Vernon Healy - Florida Securities Fraud Attorneys, Securities Litigation, FINRA Arbitration, Business Litigation, Naples Law Firm, Naples Lawyer

Chris Vernon interviewed on WGCU Public Radio

Securities fraud attorney Chris Vernon was the featured guest on a live call-in show for NPR’s Southwest Florida affiliate. Host Valerie Edwards interviewed Vernon on “Gulf Coast Live!” about his investigation of Lehman Brothers and the plight of investors fraudulently sold Lehman 100 Percent Principal Protected Notes.

During the hour-long show, Vernon answered questions and shared his knowledge of investment fraud and provided information about the securities arbitration process. The Vernon Healy law firm, which is based in Naples, Fla., represents investors with more than $12 million in claims involving Lehman notes. Vernon Healy’s Lehman investigation has received national media attention in Forbes and AARP Magazine.

To Listen to the Show, Click Here.

Vernon Healy investigation of Lehman spotlighted in Forbes

The nationwide investor advocacy work of Naples-based law firm Vernon Healy has been recognized by Forbes magazine. Vernon Healy’s investigation of Lehman Brothers principal protected notes recently garnered attention from Forbes.

Vernon Healy represents clients with more than $12 million in claims against UBS, the firm that primarily sold Lehman Brothers principal protected notes. Conservative investors, many of them retirees, were fraudulently sold so-called “principal protected notes,” and told that their investments were 100 percent principal protected, according to claims filed by Vernon Healy.

“Tragically, these investors lost virtually all of their money when Lehman Brothers declared bankruptcy in 2008,” said Chris Vernon, the founder of Vernon Healy. AARP’s national magazine also previously featured the work done by Vernon Healy on behalf of Lehman note investors in 2011.

The Vernon Healy law firm has active claims on behalf of Lehman principal protected note investors set for arbitration hearings before the Financial Industry Regulatory Authority in coming weeks.

“UBS fraudulently misrepresented Lehman principal protected notes not only to its brokerage firm clients but also to some of its own financial advisors,” according to a $300,000 claim filed by Vernon Healy this month on behalf of a Texas couple.

Vernon Healy represents companies and individuals in financial and business litigation as well as investors who are victims of securities fraud and stock losses due to misconduct and negligence. The firm’s investigations have delved into myriad financial products and practices, including structured products such as principal protected notes and reverse convertibles, hedge funds, funds of funds, non-traded REITs, TICs, preferred stock, private equity investments, tax shelters, Ponzi schemes, ETFS, annuities and other insurance products.

Chris Vernon was named by his peers Best Lawyers’ 2012 Bet-the-Company Litigation Lawyer of the Year for the Naples and Ft. Myers Region after being repeatedly named among the Best Lawyers in commercial litigation and securities / capital markets law.

Susan Healy was named the Collier County Women’s Bar Association’s 2011 Woman Lawyer of the Year for her career representing investors harmed by Wall Street misdeeds and for her efforts to advance the position of women in general as well as in the legal profession.

For more information:

For more information:
Contact Chris Vernon
Vernon Healy, attorneys at law
www.vernonhealy.com
www.lehmannotes.com
239-649-5390

Susan Healy Named Woman Lawyer of the Year

Securities attorney Susan Healy, a founding partner in the investor
advocacy law firm Vernon Healy, was named the Collier County Women’s Bar Association’s 2011 Woman Lawyer of the Year for her career representing investors harmed by Wall Street misdeeds and for her efforts to advance the position of women in general as well as in the legal profession.

The Woman Lawyer of the Year is awarded annually by the CCWBA to an attorney who has excelled in her career, overcome traditional stereotypes associated with women, promoted the status of women within the profession and promoted the status of women in the State of Florida.

Healy thanked the members of the CCWBA for welcoming her into the southwest Florida legal community and for encouraging her to accept leadership positions with the CCWBA and the Florida Association of Women Lawyers (FAWL). 

Quoting her partner, Chris Vernon, she explained, “The Women’s Bar is the new ‘old boy’s’ network.”

Healy regularly assists Baby Boomer and Greatest Generation women in standing up to Wall Street for selling rogue investments and failing to supervise unscrupulous financial advisors.

“I hate to see anyone lose their nest egg, but women who have struggled to achieve the American dream only to have it taken away by someone else’s misconduct hold a special place for me,” Healy said.

In recent years, her noteworthy cases include more than $10 million in civil securities fraud arbitration claims brought on behalf of investors who bought Lehman notes. The notes were marketed as 100 percent principal protected, but retirees and others who bought them believing they were safe lost virtually all of their investment when Lehman filed bankruptcy in 2008. For her work, she has been named by her peers as one of The Best Lawyers in American in the area of securities law.

In addition, Healy brought a fraud and mismanagement civil action on behalf of land trust beneficiaries and represents victims of unlawful tax shelter schemes.

Healy was elected and currently serves as the president of FAWL, a statewide organization comprised of 29 local chapters. As president, Healy serves as the FAWL representative on The Florida Bar Board of Governors. She also serves on the Florida Bar’s Special Committee on Diversity and Inclusion and on the Chief Justice’s Advisory Committee for the 2012 Tobias Simon Pro Bono Awards. She currently sits as a member of the Finance Committee of the Education Foundation of Collier County, having previously served as treasurer and vice chair of that organization.

The Vernon Healy law firm, based in Naples, Florida, focuses its practice on complex financial disputes and securities fraud litigation and arbitration.  

Healy to encourage young women lawyers in keynote address

Naples, Fla. — Susan Healy, president of the Florida Association of Women Lawyers, will discuss challenges facing women attorneys and the transition from law school to practice in her keynote address to the South Florida chapters of FAWL on Sunday.

The brunch, hosted jointly by the law schools at Florida International University and Nova Southeastern, will be held on Sunday, Nov. 20 from 11 a.m. to 1 p.m. in the atrium at the FIU College of Law at 11200 SW 8^th St., Miami, 33199.

Healy, a partner in the Vernon Healy law firm that focuses its practice on complex financial disputes and securities fraud litigation and arbitration, said she’s eager to talk about what FAWL is doing to assist new lawyers and young lawyers.

“We’re really focusing our attention on teaching leadership skills to young women attorneys,” Healy said. “Often it’s difficult for women attorneys to find mentors who can help them navigate issues in their careers that are particular to women.”

Healy was elected and currently serves as the president of FAWL, a statewide organization comprised of 29 local chapters.  Current FAWL members include representatives from Florida’s judicial, legal and political communities, including members of the Florida Supreme Court and the Florida Senate and House of Representatives.  As President, Healy serves as the FAWL representative on The Florida Bar Board of Governors.  She also serves as a member of the Florida Bar’s Special Committee on Diversity and Inclusion.

In recent years, Healy’s noteworthy cases include filing more than $10 million in civil securities fraud arbitration claims on behalf of investors in Lehman notes. The investments were marketed as 100 percent principal protected notes, but the investors lost virtually all of their investment when Lehman filed bankruptcy in 2008.  In addition, Healy brought a fraud and mismanagement civil action on behalf of land trust beneficiaries, and she represented fraud victims of a Jackson Hewitt franchise.

Healy’s Bar Admissions include: State of Florida Bar (1984), U.S. District Court for the Southern District of Florida (1986) U.S. District Court for the Middle District of Florida (2002), Eleventh Circuit Court of Appeals (1986) United States Supreme Court (1987).

The Vernon Healy law firm, based in Naples, Florida, devotes its practice to complex commercial litigation and assisting clients nationwide in pursuing recovery of losses caused by all manner of financial fraud and negligence. The firm’s investigations have delved into myriad financial products and practices, including structured products such as principal protected notes and reverse convertibles, non-traded REITs, Preferred stock, TICs, private equity investments, tax shelters such as 419 plans, hedge funds and fund of hedge funds, Ponzi schemes, annuities, and ETFs (exchange traded funds).

For more information about FAWL, contact Susan Healy at 239-649-5390 or by email at shealy@vernonhealy.com

Investor Advocate Attorney Chris Vernon Named Best Lawyer for Bet-the-Company Litigation in Southwest Florida

Chris Vernon, of the Naples based law firm Vernon Healy that represents clients facing financial litigation and arbitration, was named this week as Best Lawyers’ 2012 Bet-the-Company Litigation Lawyer of the Year for the Naples and Ft. Myers Region.

Vernon is among a short list of 12 Southwest Florida attorneys to receive such distinction and the only one to have been named best lawyer for “Bet the Company” litigation. Only a single lawyer in each practice area in each region is being honored as “Lawyer of the Year” for 2012. Vernon has been repeatedly recognized by his peers in The Best Lawyers in America publication in the categories of commercial litigation, securities law, and Bet-the-Company litigation.

Vernon and his firm handle financial litigation and arbitration matters nationwide, though he is best known for his work educating and advocating on behalf of investors who are the targets of Wall Street misconduct. Vernon’s firm has been on the forefront of investigations into Lehman notes sold to retirees who lost billions. The firm has represented investors with tens of millions of dollars in Lehman notes and other claims involving principal protected notes, structured notes, non-traded REITs and bond funds as well as investors harmed by incompetent or negligent hedge fund managers, wealth managers, family offices and those affected by land trust fraud.

Vernon Healy’s extensive nationwide investigations were featured in the March 2011 AARP Magazine article “The Time Bomb in Your Nest Egg,” in which Vernon warned investors about unscrupulous investment practices and products, specifically Lehman notes. The firm represents investors with more than $10 million in Lehman notes claims alone.

Over the past two years, Vernon has also been in the forefront of warning investors about non-traded Real Estate Investment Trusts or REITs, which financial advisors are pushing to retirees as income producing investments without adequately warning them about the pitfalls of these investments, many of which are similar in structure to Ponzi schemes. Regulators such as FINRA recently have begun echoing Vernon’s calls for caution on this front, this week issuing a warning to investors about non-traded REITs. 

Susan Healy, Vernon’s partner, has also been named by her peers as one of The Best Lawyers in America in the area of securities law and is one of è Bella magazine’s Women to Watch. She has held leadership positions in both state and local bar associations and was recently elected statewide chair of the influential Florida Association of Women Lawyers (FAWL).

The attorneys at Vernon Healy collectively have more than 30 years of experience representing companies and individuals in financial litigation as well as investors who are victims of securities fraud, stock fraud and stock losses due to misconduct. Vernon Healy securities attorneys are experienced in securities arbitration and assist clients in pursuing recovery of losses caused by all manner of financial fraud and negligence. The firm’s investigations have delved into myriad financial products and practices, including structured products such as principal protected notes and reverse convertibles, non-traded REITs, Preferred stock, TICs, private equity investments, tax shelters such as 419 plans, hedge funds and fund of hedge funds, Ponzi schemes, annuities and other insurance products and ETFs (exchange traded funds).
  

Vernon Healy uses new rule to save clients time and money in litigation

When the operator of a Sarasota Florida Jackson Hewitt franchise was arrested, his massive fraud came to light.  Hundreds of Jackson Hewitt customers lost money that they had invested in what appear to have been phony real estate deals and money market funds.   

Vernon Healy represented multiple investors who claim to have been defrauded and has filed lawsuits on behalf of the cheated investors.  In all, hundreds of Jackson Hewitt customers filed similar claims.  The Sarasota Courthouse faced the prospect of setting aside more than a year’s worth of courtroom time to hold a separate trial on every case.  Many of the same witnesses would be called to testify about the same facts and documents in every case and the expert opinions presented in each case would be virtually identical.  But unless something was done, the investors would be forced to go through costly and time-consuming individual trials.  

Vernon Healy, along with lawyers representing other Jackson Hewitt customers, proposed that the court manage the cases under Florida’s newly adopted Complex Litigation Rule and consolidate all the cases for a single trial on liability.  The Complex Litigation Rule was designed to assist the court in managing large, time-consuming cases that involve numerous parties, present complicated legal issues or require coordination with other cases.  While the Complex Litigation Rule does not specifically mention consolidated trials (consolidation is governed by a different rule), the Jackson Hewitt cases would appear to fall within the spirit and the purpose of the new rule.     

Over Jackson Hewitt’s opposition, the Court ordered a single trial to determine issues relating to Jackson Hewitt’s liability.  That decision will ensure consistent results in all cases, will save the public the expense of hundreds of days of court time and will save each of Vernon Healy’s clients thousands of dollars in court costs.                   

Chris Vernon quoted in AARP Magazine on structured product dangers

Securities attorney Chris Vernon, founding partner of Vernon Healy Law Firm and a strong advocate for investor rights and financial industry reform, is quoted in the March 2011 edition of AARP Magazine in “TheTime Bomb in Your Nest Egg.”

AARP, formerly the American Association of Retired Persons, is a non-profit group that boasts more than 40 million members.

Vernon Healy represents two of the investors quoted in the AARP Magazine article that warns investors about the dangers of structured products. Charles Replogle, a 55-year-old restaurant owner from Vero Beach, Fla., was sold $130,000 in Lehman “principal protected notes” and other structured products that lost virtually all their value. Rob Brunhild, 49, of Bloomfield, Mich., also represented by Vernon Healy, was investing for his family and 80-year-old mother. His family lost $275,000 on Lehman principal protected notes and other structured products.

"Clearly, Wall Street is targeting fixed-income investors, most of whom are retirees seeking a steady source of income while guarding against any material loss of principal," Vernon told AARP. The article notes that Vernon has represented hundreds of older investors who have been burned. See the Vernon Healy blog Lehmannotes.com for more information on strucutred products, principal protected notes and reverse convertibles.

Court Ruling Allows Investor Represented by Vernon Healy to Seek Securities Arbitration

Sometimes investors are harmed not only by the brokerage firm that sold a particular product, but also by a supporting or contributing Wall Street player.  However, investors who are indirectly harmed by the actions of a brokerage firm often have to pursue the wrongdoers in court versus seeking redress in arbitration.  While court may often be preferable to securites arbitration, Vernon Healy looks at each client’s case individually and assesses the best venue to pursue each client’s claim. 

For example, Vernon Healy won the right for a large goup of investors who suffered losses based on faulty research and data provided by Goldman Sachs to pursue Goldman in arbitration versus court.

Goldman Sachs tried to persuade a judge that Vernon Healy’s clients should not be allowed to seek to recover their losses before a securities industry arbitration panel because they were not  direct customers of Goldman’s. That’s despite the fact that Vernon Healy’s clients had suffered significant losses based on false information that Goldman Sachs sold to their financial advisor, who worked for the Midwest-based firm of Robert W. Baird & Co.

Goldman Sachs’ attorneys claimed that because Vernon Healy’s clients were not direct clients of Goldman’s, they had no right to seek arbitration before the New York Stock Exchange (which is now part of FINRA arbitration). Goldman Sachs’ attorneys also argued that the client agreements with Robert W. Baird & Co. provided that Goldman’s research and databases were for the firm’s use only. The agreement further prohibited Robert W. Baird & Co. from saying that the information came from the Wall Street firm. It also indemnified Goldman Sachs from any claims that might arise from the use of the research and databases.

Despite those arguments, U.S. District Judge John Steele sided with Vernon Healy’s client and allowed the arbitration to go forward.  Federal Judge Steele even suggested that the indemnification portion of the contract that Goldman Sachs used in its argument was in place precisely because Goldman Sachs expected that Baird would use the research when advising clients on stock trades.

In this case, the investors and their financial advisor did what they were supposed to do, Vernon argued, but it was Goldman Sachs that acted to fill its own coffers at the expense of Main Street investors.

At the heart of Goldman’s actions were those of its analyst, Jamie Friedman, who had strongly recommended Internet Capital Group Inc. (ICGE) stock to the financial advisor who in turn recommended ICGE to his clients, including the investors subsequently represented by Vernon Healy.   Despite the fact that ICGE stock’s value was tumbling, Friedman reassured financial advisors that ICGE was still a good investment and that it was undervalued.

It is worth noting that Friedman was also implicated in the boiler-room style sale of another Internet stock that Goldman Sachs pushed to its clients, driving up the price, while Goldman sold its shares of the company. When the bottom fell out, Goldman had profited while investors who had bought the stock suffered heavy losses.

This case is an example of how Vernon Healy attorneys bring their decades of experience to the table to assist clients with critical, customized analysis of the best available forum to pursue each particular client’s claim.  Vernon Healy attorneys have litigation and arbitration experience in advocating for investors claims to be heard in the forum it believes is most likely to benefit the investor.  

The attorneys at Vernon Healy have decades of experience representing investors who are victims of stock fraud and stock losses due to broker fraud and brokerage firm fraud and misconduct. Vernon Healy securities attorneys are experienced in securities arbitration and business litigation and assist clients in recovering losses caused by all manner of financial fraud and negligence.

Contact
Vernon Healy
Christopher T. Vernon, attorney at law
Susan R. Healy, attorney at law
http://www.vernonhealy.com
(239) 649-5390
Toll Free: (877) 649-5394
email: info@vernonhealy.com

Vernon Healy legal team has fought for investors against Wall Street-favored mandatory arbitration for more than a decade

With the passage of sweeping financial reform in 2010, Congressional lawmakers recognized the disadvantage investors suffer when they are forced by Wall Street brokerage firms into mandatory arbitration pursuant to pre-dispute arbitration   agreements contained within account opening documents signed by clients. Vernon Healy attorneys have been on the forefront of the fight for investors’ rights to a fairer playing field for more than a decade.  

In a Florida Supreme Court case that was watched closely by investor advocates, the attorneys at Vernon Healy won a critical legal battle, allowing an investor alleging stockbroker abuse to choose the courtroom rather than a financial industry arbitration panel to settle a dispute.

The unanimous decision by the high court lowered the threshold that allowed investors to sidestep arbitration and take their disputes to court if they so choose. Having a choice is what’s key for investors. And Vernon Healy is experienced at representing clients both in arbitration before the Financial Industry Regulatory Authority (FINRA) and in court. 

Brokerage firms usually favor FINRA arbitration because they know it is, on average,  a more favorable forum for the securities industry to resolve disputes before industry experts than in a courtroom. Arbitration also limits the exchange of information between litigants known as discovery, and it often keeps the outcome out of the public eye.

The case brought by Vernon Healy on behalf of investor Steven Saldukas represented a critical win for all investors harmed by unscrupulous stockbrokers and brokerage firms. Saldukas claimed that his Raymond James Financial Services Inc. advisor, Rick VandenBerg, negligently put Saldukas’s nest egg into risky technology stocks, causing significant losses when the stocks tumbled. Chris Vernon, founder of Vernon Healy, successfully argued that Raymond James could not initially refuse to go to arbitration in order to try to gain a strategic advantage, then later try to force Saldukas into arbitration after an unfavorable pretrial ruling in court.
 
Raymond James fought bitterly to overturn the original ruling by a Florida Circuit judge, taking the case to the 2nd District Court of Appeal, where it was affirmed, and finally to the Florida Supreme Court, which also upheld the original decision.

Vernon Healy attorneys use their decades of experience to assist clients with critical cost-benefit analysis of available forums for each client to pursue their particular claims.  Vernon Healy attorneys have both the litigation and arbitration experience to advocate for investors rights in the available forum that it believes is most likely to benefit the investor.

The attorneys at Vernon Healy represent investors who are victims of stock fraud and stock losses due to broker fraud and brokerage firm fraud and misconduct. Vernon Healy securities attorneys are experienced in securities arbitration and business litigation and assist clients in recovering losses caused by all manner of financial fraud and negligence.

Contact
Vernon Healy
Christopher T. Vernon, attorney at law
Susan R. Healy, attorney at law
http://www.vernonhealy.com
(239) 649-5390
Toll Free: (877) 649-5394
email: info@vernonhealy.com

In court or arbitration, Vernon Healy analyzes how to best represent each investor’s claim against Wall Street

Investors who have suffered losses at the hands of negligent and abusive brokerage firms and investment advisors need solid legal counsel and cost-benefit analysis on the best available forum to pursue their legal rights.  Sweeping financial reforms enacted in 2010 could end or curtail mandatory arbitration clauses that have long been favored by Wall Street.

Depending on how aggressively the Securities and Exchange Commission implements reform legislation, investors may soon have a real choice between arbitration and court, making it all the more critical for investors to retain attorneys with experience in both arenas.  The litigators at Vernon Healy not only have experience in court and arbitration, they have broad experience helping investors secure the path that best suits their individual needs.

When one client of the firm was indirectly hurt by the bad data, research and advice of Goldman Sachs, Vernon Healy led the courtroom battle against the Wall Street giant and won that investor the right to seek arbitration before the New York Stock Exchange.

Please see Goldman Sachs Arbitration Case Study.

When another client wanted instead to take his claim before a judge or jury, the Vernon Healy legal team took on Raymond James Financial Services Inc. and won that investor the right to sidestep arbitration and take his claim to court. 

Please see Raymond James Lawsuit Case Study.

The attorneys at Vernon Healy have decades of experience representing investors who are victims of stock fraud and stock losses due to brokerage firm fraud and misconduct. Vernon Healy securities attorneys are experienced in securities arbitration and business litigation and assist clients in recovering losses caused by all manner of financial fraud and negligence.

Contact
Vernon Healy
Christopher T. Vernon, attorney at law
Susan R. Healy, attorney at law
http://www.vernonhealy.com
http://www.lehmannotes.com
http://www.protectinginvestors.com
(239) 649-5390
Toll Free: (877) 649-5394
email: info@vernonhealy.com