The Michigan Securities Act, and specifically, Michigan Compiled Laws 451.2501 regarding Unlawful conduct and fraud, declares that:

It is unlawful for a person, in connection with the offer, sale, or purchase of a security or the organization or operation of a Michigan investment market under article 4A, to directly or indirectly do any of the following:

(a) Employ a device, scheme, or artifice to defraud.

(b) Make an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading.

(c) Engage in an act, practice, or course of business that operates or would operate as a fraud or deceit on another person.

Mich. Comp. Laws 451.2501 (2016 Edition).

Civil Liabilities

The Michigan Securities Act, Mich. Comp. Laws 451.2509, also provides for “Civil liability,” and states that:

(2) A person is liable to the purchaser if the person sells a security in violation of section 301, or by means of an untrue statement of a material fact or an 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 purchaser not knowing the untruth or omission, and the seller not sustaining the burden of proof that the seller did not know and, in the exercise of reasonable care, could not have known of the untruth or omission. All of the following apply to an action under this subsection:

(a) The purchaser may maintain an action to recover the consideration paid for the security, less the amount of any income received on the security, and interest at 6% per year from the date of the purchase, costs, and reasonable attorney fees determined by the court, upon the tender of the security, or for actual damages.

Mich. Comp. Laws 451.2509 Civil liability (Michigan Compiled Laws (2016 Edition)).

In Michigan, FINRA Arbitration hearings are held in Detroit

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 Michigan Investor Resources:

Department of Licensing and Regulatory Affairs
Corporation, Securities and Commercial Licensing
2501 Woodlake Circle
Okemos, MI 48864

Alan J. Schefke
Bureau Director
(517) 241-9202

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