Many people are engaging in stock trading in Florida. While this is a profitable venture, sometimes you may not just make a profit from it without the right skills. You may choose to research by yourself or get advice from people who have experience in the industry.
Not every piece of advice you get may be genuine. Therefore, it is vital to find out how legit the tips you are getting are. Here at Jenks and Harvey LLP, we understand everything about the securities fraud law. Therefore, we seek to defend our clients the best way possible for different types of claims.
So, what may get considered illegal advice under the Florida Securities fraud law? According to Findlaw, you may violate these laws if you engage in any of the following.
- Using and scheme or device to defraud someone
- Omitting information to mislead someone and obtain money from them by taking advantage of their situation
- Undertaking any transaction that shows deceit or that may get deemed as a fraud.
Breaking the Florida securities fraud laws attracts severe punishments. The courts consider these violations as felonies. Therefore, if convicted, you will face 5 years imprisonment or a $5000 fine and even both depending on your case.
However, if you defraud a person or people more than $50000, your case will be a first-degree felony. Therefore, it will attract even more severe charges that include up to 30 years in jail or a $10000 fine. Also, you may get both punishments depending on your case in particular. It is worth noting that you can face these charges social status notwithstanding.