The Arkansas Uniform Securities Act, Arkansas Code 23-42-507

It is unlawful for any person, in connection with the offer, sale, or purchase of any security, directly or indirectly:

(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; or

(3) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person.

Ark. Code 23-42-507 Fraud or deceit in connection with offer, sale, or purchase of securities. (Arkansas Code (2015 Edition))

Civil Liabilities

With respect to Civil Liabilities,  Ark. Code 23-42-106 states that:

(a) (1) A person is liable to a buyer of a security if the person offers or sells the security:

(A) In violation of § 23-42-212(b), § 23-42-301, or § 23-42-501(1) or (2), a rule or order of the Securities Commissioner under § 23-42-502 which requires the affirmative approval of sales literature before it is used, or any condition imposed under § 23-42-403(d), § 23-42-404(g), or § 23-42-404(i); or

(B) By means of an untrue statement of a material fact or a failure to state a material fact necessary in order to make the statement made, in the light of circumstances under which it is made, not misleading, if the buyer does not know of the untruth or omission and meets the burden of proof that he or she did not know, and in the exercise of reasonable care could not have known, of the untruth or omission.

(2) In a successful action under subdivision (a)(1) of this section, the buyer may recover costs and reasonable attorney’s fees plus:

(A) Upon tender of the security, the consideration paid for the security and interest at six percent (6%) per year from the date of payment, less the amount of any income received from owning the security; or

(B) (i) Damages if the buyer no longer owns the security.

Ark. Code 23-42-106 Civil liability. (Arkansas Code (2015 Edition)).

FINRA Hearing Locations

In Arkansas, FINRA Arbitration hearings are held in Little Rock.

Under 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.

Other Arkansas Investor Resources:

Securities Department
Heritage West Building
201 East Markham, Room 300
Little Rock, AR 72201-1692

Edmond Waters
Securities Commissioner
(501) 324-9260
(501) 324-9268 (Fax)

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Guiliano Law Group – Securities Arbitration & Investment Fraud Lawyers Serving Arkansas

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

To learn more about FINRA Securities Arbitration, and the legal process, please visit us at