24/7 call for a free consultation 212-300-5196




When you’re facing a federal issue, you need an attorney whose going to be available 24/7 to help you get the results and outcome you need. The value of working with the Spodek Law Group is that we treat each and every client like a member of our family.

Client Testimonials



The BEST LAWYER ANYONE COULD ASK FOR!!! Todd changed our lives! He’s not JUST a lawyer representing us for a case. Todd and his office have become Family. When we entered his office in August of 2022, we entered with such anxiety, uncertainty, and so much stress. Honestly we were very lost. My husband and I felt alone. How could a lawyer who didn’t know us, know our family, know our background represents us, When this could change our lives for the next 5-7years that my husband was facing in Federal jail. By the time our free consultation was over with Todd, we left his office at ease. All our questions were answered and we had a sense of relief.

schedule a consultation


NYC Stock Broker Fraud Lawyers

Wall Street and Securities Fraud Laws in NYC

NYC is the epicenter of the USA when it comes to finances. Wall Street banks in NYC are blamed by the media, and court opinion, for the crisis of 2008. New laws, regulations, restrictions, and obligations have been placed on the banking industry as a result. Violations of laws regulating banks, brokerage firms, and trading securities, can result in criminal and civil penalties. Securities and investment fraud results in federal criminal charges, in addition to the cases being among some of the most complex in the justice legal system. Those accused of committing stock broker fraud specifically, should consult with NYC stock broker fraud attorneys who can help them.

Securities Fraud Laws

There are eight different federal laws that have been passed which govern the securities industry. These regulations govern broker behavior, in addition to financial institutions, companies, and other institutions.

  • Securities act of 1993 – which required public companies to provide their financial information, and other information, to investors and prohibits misrepresentation, fraud, in the sale of securities.
  • Securities act of 1934 – This gives the SEC authority over the securities industry. It gives the power to oversee brokerage firms, and it controls the registration of firms that offer securities. In addition, companies with $10 million or more in assets who have 500 or more owners, have to file reports available to the public. Conduct like insider trading is prohibited by this rule. In addition, the law imposes requirements for proxy solicitations.
  • Trust indenture Act of 1938 – This law requires a formal agreement between bondholders and bond issuers which conforms to the Act standards before bonds, and note are offered on sale.
  • Investment Advisers Act of 1940 – This act requires all solo practitioners to confirm with regulations before advising someone about investments. The firm has to register with the SEC. Amendments to this act in 1996 and 2010 made it so only registered investment companies with $100 million or more in assets are subject to register with the SEC.
  • Investment Company Act of 1940 – This regulates mutual funds, and other companies, who engage in securities trading and investing. Companies that fit this criteria must disclose their investment policies. The purpose of the act was to force companies to disclose sufficient public information on it’s fund and objectives, as well as the structure and operations of the company that the company purchases shares in.
  • Sarbanes Oxley of 2002 – This mandated enhanced disclosures and created a public company accounting oversight board to force tighter controls
  • Dodd Frank Act of 2010 – It established rules for transparency in corporate governance and imposed new disclosure requirements and trading restrictions.
  • Jumpstart Our Business Startups Act 2012 – This was done to minimize regulatory requirements to make it easier for businesses to raise funds in the public market

Many securities fraud cases arise out of Section 10b and Rule 10b-5 of the securities act of 1934. Section 10b is the antifraud provision in the 1934 securities act. This has been used to take legal actions in cases that involve insider trading, misleading company filings, and more. Rule 10b-5 prohibits any device, scheme, or artifice, which has a purpose to defraud. Under 10b-5, liabilities can arise from omissions, or misstatements of facts which investors would believe are important in their decision to buy and sell certain stock. These are the rules which are often used by prosecutors to sue brokers, companies, and others. These regulations have been used to help investors sue brokers who were entrusted with funds and committed a breach of fiduciary duty. Our NYC stock broker fraud defense lawyers can help you fight these charges.

Criminal Penalties

U.S. Code Section 3301 defines federal securities fraud offenses that include a violation of the following codes:

George FernandezGeorge Fernandez
14:16 30 Apr 24
Excellent 10 out of 10, Helped resolve my case. Jeremy explained everything and made everything easy to understand.
21:33 24 Apr 24
If you are looking for a lawyer that listens, is aggressive where needed, and holds his word above all else, Todd is the best pick. I had hired multiple attorneys prior to hiring the Spodek Group for a white collar case. The first thing that stood out to me was the cost, as anyone going through the process and dealing with the system, money was tight at that time - especially after hiring and firing multiple lawyers. The cost was not as high as others which was definitely a plus. Todd's intake process was also unlike other attorneys. He took the time to actually listen. He cared. He was trying to put himself in my shoes while I was explaining the situation to him and he really took the time to understand the whole situation. Other lawyers will give you 15 mins and send you a retainer agreement. Not Todd, I think he spent almost two hours with me as I was explaining everything.Not only was he great during the onboarding process, he was supportive and very informative through the entire plea process and eventually sentencing. After hiring him, I asked if I should hire a prison consultant, he told me to save my money as he would do everything they would. He was right and held up to his word. Later on I would hear from others that went with the prison consultants that they were a waste of money - I am glad I listened to Todd!When it came time for sentencing, two days prior to sentencing, the prosecutor tried increasing my proposed prison time by almost double - apparently a normal move. Todd and his team worked with me non-stop through the weekend prior to sentencing to ensure that I was not given additional prison time. Again, he took the time to listen and came up with a strategy to explain the case with great detail.Unfortunately, I did plead guilty as that was my best option. Todd and his whole team wrote up nearly 300 pages of a summary of what happened and why I should not be given prison time. If I breakdown the amount I spent with Todd versus the amount of work that I saw being done, I am shocked I was not charged four times as much. The other benefit was, a lot of criminal defense lawyers were just a single attorney with a paralegal or two. Todd had a team of people that I dealt with (5-7 people that I interacted with), but he was ALWAYS accessible. It would never take him more than an hour to reply unless he was in court.I was sentenced to prison and I was emotionally distraught. Todd and his team did whatever they could even after sentencing to make sure I was alright. He personally stayed in touch with my family to ensure I was doing alright and offered support to them. Most lawyers would consider the job complete at sentencing, not Todd.After prison, Todd still spent time with me to make sure I was on the right track and avoiding any potential risks in the future. He has also been giving advice on how to navigate probation etc and has not been looking at the clock for billing.Although I wish I had never been arrested in the first place, I am glad I had Todd and his team in my corner. Without them I likely would have had to spend a lot more time in prison than I did.Thank you, Todd, and the entire Spodek Law team, for helping turn what was a nightmare into a manageable situation!
Yelva Saint-PreuxYelva Saint-Preux
19:26 19 Apr 24
I am immensely grateful to the entire team at Spodek Law Group for their unwavering dedication and exceptional expertise throughout my case. From our initial consultation to the final resolution, their professionalism and tireless advocacy made all the difference. Their strategic approach and attention to detail instilled confidence in me every step of the way.Thanks to their hard work and commitment, we achieved a truly favorable outcome that exceeded my expectations. Not only did they navigate the complexities of my case with precision, but they also provided invaluable support and guidance during what was undoubtedly a challenging time. I cannot recommend Spodek Law Group highly enough, especially attorneys Todd Spodek and Claire Banks; they are beacons of excellence in the legal profession.YSP.
Katherine SunKatherine Sun
18:08 18 Apr 24
my lawyer is Alex Zhik. Efficient, patient and professional
Nun yaNun ya
17:48 18 Apr 24
Todd, Ralph and Alex are amazing. Helped my husband get from a double digit number with multiple charges to a single digit, by the time I blink he will be out. They very professional and help with all your needs. They dealt with my anxiety and worry very well and they understand that your family member needs to get home as soon as possible.
Keisha ParrisKeisha Parris
20:45 15 Mar 24
Believe every single review here about Alex Z!! From our initial consultation, it was evident that Alex possessed a profound understanding of criminal law and a fierce dedication to his clients rights. Throughout the entirety of my case, Alex exhibited unparalleled professionalism and unwavering commitment. What sets Alex apart is not only his legal expertise but also his genuine compassion for his clients. He took the time to thoroughly explain my case, alleviating any concerns I had along the way. His exact words were “I’m not worried about it”. His unwavering support and guidance were invaluable throughout the entire process. I am immensely grateful for Alex's exceptional legal representation and wholeheartedly recommend his services to anyone in need of a skilled criminal defense attorney. Alex Z is not just a lawyer; he is a beacon of hope for those navigating the complexities of the legal system. If you find yourself in need of a dedicated and competent legal advocate, look no further than Alex Z.
Taïko BeautyTaïko Beauty
16:26 15 Mar 24
I don’t know where to start, I can write a novel about this firm, but one thing I will say is that having my best interest was their main priority since the beginning of my case which was back in Winter 2019. Miss Claire Banks, one of the best Attorneys in the firm represented me very well and was very professional, respectful, and truthful. Not once did she leave me in the dark, in fact she presented all options and routes that could possibly be considered for my case and she reinsured me that no matter what I decided to do, her and the team will have my back and that’s exactly what happened. Not only will I be liberated from this case, also, I will enjoy my freedom and continue to be a mother to my first born son and will have no restrictions with accomplishing my goals in life. Now that’s what I call victory!! I thank the Lord, My mother, Claire, and the Spodek team for standing by me and fighting with me. Words can’t describe how grateful I am to have the opportunity to work with this team. I’m very satisfied, very pleased with their performance, their hard work, and their diligence.Thank you team!
K MarK Mar
01:37 25 Jan 24
I recently had Spodek Law Group represent me for a legal matter in NYC and I am thoroughly impressed with their services.Alex Zhik secured the best possible outcome for my case.It was a seamless journey from the initial consultation to the resolution of my legal matter. From the moment I spoke to Todd about my case, his enthusiasm to help was evident, setting a positive tone for the entire experience. The efficiency and professionalism displayed by the team is commendable.A particularly noteworthy aspect of their service is their user-friendly portal to upload your documents/evidence. This not only simplified the process, but showcases their commitment to streamline the client experience.Lastly, in an industry where legal fees can often be a concern, I found their pricing to be very reasonable, making needing legal assistance feel accessible and stress-free.I am grateful for their support and wouldn't hesitate to turn to them again in the future.
  • U.S. Code Section 1348.
  • Section 32(a) of the 1934 Securities and Exchange Act
  • Section 24 of the 1933 Securities Act
  • Section 325 of the Trust Indenture Act of 1939
  • Section 217 of the 1940 Investment Advisers Act
  • Section 49 of the 1940 Investment Company Act

Under 18 U.S. Code Section 1348 criminal penalties are imposed for securities and commodities fraud. Under this code, you can be fined and sentenced up to 25 years in prison for knowingly committing, or attempting to commit, a scheme to defraud investors:

  • If you defrauded anyone in connection with a commodity which will be delivered in the future, or on an option on a commodity which will be delivered in the future, or a security which is issued as a class of securities which are registered, or required to be registered, under the SEC Act of 1964
  • If you get money, or property, in connection with the purchase/sale of commodities in the future by making misrepresentations or false statements

Section 32(a) of the Securities and Exchange Act has the following penalties:

  • You make violations, false, or misleading statements, as required by the Securities and Exchange Act. Penalties can include up to 20 years incarceration, and a fine up to $5,000,000. If it is a brokerage firm or financial institution which violated the law, the fines can be up to $25,000,000
  • Failure to file documents, and reports can result in a forfeiture of $100 per day each day not filed.
  • Violations by officers, stockholders, directores, employees can result in fines and civil penalties ranging from $10,000 to $2,000,000

Section 24 of the 1933 Securities act imposes up to 5 years in jail, and fines up to $10,000 or more for making false statements on required registration statements and for other violations of the rules and regulations.

Section 325 of the trust indenture act imposes penalties that include up to 5 years in jail, and fines up to $10,000 for bond issuers.

Section 217 of the Investment Advisors Act imposes penalties of up to 5 years incarceration and fines up to $10,000 for violations of the Act Rules and Act regulations. Section 49 of the Investment Company Act establishes the same penalty for certain violations of rules and regulations when it comes to mutual funds and other organizations who are selling their own securities to investors.

NYC Stock Broker Fraud Lawyers

Spodek Law Group, PC, has helped financial institutions, investment advisors, stock brokers, and other clients who are accused of securities fraud offenses. Our New York stock broker fraud attorneys know fraud laws, and can help with all forms of investigations into fraudulent behavior.

Lawyers You Can Trust

Todd Spodek

Founding Partner

view profile



view profile


Associate Attorney

view profile



view profile



view profile



view profile



view profile

Criminal Defense Lawyers Trusted By the Media

schedule a consultation
Schedule Your Consultation Now