
 
INTERNATIONAL MONEY MANAGEMENT GROUP, INC.
110 CHANNEL MARKER WAY SUITE #101, GRASONVILLE, MD 21638
 
INVESTORS PROPERTIES, INC.
3724 THOMAS POINT RD., ANNAPOLIS, MD 21403
Mailing Address: PO BOX 4220, ANNAPOLIS, MD 21403
 
JACQUES FINANCIAL, LLC
15430 AVERY ROAD, ROCKVILLE, MD 20855
 
JSI TRANSACTION ADVISORS, LLC
7852 WALKER DRIVE, STE. 200, GREENBELT, MD 20770
 
KOONCE SECURITIES, INC.
6550 ROCK SPRING DR. STE 600, BETHESDA, MD 20817-6550
 
LAFAYETTE INVESTMENTS, INC.
7910 WOODMONT AVE, SUITE 905, BETHESDA, MD 20814
 
LEGG MASON INVESTOR SERVICES, LLC
100 INTERNATIONAL DRIVE, BALTIMORE, MD 21202
 
LOMBARD SECURITIES INCORPORATED
1820 LANCASTER STREET, SECOND FLOOR, BALTIMORE, MD 21231
Mailing Address: 1820 LANCASTER STREET, BALTIMORE, MD 21231
 
MAP SECURITIES, INC.
1682 E. GUDE DRIVE - SUITE 201, ROCKVILLE, MD 20850
 
MORGAN STANLEY & CO. LLC
1585 BROADWAY, NEW YORK, NY 10036-8293
Mailing Address: 1300 THAMES STREET WHARF, 6TH FLOOR, C/O NORTH AMERICAN REGISTRATION, BALTIMORE, MD 21231
 
MORGAN STANLEY SMITH BARNEY
2000 WESTCHESTER AVENUE, PURCHASE, NY 10577-2530
Mailing Address: 1300 THAMES STREET, 6TH FLOOR, BALTIMORE, MD 21231
 
MS SECURITIES SERVICES INC.
1585 BROADWAY, NEW YORK, NY 10036-8293
Mailing Address: NORTH AMERICAN REGISTRATION, 1300 THAMES STREET, 6TH FLOOR, BALTIMORE, MD 21231
 
NC SECURITIES, LLC
3 BETHESDA METRO CENTER, SUITE 500, BETHESDA, MD 20814
 
OFFUTT SECURITIES, INC.
3515 BUTLER ROAD, GLYNDON, MD 21071
Mailing Address: P.O. BOX 559, COCKEYSVILLE, MD 21030
 
PARCHMAN, VAUGHAN & COMPANY, L.L.C.
1040 PARK AVENUE, SUITE 120, BALTIMORE, MD 21201
 
PERCIVAL FINANCIAL PARTNERS, LTD.
2 VILLAGE SQ., SUITE 252, BALTIMORE, MD 21210
 
POTOMAC CAPITAL MARKETS, LLC
5 SOUTH MARKET STREET, 4TH FLOOR, FREDERICK, MD 21701
 
POTOMAC INVESTMENT COMPANY
5600 WISCONSIN AVE #108, CHEVY CHASE, MD 20815
 
PRIME DEALER SERVICES CORP.
1221 AVENUE OF THE AMERICAS, NEW YORK, NY 10020
Mailing Address: NORTH AMERICAN REGISTRATION, 1300 THAMES STREET, 6TH FLOOR, BALTIMORE, MD 21231
 
PROFUNDS DISTRIBUTORS, INC.
7501 WISCONSIN AVE., SUITE 1000, BETHESDA, MD 20814
Mailing Address: 7501 WISCONSIN AVE., SUITE 1000, EAST TOWER, BETHESDA, MD 20814
 
PSA EQUITIES, INC.
11311 MCCORMICK ROAD, HUNT VALLEY, MD 21031-8622
 
RYDEX DISTRIBUTORS, LLC
805 KING FARM BLVD. STE 600, ROCKVILLE, MD 20850

SHELYN SECURITIES CORP
12250 ROCKVILLE PIKE, STE. 200, ROCKVILLE, MD 20852
 
SIGNAL HILL CAPITAL GROUP LLC
300 E. LOMBARD STREET, SUITE 1700, BALTIMORE, MD 21202-3243
 
STEBEN & COMPANY, INC.
2099 GAITHER ROAD, STE. 200, ROCKVILLE, MD 20850
Mailing Address: 2099 GAITHER ROAD, STE. 200, ROCKVILLE, MD 20850
 
STOUT CAUSEY CAPITAL CORPORATION
910 RIDGEBROOK ROAD, SPARKS, MD 21152
 
T. ROWE PRICE INVESTMENT SERVICES, INC.
100 E PRATT ST, BALTIMORE, MD 21202
 
TLS FINANCIAL SERVICES, INC.
920 PROVIDENCE RD, SUITE 203, TOWSON, MD 21286-2977
 
WASHINGTON SECURITIES CORPORATION
6935 WISCONSIN AVE NO. 510, CHEVY CHASE, MD 20815-6113

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