Securities Litigation Attorney in Chicago

Former Floor Trader. Lead Dodd-Frank Counsel. Serving Chicago Since Day One.

Securities disputes move quickly, and the choice of counsel shapes how they unfold. R. Tamara de Silva founded De Silva Law Offices after a career inside the securities industry, first as a floor trader and then as a brokerage executive. That background is not incidental. It directly informs how the firm reads trading logs, evaluates account records, and assesses market conduct in a way that generalist litigators cannot replicate.

De Silva brings more than two decades of legal experience in securities, derivatives, and financial markets. She is a member of the federal trial bar and is admitted to practice in the U.S. District Court for the Northern District of Illinois and the U.S. Court of Appeals for the Seventh Circuit, among other federal courts. The firm represents individual investors and businesses, including trading groups, brokerages, hedge funds, and closely held companies, in securities disputes centered in Chicago and Harwood Heights. Clients work directly with senior attorneys throughout the matter rather than being handed off to junior staff.

Call De Silva Law Offices at (312) 500-8424 or reach out online to discuss your securities dispute with counsel who understands the markets from the inside.

Securities Disputes the Firm Handles in Chicago

Many visitors arrive here because a conflict has already surfaced. Perhaps the offering documents were incomplete, a shareholder disagreement has escalated toward litigation, or a broker or business partner has not been transparent about key financial facts.

Common types of securities disputes the firm addresses include:

• Claims involving alleged misstatements or omissions in private placement or other offering materials
• Shareholder disputes concerning control, valuation, or access to records
• Allegations of breach of fiduciary duty by officers, directors, managers, or controlling owners
• Conflicts between investors and brokers or advisers involving unsuitable recommendations or account handling
• Disagreements over rights and obligations under investment agreements or operating agreements

Each category of dispute is shaped by its particular facts, the governing documents, and the forum in which it is likely to be heard.

The Legal Framework Governing Securities Litigation in Illinois

Securities litigation in Illinois operates under a dual-layered framework: federal statutes, including the Securities Act of 1933 and the Securities Exchange Act of 1934, sit alongside the Illinois Securities Law of 1953 (815 ILCS 5/). The state-level “Blue Sky” law provides additional, and often more stringent, avenues for regulation and potential recovery.

Prohibited Conduct Under Illinois Law

The Illinois Securities Law of 1953 is designed to protect the public from fraudulent schemes and require transparency from those who offer or sell securities. Under 815 ILCS 5/12, it is unlawful to engage in any transaction, practice, or course of business in connection with the sale or purchase of securities that works or tends to work a fraud or deceit upon the purchaser or seller.

Prohibited conduct includes:

• Unregistered Offerings: Selling securities that haven’t been properly registered with the Illinois Secretary of State’s Securities Department.
• Material Misrepresentations: Making false statements or omitting critical facts that a reasonable investor would need to make an informed decision.
• Deceptive Conduct: Engaging in churning (excessive trading to generate commissions), pump-and-dump schemes, or unauthorized trading.

How the Howey Test Applies to Modern Financial Products

Securities litigation is distinct from general commercial litigation because it specifically involves investment contracts or notes as defined under securities law. Counsel handling these matters must frequently determine whether a financial product legally qualifies as a security under the Howey Test, which asks whether there is an investment of money in a common enterprise with a reasonable expectation of profits derived from the efforts of others. That analysis has grown more consequential as clients bring questions involving certain cryptocurrency tokens and derivative instruments whose classification as securities remains unsettled.

The Illinois Legal Process for Securities Disputes

A securities matter in Chicago follows a timeline that differs from standard civil court procedures. Understanding each stage helps clients engage at the right moment and avoid early missteps that can shape the entire matter.

1. The Investigative Stage: The process often begins with a Wells Notice from the SEC or a request for information from the Illinois Securities Department. This is the most critical point at which to engage counsel. De Silva Law Offices prioritizes intervening early in an effort to prevent a formal complaint from being filed, which can affect both the legal trajectory and the client’s reputation.
2. The Pleading Stage: Securities cases are subject to the Private Securities Litigation Reform Act (PSLRA), which imposes heightened pleading standards. Vague accusations aren’t enough. The PSLRA requires stating with particularity the facts giving rise to a strong inference that the defendant acted with the required state of mind.
3. Discovery & Forensic Document Review: These cases are often decided by what the documents reveal. The review extends to trading logs, communication records, and financial statements. De Silva’s background as a floor trader and brokerage executive means the firm approaches this stage with a practitioner’s understanding of what market data actually shows.
4. Arbitration vs. Litigation: Many disputes are resolved through FINRA Arbitration rather than the Circuit Court of Cook County. FINRA Arbitration operates under its own rules of evidence and procedure, and familiarity with that forum’s expectations matters as much as substantive legal knowledge.

How De Silva Law Offices Approaches Securities Cases

How a securities conflict is handled from the outset can influence cost, leverage, and reputation. The firm follows a structured process designed to give clients a clear picture of where they stand and what may be done.

The process begins with a detailed initial assessment covering offering materials, correspondence, corporate records, and any notices from regulators or opposing parties. De Silva’s experience reading trading records and market data as a practitioner, not just a lawyer, shapes how that review is conducted. The firm then analyzes potential claims and defenses under applicable securities laws, contracts, and corporate statutes, and develops strategy around the client’s risk tolerance, business needs, and available options. Throughout the matter, clients are kept informed about key developments, upcoming deadlines, and strategic choices, and are encouraged to raise concerns as the case progresses.

A Chicago Securities Firm with Landmark Market Manipulation Experience

De Silva served as lead counsel on the first class action involving market manipulation and spoofing in the futures markets brought under the Dodd-Frank Act. That matter required a command of derivatives market mechanics, order book dynamics, and the regulatory framework governing futures trading that goes well beyond what most securities litigators encounter. That experience continues to inform how the firm approaches complex market conduct disputes.

Working with a locally focused securities firm offers several practical advantages:

• Advice that reflects the realities of doing business in the Chicago market, including how investors, owners, and counterparties typically operate
• Ongoing familiarity with Cook County courts and FINRA arbitration scheduling practices in Chicago
• Counsel whose practitioner background in financial markets informs document review, deposition strategy, and expert coordination
• Service tailored to the scale and priorities of local residents and closely held companies, not a one-size-fits-all model

The firm regularly works with clients whose operations, investors, or assets are centered in the Chicago area, including growing enterprises and businesses whose investor relationships involve private offerings or complex operating agreements.

Reach out to a securities litigation attorney in Chicago at De Silva Law Offices by calling (312) 500-8424 or contacting the firm online to begin building a strategy tailored to the complexities of Illinois securities law.