The Tennessee Uniform Securities Act, and specifically 48-1-121, dealing with “Fraudulent acts or devices” states that:

(a) It is unlawful for any person, in connection with the offer, sale or purchase of any security in this state, directly or indirectly, to:

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

(2) Make any 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 are made, not misleading; or

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

Tenn. Code 48-1-121 Fraudulent acts or devices. (Tennessee Code (2016 Edition)).

Civil Liabilities

The Tennessee Uniform Securities Act, Tenn. Code 48-1-122(b), also provides for civil liabilities and states that:

1) Any person who purchases a security in violation of § 48-1-121(a) (the seller not knowing of the violation of § 48-1-121(a), and who does not carry the burden of proof of showing that the purchaser did not know and in the exercise of reasonable care could not have known of the violation of § 48-1-121(a)) shall be liable to the person selling the security to the purchaser to return the security, plus any income received by the purchaser thereon, upon tender of the consideration received, or, if the purchaser no longer owns the security, the excess of the value of the security when the purchaser no longer owns the security, the excess of the value of the security when the purchaser disposed of it, plus interest at the legal rate from the date of disposition, over the consideration paid for the security.

Tenn. Code 48-1-122 Civil liabilities. (Tennessee Code (2016 Edition)).

In Tennessee, FINRA Arbitration hearings are held in Nashville and Memphis

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 Tennessee Investor Resources:

Department of Commerce & Insurance
Securities Division
Davy Crockett Tower, Suite 680
500 James Robertson Parkway
Nashville, TN 37243

Daphne D. Smith
Assistant Commissioner for Securities
(615) 741-2947
(615) 532-8375 (Fax)

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