The Maine Securities Act, and specifically, Maine Revised Statutes Tit. 32 Sec. 16501, relating to “General fraud” states that:

It is unlawful for a person, in connection with the offer, sale or purchase of a security, directly or indirectly: [2005, c. 65, Pt. A, §2 (NEW).]

1. Device, scheme, artifice. To employ a device, scheme or artifice to defraud;

2. Untrue statement of or omission of material fact. To make an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading; or

3. Fraud, deceit. To engage in an act, practice or course of business that operates or would operate as a fraud or deceit upon another person.

ME Rev. Stat. Tit. 32 Sec. 16501 (Maine Revised Statutes (2016 Edition)).

Civil Remedies

The Maine Securities Act also provides for certain civil remedies and states, in relevant part, that:

A person is liable to the seller if the person buys a security by means of an untrue statement of a material fact or omission to state a material fact necessary in order to make the statement made, in light of the circumstances under which it is made, not misleading, the seller not knowing of the untruth or omission and the purchaser not sustaining the burden of proof that the purchaser did not know and, in the exercise of reasonable care, could not have known of the untruth or omission may maintain an action to recover the security and any income received on the security, costs and reasonable attorney’s fees determined by the court, upon the tender of the purchase price, or for actual damages.

ME Rev. Stat. Tit. 32 Sec. 16509, Civil liability (Maine Revised Statutes (2016 Edition)).

In Maine, FINRA Arbitration hearings are held in Augusta

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.

Additional Maine Investor Resources:

Dept. of Professional & Financial Regulation
Office of Securities
121 State House Station
Augusta, ME 04333

Judith M. Shaw
Securities Administrator
(207) 624-8551

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

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