Oregon Investor Resources
It is unlawful for any person, directly or indirectly, in connection with the purchase or sale of any security or the conduct of a securities business or for any person who receives any consideration from another person primarily for advising the other person as to the value of securities or their purchase or sale, whether through the issuance of analyses or reports or otherwise:
(1) To employ any device, scheme or artifice to defraud;
(2) To make any untrue statement of a material fact or to omit 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;
(3) To engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon any person; or
(4) To make or file, or cause to be made or filed, to or with the Director of the Department of Consumer and Business Services any statement, report or document which is known to be false in any material respect or matter.
Oregon Revised Statutes 59.135 (2023 Edition)). Civil Liabilities The Oregon Securities Act, also provides for liability in ORS 59.137 Liability. ORS 59.137 with respect to Liability states:
(1) Any person who violates or materially aids in a violation of ORS 59.135 (1), (2) or (3) is liable to any purchaser or seller of the security for the actual damages caused by the violation, including the amount of any commission, fee or other remuneration paid, together with interest at the rate specified in ORS 82.010 for judgments for the payment of money, unless the person who materially aids in the violation sustains the burden of proof that the person did not know and, in the exercise of reasonable care, could not have known of the existence of the facts on which the liability is based.
(2) Any person who directly or indirectly controls a person liable under subsection (1) of this section and every partner, limited liability company manager, including a member who is a manager, officer or director or a person occupying a status or performing functions of a person liable under subsection (1) of this section, is jointly and severally liable to the same extent as a person liable under subsection (1) of this section, unless the person who may be liable under this subsection sustains the burden of proof that the person did not know and, in the exercise of reasonable care, could not have known of the existence of the facts on which the liability is based.
(3) Any person held liable under this section is entitled to contribution from those persons jointly and severally liable with that person.
(4) Except as provided in subsection (5) of this section, the court may award reasonable attorney fees to the prevailing party in an action under this section.
(5) The court may not award attorney fees to a prevailing defendant under the provisions of subsection (4) of this section if the action under this section is maintained as a class action pursuant to ORCP 32.
(6) An action or suit may be commenced under this section within the later of:
(a) Three years after the date of the purchase or sale of a security to which the action or suit relates; or
(b) Two years after the person bringing the action or suit discovered or should have discovered the facts on which the action or suit is based.
(7) Failure to commence an action or suit under this section on a timely basis is an affirmative defense.
ORS 59.137 Liability in connection with violation of Ors 59.135; damages; defense; attorney fees; limitations on proceeding (Oregon Revised Statutes (2023 Edition))(emphasis added).
However, as stated above, except as provided in subsection (5), which only relates to “class actions,” the court may award reasonable attorney fees to the prevailing party in an action under this section. Accordingly, if you bring a state securities fraud claim in Oregon, and lose, you may be responsible for the brokerage firm’s legal fees.
The Oregon statute also has its own statute of limitations, and narrows the time to file these claims from the federal law and requires that any action or suit, which would arguably include arbitration, under the Oregon Statute must be brought within three years after the date of the purchase or two years after the person bringing the action or suit discovered or should have discovered the facts on which the action or suit is based.
According to the FINRA Code of Arbitration Procedure, the FINRA Securities Arbitration hearing locations will selected based upon the hearing location closest to your residence at the time of the events giving rise to the dispute.
In Oregon, FINRA Arbitration hearings are held in Portland. Additional Oregon Investor Resources: Department of Consumer & Business Services Div. of Finance & Corp. Securities 350 Winter Street, NE Room 410 Salem, OR 97301 David Tatman Division Administrator (503) 378-4140 (503) 947-7862 (Fax) https://dfr.oregon.gov/Pages/index.aspx
Guiliano Law Group – Securities Arbitration & Investment Fraud Lawyers
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. All consultations are confidential. For more information, contact us at (877) SEC-ATTY.
If you have been the victim of securities fraud or investment fraud you should contact a lawyer. Our services are offered on a contingent fee basis. We will receive payment for services in connection with your case only if there is a recovery. You will not be required to advance any fees to the firm during the course of the litigation. In the event that a settlement, award, or recovery is not made, clients have no financial or other obligation to us.
Not admitted in all jurisdictions. The determination for the need for legal services and the choice of a lawyer are extremely important decisions that should not be based solely on advertisements or self proclaimed expertise. The limitation or concentration in any area of practice does not mean that a lawyer is a specialist or expert in a field of law, nor does it mean that the lawyer is necessarily any more expert or competent than any other lawyer. See Important Disclaimer.
All claims arising under state and federal securities laws must be brought within a specified time from the discovery of these claims, or within the occurrence of the events giving rise to your claims, whichever is shorter. If you fail to do file an action within this period, your claim may be potentially barred by the statute of limitations. For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com. To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com.