Law Offices of William P. Torngren

Areas of Practice | Typical Investment Problems

STOCKBROKER AND SECURITIES DISPUTES SINCE 1973

Selected as a Northern California Super Lawyer in the practice of Securities Litigation

Our years of experience in stockbroker and securities industry and compliance, as well as competitive, matters is extensive and wide ranging. We use it in our narrowly focused practice areas:

Disputes involving stockbroker and securities industry abuses and practices
Securities compliance and investigations
Advice and disputes involving corporate practices and abuses
Employment matters, including wage and hour class actions

Stockbroker and Securities Industry Abuses and Practices [Top]

The bulk of our practice involves stockbroker and securities industry matters. We handle cases that run the gamut of abuses and practices. They include:

fraud
breach of fiduciary duty
stockbroker negligence
churning and excessive trading
unsuitable transactions
market manipulation
options problems
unauthorized trading
failure to follow instructions
offer and sale of unregistered investment products
other deceptive, unlawful, or unfair practices

Generally, we represent customers of stockbrokers, investors, and pension plans when they have lost money because of wrongful acts in the sale or recommendation of investments. Because most customers of brokerage firms have signed agreements under which they may be compelled to arbitrate disputes, we appear most often in arbitrations conducted by the Financial Industry Regulatory Authority (“FINRA”). But we also have represented customers, investors, and pension plans in federal and state courts.

Occasionally, we represent securities professionals including stockbrokers in lawsuits or arbitration cases. Even though we have defended many types of abuses in the past, our representation of stockbrokers, account executives, and registered representatives generally is limited:

disputes arising out of their affiliation with or termination by brokerage firms. This may include disputes to recover unpaid compensation, to defend attempts to collect on promissory notes or recoup signing or transition payments and bonuses, or to void non-compete provisions.
efforts to recover for customers or clients losses caused by the unlawful activities of persons other than the securities professional.

Securities Compliance and Investigations [Top]

With our wide-ranging background, we are ready to advise on securities compliance and to defend investigations by the SEC, the California Department of Corporations, and self-regulatory organizations. We have represented securities professionals, attorneys, accountants, issuers, and other agents in investigations concerning fraud, misleading filings, self-dealing, unlicensed transactions, selling unsuitable investments, selling away, insider trading, and unregistered transactions.

We consult with attorneys, securities professionals, and investment issuers regarding compliance and other matters. The consultations have included whether a particular investment program involves the offer or sale of a security, what disclosures are required in connection with an investment, whether disclosures are adequate, what are the duties of persons offering or selling investment products, and stock valuation.

We also consult with stockbrokers, account executives, and registered representatives regarding their rights and duties upon leaving or changing broker-dealers. In this capacity, we have reviewed and analyzed representative and employment agreements.

Corporate Practices and Abuses [Top]

Not all business transactions go smoothly. Not all business breakups are amicable. Businesses may try to restrict a former employee or owner from competing. Businesses have concerns about maintaining the confidentiality of their methods and customers.

We are available to give advice or represent parties in disputes regarding corporate practices and abuses. We have represented shareholders and partners – including, among others, doctors and attorneys – who sought fair payment for their interests upon leaving or being removed from a firm or practice. We also have advised businesses in connection with leaving shareholders and partners.

We frequently advise both businesses and individuals with respect to the scope of limitations on competition, the enforcement of covenants not to compete, and what constitutes unfair competition.

Employment Matters [Top]

Over the years, we have observed that not all employers comply with California laws in dealing with their employees. Employers may fail to pay wages to which employees are entitled including overtime and reporting time wages. Employers may require employees to work “off the clock.” Even though they are obligated by California law to do so, some employers do not reimburse employees for expenses incurred for the benefit of the employer. This can include requiring an employee to use his or her personal vehicle to conduct the employer’s business, requiring an employee to travel beyond a reasonable commuting distance for work purposes, or requiring an employee to purchase uniforms and other goods or services from the employer.

We also have seen employers who classify their employees as “independent contractors” to avoid duties and payments imposed by California law. Whether a worker is an employee or independent contractor involves an intense factual inquiry into, among other things, whether the employer/principal controls how, where, and when the work is done and has the unfettered power to terminate the employee/agent.

We work with other attorneys to represent employees in asserting their rights under California law. This ranges from providing guidance to employees about their rights and privileges to filing class action lawsuits to enforce their rights.