Skip to main content
Lars Kristian Soreide
Avvo
Pro

Lars Soreide’s Answers

18 total


  • Can I charge someone for embezzling if he did not use my investment as agreed upon in a written contract.

    I invested in a business & the individual did not provide invoices of any purchases & he took the money to use for himself. We had a written agreement & it was notarized. He has not payed me back the full amount that was invested as agreed upon ...

    Lars’s Answer

    You can't charge anyone with anything unfortunately that is left up to the state attorney's office. You can however purse a claim for civil theft which usually has a multiplier for damages. In Florida civil theft entitles you to treble damages and attorneys fees. SUE under a civil theft statute you will do better with that than if the state gets involved because at best you get your money back.

    See question 
  • What is a typical penalty for committing investor fraud, under the Investment Advisers Act of 1940?

    This deals with a member of the GP using LP funds for personal use

    Lars’s Answer

    Penalties for an advisors misconduct are not just limited to the penalties outlined in the investment advisors act. If you are in the civil world and we aren't talking about a crime you can also bring claims under the common law (negligence, breach of fiduciary duty, ect) in addition to any state specific securities act.

    See question 
  • Who do I see for mismanagement of investment securities. Not sure which specific lawyer to see.

    Loss of half principal over inception.

    Lars’s Answer

    If you're account with with a FINRA - Financial Industry Regulatory Authority- registered broker you can hire anyone in the country. http://www.Piaba.org is a great resource. Http://www.FINRA.org is also another resource you can use. I would recommend visiting http://www.SecuritiesLawyer.com and click on arbitration process and the left hand navigation to read about all the steps. If it is an registered investment advisor that lost half your money you are more likely than not to end up in court in your local jurisdiction.

    See question 
  • Can I get my Real Estate License in Florida if I have a DUI infraction

    Although not guilty, I was found guilty no contest to a DUI a couple years back in my parking lot, am I able to get a Real Estate License in Florida

    Lars’s Answer

    Yes you can. 1 dui if disclosed should not be any issue for FREC.

    See question 
  • What type of attorney should I contact?

    C.N.A. took hospice patient outside as instructed by nurse, brought him back inside when told. Family came to visit took him outside again without talking to staff he had a heat stroke. He survived but family has filed suit, facility has blamed me...

    Lars’s Answer

    I deal with licensure defense before various regulatory boards including the Florida Board of Nursing. Feel free to contact me.

    See question 
  • I want to pursue a criminal theft case on a person meant to be investing my money, but lied until I knew she had blown it.

    I was living in Wisconsin at the time, and she in Illinois. Date was 2004 till 2012. Is there a statute of limitations? The amount was $17,000 and I have a letter signed by her saying she owes me this amount with interest.

    Lars’s Answer

    If your financial advisor was registered with FINRA and you can check this on FINRA's broker check tool on their website and you find yourself in the FINRA arbitration forum the statute of limitations is 6 years from the date that you were aware of the event that is the substance of the lawsuit. Here is the exact language. It has been interpreted by some panels as the date of purchase.

    Eligibility

    A panel may grant a motion to dismiss on eligibility grounds at any stage of the proceeding under Rules 12206(b)(7) and 13206(b)(7), including a prehearing motion, if the claim is not eligible for submission to arbitration because six years have elapsed from the occurrence or event giving rise to the claim. Parties seeking this exception should provide arbitrators with valid documents that indicate when the occurrence or event took place.

    Anyway getting back to your question if you have a signed contract stating she owes you the money you can sue over that contract and the statue of limitations on a breach of contract begins to run from the breach of the contract so it sounds like you are within the window. Unless you can prove she stole the money and didn't just invest it poorly and lose it, it will be incredibly difficult to get the criminal authorities involved and more likely than not it will remain in civil court.

    See question 
  • What are my chances of winning a law suit for recouping money lost via a financial consultant on my Annuity?

    He forged my name to move my funds between companies. So I moved my funds to another company and I lost $ in the process. We came to an agreement that he owes me, he has only made two payments to me. Now he works for another company, but tells m...

    Lars’s Answer

    If you can prove he forged your signature your chances of winning this case against the advisor should be incredibly high. I've handled a case similar once and the advisor claimed that the customer gave them permission to sign over the phone (didn't matter it was still against company policy). You have a strong claim for rescission against the advisor and the annuity company where they restore you back to the original investment and cover all surrender charges and penalties as if the investment never happened. If you want to get really aggressive with the advisor, since he double dipped and make a second 7-8% commission on the new policy you could bring a claim for civil theft for those dollars and there is a multiplier on damages. I see you are in Jacksonville, I am in Florida as well feel free to contact me further to discuss all your options. Thanks for the question!

    See question 
  • I have a Florida business and had entered into a purchase and sales with a group from Massachusetts and used a Ma att?

    nothing was notarized and i never received any of the paperwork is this legal ????

    Lars’s Answer

    Sounds like you are doing business with a Massachusetts based business and MA licensed attorney. With the limited information I have it sounds fine. There is no notary requirement that I am aware of on basic purchase and sale agreements in FL or MA.

    See question 
  • We are purchasing a boat for near $300k. The boat dealer wants to be paid in installments during production.

    Nearly $250k would be paid before delivery in November. In this economy he would have our money and the boat if something happened to his business prior to November delivery. How can we protect ourselves and our money while still giving him peace ...

    Lars’s Answer

    Put it in a lawyers escrow account to be released upon completion. Also check and see if he could post a bond to cover your boat in the event he goes under.

    See question 
  • Can a person sue a financial advisor for not doing anything (advising) after thier money is all gone ?

    I inheirited $500,000 in the form of stock shares in oil mostly and some other things. Well I didn't know anything about investing and how it all works (still don't) . This was all set up through Smith Barney and now 5 yrs later I have nothing and...

    Lars’s Answer

    The act of recommending carries liability for brokers even in non discretionary accounts. Some courts have held they are your fiduciary. The problem as I see it from the limited information I am given is damages. Spent money does not equate to losses. One has to assume you received some financial benefit or acquired some assets spending the money which is markedly different that the stock plummeting to zero while your broker sat on your hands. The first place you should start is looking at the account opening documents and look at the written stated investment objectives of your account. If there is a material deviation from those objectives then they many not have recommended a suitable strategy for you. If you are going to pursue this you have 6 year statute of limitations through FINRA and even shorter statutes if you will bring state specific or Federal causes of action.

    See question