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Wisconsin Broker Fraud Lawyers

Wisconsin has many wealthy enclaves near its cities of Milwaukee and Madison. Investors residing in these areas could be targets for financial fraud, as is typical in other affluent parts of the country. The broker fraud lawyers at Malecki Law are here to assist Wisconsinites who have lost money in the financial markets, whether due to fraud, negligence, or other financial misconduct.

The State of Wisconsin’s Department of Financial Institutions (DFI) published a new release that it had participated in an international crackdown related to the Covid-19 pandemic that had targeted Wisconsin investors, as well as investors in 44 other jurisdictions, including the U.S., Canada, and Mexico. The news release claimed that a joint task force for these jurisdictions had disrupted over 200 fraudulent schemes related to the pandemic. Fraudulent schemes have always existed, but the pandemic surely created additional fertile ground for existing scam artists. And while many investors are solicited to participate in scams over social media or directly to their emails or mobile devices, it is not uncommon for investors to also be duped by their own financial advisor, whether through soliciting fake investments as part of a Ponzi scheme or charging excessive commissions and fees within the account. In recouping lost investment funds, it is, therefore, important to hire a broker fraud attorney who is familiar with the regulatory landscape, and not just a personal injury attorney who does not understand the financial markets or how to deal with large financial institutions.

Malecki Law is a broker fraud law firm with attorneys who are knowledgeable in securities and in bringing successful lawsuits against large financial firms who are required to supervise their financial professionals and the accounts they manage. Investors are unquestionably entitled to rely on these firms to protect their retirement assets. Investment firms have an explicit duty to reasonably detect and prevent misconduct through their supervisory obligations, as required by the state laws of Wisconsin, as well as federal securities laws and rules promulgated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

The SEC, for example, has long been clear that customers of large brokerage firms should be able to expect their holdings to be protected from fraud and that their accounts will be carefully supervised:

“Customers dealing with a securities firm expect, and are entitled to receive, proper treatment and to be protected against fraud and other misconduct, and may properly rely on the firm to provide this protection. Large securities firms generally have established fairly elaborate systems of supervision and internal control, in recognition of customer reliance on the existence of protective safeguards and of the fact that it is to be anticipated that in a large organization some employees may be tempted to engage in improper conduct.”

In the Matter of Reynolds & Col., SEC Broker-Dealer Proceedings, 39 S.E.C. 902, 916 (May 25, 1960).

The SEC, as well as FINRA, also have rules requiring supervision; and, make no mistake, these rules are there for the protection of investors. For example, FINRA’s supervision rule, Rule 3110, states:

“Each member shall establish and maintain a system to supervise the activities of each associated person that is reasonably designed to achieve compliance with applicable securities laws and regulations, and with applicable FINRA rules. Final responsibility for proper supervision shall rest with the member.”

FINRA Rule 3111 (a). The italicized emphasis is added because it essentially means, when it comes to supervision of an investor’s account, that it is the intention of the regulatory framework that “the buck stops here.”

When financial firms are brought to trial for their misconduct, legal counsel for the investor should understand that these supervision rules create an affirmative obligation on the part of financial firms to prove that an investor’s account was reasonably supervised. The broker fraud lawyers at Malecki Law have extensive experience bringing successful failure to supervise actions against financial firms, especially those with a track record for failing to exercise their supervisory obligations as evidenced by prior censures and fines, which are publicly accessible. When financial firms have been fined or censured, it necessarily puts them on notice for future similar violations. If you are a Wisconsin investor or retiree and have suffered investment losses, you may schedule a free initial consultation with Malecki Law – call us directly (212) 943-1233, or email

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Testimonials From Former Clients
I highly recommend Jenice and her team at Malecki Law. I had a challenging, and lengthly case. Jenice was professional, very knowledgeable, and a pleasure to work with. She managed to make the process far less stressful during a very difficult time. They care about their clients, and it definitely shows. Mario
Jenice is truly a miracle worker and one of the top securities lawyers. She handled a very difficult case for us, displaying her legal knowledge, intelligence, and savviness throughout the process. I cannot recommend her enough. The quality of work from her team rivals that of corporate law firms. She was always available, extremely professional, and made sure to know all the details of the case. We were very fortunate to have been referred to Jenice and highly recommend her for any securities related legal issues. Nathan A.
An excellent professional who represented us in trial regarding a bank fraud, an unexpected and difficult time. A professional that worked hard, persevering and who stood toe to toe against firms that had a team of excellent lawyers backing them up. Her unflinching determination really stands out, it makes you feel you have someone who really cares about trying to recover what you lost from the people that wronged you. Salomon Levi
It is difficult to thank you in words when gratitude comes from the heart, so I will try to link feelings with writing. It is essential for us to mention your excellence as a professional, your aptitude on legal fields, and your unavoidable persistence. All of these virtues that elevate the profession you exercise in such an admirable way, go hand in hand with your sense of ethics, your human warmth and the transparency in your actions. To sum up, thank you for being a listening ear and for having the right word while transmitting information about the legal process. Having you as our representative during such an adverse situation was a privilege and enough reason for our eternal gratitude. Angeles Aparain
To say that my securities litigation was complex would be a severe understatement. With multiple parties involved and spanning many years, trying to understand the issues was daunting to say the least. Jenice and her team broke down the transactions by segment and by party uncovering every hidden expense. In the end, I was more than happy and could not thank Jenice and her team enough. I would not hesitate to recommend Jenice to anyone. She is highly professional, incredibly knowledgeable, well connected to industry experts, has a tireless work ethic and is so pleasant and easy to communicate with. Five stars for sure! Andrew Loughrane