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PROCEDURE FOR FILING A COMPLAINT WITH THE ALABAMA SECURITIES COMMISSION

The ASC is responsible for regulating the securities industry in the State of Alabama.  One of our main functions is to oversee the firms and individuals that engage in the offer and sale of securities to the public.  We also oversee the individuals and entities that provide investment advice for compensation as defined within the Alabama Securities Act. If you have a complaint and/or information concerning possible violations of the Alabama Securities Act, please contact the Commission.

 SOME TIPS ON PREPARING A WRITTEN COMPLAINT

  1. Present the events in the order in which they happened, using dates whenever possible.
  2. Enclose copies of documents such as written offering memoranda or other materials, cancelled checks (front and back), purchase agreements, stock certificates, confirmation, letters, advertisements, papers, notes or other documents that may support your complaint.  Keep originals for your files.
  3. Remember that your complaint should describe the event or practice which you believe was a possible violation.
  4. Please COMPLETE the complaint form, and return it to our office.  Our ability to assist you will depend upon your giving us a complete and detailed statement including any misrepresentations made to you.
NOTE:  In order to access and print the complaint form you must have Acrobat Reader installed on your machine. Adobe Graphic

MAIL OR DELIVER YOUR COMPLAINT TO:

ALABAMA SECURITIES COMMISSION
ENFORCEMENT DIVISION
P.O. Box 304700
MONTGOMERY, AL. 36130-4700

PHONE: 1-800-222-1253
PHONE: 1-334-242-2984
FAX:      1-334-242-0240
EMAIL:  asc@asc.alabama.gov

Upon receipt, we will assign your complaint to an investigator who will consider making an inquiry into the situation.  You should be aware that evaluation of your complaint might take several weeks.  It is ASC's policy to conduct inquiries on a confidential basis.  This is done to protect the integrity of the investigation and to protect the personal privacy of persons with respect to whom unfounded charges may be made.

The ASC does not have authority to provide legal or financial advice to investors, or to represent them in connection with their personal rights.  Any actions instituted by the Commission with respect to alleged or purported violations are limited to remedial and enforcement actions seeking to prevent further violations.  Thus, any action by the ASC would not necessarily result in any monetary benefit to you.  If you have suffered monetary loss, you should consider contacting a private attorney to discuss your legal rights and remedies under the Alabama Securities Act or other statutes. 

The United States Securities and Exchange Commission (SEC) have approved certain arbitration procedures for resolution of disputes between investors and broker/dealers.  Arbitration is a method of having a dispute between two or more parties resolved by an impartial person who is knowledgeable in the areas of controversy.  That person is known as an arbitrator.  Disputes between an investor and a broker/dealer often involve complicated issues that, in the interest of fairness, require a prompt and inexpensive means of resolution.  Because of this, arbitration has long been used as an alternative to the courts.  Once the arbitrator has made a decision, the decision is final and is subject to review by a court only on a very limited basis.  Also, if arbitration is chosen as a means of resolving a dispute, the complaining party gives up the right to pursue the matter through the courts.

If you are interested in learning more about the arbitration process, you can contact the Financial Industry Regulatory Authority (FINRA) or the Exchange that your broker/dealer is a member.  The addresses for the New York Stock Exchange and the NASD are:

New York Stock Exchange
11 Wall Street
New York, New York 10005
Phone:  (212) 623-2773

Dispute Resolution Southeast Regional Office
FINRA Dispute Resolution
Boca Center Tower 1
5200 Town Center circle
Boca Raton, FL 33486
Phone (561) 416-0277
Fax: (301) 527-4868

This document and the complaint form are also available by contacting the Alabama Securities Commission at 1-800-222-1253 or (334) 242-2984.

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For comments and/or suggestions contact Web Master at:
david.gilmore@asc.alabama.gov