The Rhode Island Securities Act, and specifically, RI Gen. Laws 7-11-501, concerning “Offers, sales, and purchases” of securities states that:

In connection with the offer to sell, sale, offer to purchase, or purchase of a security, a person may not, directly or indirectly:

(1) Employ a device, scheme, or artifice to defraud;

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

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

RI Gen. Laws 7-11-605 Civil liability. (Rhode Island General Laws (2016 Edition)).

Civil Liabilities

The Rhode Island Securities Act, RI Gen. Laws 7-11-605 with respect to civil liabilities also states that:

(a) A person who offers or sells a security in violation of § 7-11-201, 7-11-301(1) or (2), 7-11-305(k), 7-11-501, 7-11-503, or 7-11-505(b) is liable to the purchaser of the security from that person. Upon tender of the security, the purchaser may recover the consideration paid for the security and interest at the legal rate of this state from the date of payment, costs, and reasonable attorney’s fees as determined by the court, less the amount of income received on the security. Tender requires only notice of willingness to exchange the security for the amount specified. If that purchaser no longer owns the security, the purchaser may recover damages. Damages are the amount that would be recoverable upon a tender less the value of the security when the purchaser disposed of it, plus interest at the legal rate of this state from the date of disposition of the security, costs, and reasonable attorney’s fees as determined by the court.

RI Gen. Laws 7-11-605 Civil liability. (Rhode Island General Laws (2016 Edition)).

However, the Rhode Island Securities Act keeps investor victims on a very short lease, and states that:

No person may obtain relief under § 7-11-605 unless suit is brought within the earliest of one year after the discovery of the violation, one year after discovery should have been made by the exercise of reasonable care, or three (3) years after the act, omission, or transaction constituting the violation.

RI Gen. Laws 7-11-606 Civil statute of limitations. (Rhode Island General Laws (2016 Edition)).

In Rhode Island, FINRA Arbitration hearings are held in Providence

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 Rhode Island Investor Resources:

Department of Business Regulation
1511 Pontiac Avenue
John O. Pastore Complex Bldg. 691
Cranston, RI 02920

Maria D’Alessandro
Associate Director
& Superintendent of Securities
(401) 462-9527
(401) 462-9645 (Fax)

Guiliano Law Group – Securities Arbitration & Investment Fraud Lawyers

Our practice is  limited to the litigation of securities related matters and securities arbitrations against stockbrokers, brokerage firms and investment professionals for fraud, the sale of defective investment products, failure to conduct due diligence, negligence, the sale of unsuitable investments, churning or excessive activity, failure to supervise, breach of fiduciary duty, and the sale of unregistered securities.

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.

We offer representation on a contingent fee basis, and there is no cost or obligation to have your claim evaluated by us.  All consultations are confidential.  Contact us at (877) SEC-ATTY.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. For more information, contact us at (877) SEC-ATTY.

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