The Hawaii Securities Act, Hawaii Revised Statutes 485A-501 with respect to “General fraud” states that

a) It shall be unlawful for a person, in connection with the offer, sale, or purchase of a security, directly or indirectly:

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

(2) To make an untrue statement of a material fact or to fail to state a material fact necessary to make the statements made, in light of the circumstances under which they were made, not misleading;

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

(4) To issue, circulate, or publish any prospectus, circular, advertisement, printed matter, document, pamphlet, leaflet, or other literature (in this chapter collectively referred to as “advertising matter”), which contains an untrue statement of a material fact or fails to state a material fact necessary to make the statements therein made, in light of the circumstances under which they are made, not misleading;

(5) To issue, circulate, or publish any advertising matter or make any written representation, unless the name of the person issuing, circulating, publishing, or making the same and the fact that the person is issuing, circulating, or making the same shall be clearly indicated thereon;

(6) To make any statement or representation or issue, circulate, or publish any advertising matter containing any statement, to the effect that the security has been in any way approved or endorsed by the commissioner; or

(7) To issue, circulate, or publish any advertising matter unless a copy thereof has been previously filed with the office of the commissioner, or unless the commissioner has by rule adopted or order issued under this chapter exempted the filing of any advertising material.

Civil Liabilities

Hawaii Revised Statute, Haw. Rev. Stat. 485A-509, also provides for “Civil liability” and states:

(a) Enforcement of civil liability under this section shall be subject to the Securities Litigation Uniform Standards Act of 1998.

(b) A person is liable to the purchaser if the person sells a security in violation of section 485A-301 or, by means of an untrue statement of a material fact or an omission of a material fact necessary 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. An action under this subsection shall be governed by the following:

(1) 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 the legal rate of interest, from the date of the purchase, costs, and reasonable attorney’s fees determined by the court, upon the tender of the security, or for actual damages

Hawaii Revised Statutes §485A-509 (2016 Edition).

In Hawaii, FINRA Arbitration hearings are held in Honolulu

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 Hawaiian Resources

Department of Commerce &
Consumer Affairs
Division of Business Regulation
335 Merchant Street, Room 203
Honolulu, HI 96813

Ty Nohara
Commissioner of Securities
(808) 586-2744
(808) 586-2733 (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