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Pennsylvania Securities Attorneys

Pennsylvania Farm and Grass fields Does Investment Fraud Really Happen in Pennsylvania?

It’s hard to believe, but investment fraud really does happen in Pennsylvania. It’s up to Pennsylvanians to understand how to protect themselves—and how to contact a Pennsylvania securities attorney when they’re ready to get help.

In a recent example of stock fraud in Pennsylvania, Brenda Smith of Conshohocken, Pennsylvania was charged in a $63 million Ponzi scheme, according to a SEC complaint filed on August 27, 2019. As CEO of Broad Reach Capital, LP, as well as Broach Reach Partners, LLC and Bristol Advisors, LLC, she allegedly enticed 40 investors into her alleged scheme, and when they raised questions, she allegedly created fake account statements to placate them. The case is pending.

While it can be uncomfortable to think about securities fraud, the harsh truth is that it can happen anywhere. If you believe you’ve been a victim of fraud, don’t hesitate to contact a Pennsylvania securities attorney.

How Does Pennsylvania Protect Investors?

The Pennsylvania Department of Banking and Securities plays a multi-faceted role in protecting investors and ensuring the integrity of the securities business in Pennsylvania. The Departmemt is responsible for registering 200,000 broker-dealers, investment advisers, and other investment professionals who conduct securities business in Pennsylvania. The Department is also responsible for reviewing the investment offerings that these investment professionals will ultimately sell. Every year, the Department reviews 5,000 new securities offerings made to Pennsylvania residents. When things don’t go as planned and investors have concerns, the Department investigates. In the fiscal year 2018-2019, the Department helped resolve 4,500 customer complaints. The Department tries to educate the public before people fall victim to a scam by holding investor education events and putting out news releases, such as a bulletin about avoiding holiday scams.

The Department is also involved in initiatives designed to help consumers of certain demographics take charge of their finances. Through its “Investing in Women” initiative, the Department provides women with information about investing and other financial topics. The Department launched the initiative after research showed that the number of Pennsylvania women saving for retirement was lower than the national average.

How Can Pennsylvania Investors Protect Themselves?

The best way that Pennsylvania investors can protect themselves from financial fraud is by educating themselves. To this end, the Pennsylvania Department of Banking and Securities helps facilitate this by presenting on numerous financial fraud topics throughout the year.

One of their signature programs is Start Today and Retire Tomorrow (START), a retirement planning program. The Department also offers many programs to educate senior investors, who are statistically at a higher risk for financial exploitation. These include “Fraud Bingo”, “Avoiding Scams and ID Theft”, “Spending Plans: A Road to Financial Success”, “Cybersecurity: Keeping Yourself Safe Online”, and “Your Retirement Nest Egg: Making It Last.” The Department also gives presentations at the ever-popular Pennsylvania farm show, including one for military veterans.

While the Pennsylvania Department of Banking and Securities plays a vital role in protecting investors, if you have lost money to investment fraud, you should contact a Pennsylvania securities attorney.

When Might I Need a Pennsylvania Securities Attorney?

While the Pennsylvania Department of Banking and Securities helps prevent securities fraud in Pennsylvania, empowering investors through education and overseeing Pennsylvania stockbrokers and financial advisers, its authority is limited. It cannot represent investors in lawsuits, mediations, or private arbitrations (such as those that happen before a FINRA arbitration panel). However, a securities attorney, including a Pennsylvania securities attorney, can represent investors and recover funds. If you would like to learn more about your options for recovery, don’t hesitate to contact a Pennsylvania securities attorney. Contact the securities attorneys of Fitapelli Kurta at (877) 238-4175 or The securities attorneys of Fitapelli Kurta handle arbitrations nationwide.

Who Should I Call?

You should not let fear stop you from investing. It is important, however, to stay informed about securities fraud in Pennsylvania so that you can protect yourself and safeguard your financial future.

If you fear you may have lost money through securities fraud in Pennsylvania, please contact the experienced securities attorneys of Fitapelli Kurta. Our securities fraud attorneys have worked with investors from Pennsylvania. Whether you’re in Philadelphia, Harrisburg, Pittsburgh, State College, or any other city or town in Pennsylvania, we’re here to help you. Our attorneys work on contingency: we only collect a fee from clients if we can recover money on their behalf. Call (877) 238-4175 or email for your free case consultation.