Florida Statute 517.211 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXIII
REGULATION OF TRADE, COMMERCE, INVESTMENTS, AND SOLICITATIONS

Chapter 517
SECURITIES TRANSACTIONS

View Entire Chapter

F.S. 517.211

517.211 Private remedies available in cases of unlawful sale.—

(1) Every sale made in violation of either s. 517.07 or s. 517.12(1), (3), (4), (8), (10), (12), (15), or (17) may be rescinded at the election of the purchaser; however, a sale made in violation of the provisions of s. 517.1202(3) relating to a renewal of a branch office notification or in violation of the provisions of s. 517.12(12) relating to filing a change of address amendment is not subject to this section. Each person making the sale and every director, officer, partner, or agent of or for the seller, if the director, officer, partner, or agent has personally participated or aided in making the sale, is jointly and severally liable to the purchaser in an action for rescission, if the purchaser still owns the security, or for damages, if the purchaser has sold the security. No purchaser otherwise entitled will have the benefit of this subsection who has refused or failed, within 30 days after receipt, to accept an offer made in writing by the seller, if the purchaser has not sold the security, to take back the security in question and to refund the full amount paid by the purchaser or, if the purchaser has sold the security, to pay the purchaser an amount equal to the difference between the amount paid for the security and the amount received by the purchaser on the sale of the security, together, in either case, with interest on the full amount paid for the security by the purchaser at the legal rate, pursuant to s. 55.03, for the period from the date of payment by the purchaser to the date of repayment, less the amount of any income received by the purchaser on the security.

(2) Any person purchasing or selling a security in violation of s. 517.301, and every director, officer, partner, or agent of or for the purchaser or seller, if the director, officer, partner, or agent has personally participated or aided in making the sale or purchase, is jointly and severally liable to the person selling the security to or purchasing the security from such person in an action for rescission, if the plaintiff still owns the security, or for damages, if the plaintiff has sold the security.

(3) For purposes of any action brought under this section, a control person who controls any person found to have violated any provision specified in subsection (1) is jointly and severally liable with, and to the same extent as, such controlled person in any action brought under this section unless the control person can establish by a preponderance of the evidence that he or she acted in good faith and did not directly or indirectly induce the act that constitutes the violation or cause of action.

(4) In an action for rescission:

(a) A purchaser may recover the consideration paid for the security or investment, plus interest thereon at the legal rate from the date of purchase, less the amount of any income received by the purchaser on the security or investment upon tender of the security or investment.

(b) A seller may recover the security upon tender of the consideration paid for the security, plus interest at the legal rate from the date of purchase, less the amount of any income received by the defendant on the security.

(5) In an action for damages brought by a purchaser of a security or investment, the plaintiff must recover an amount equal to the difference between:

(a) The consideration paid for the security or investment, plus interest thereon at the legal rate from the date of purchase; and

(b) The value of the security or investment at the time it was disposed of by the plaintiff, plus the amount of any income received on the security or investment by the plaintiff.

(6) In an action for damages brought by a seller of a security, the plaintiff shall recover an amount equal to the difference between:

(a) The value of the security at the time of the complaint, plus the amount of any income received by the defendant on the security; and

(b) The consideration received for the security, plus interest at the legal rate from the date of sale.

(7) In any action brought under this section, including an appeal, the court shall award reasonable attorney fees to the prevailing party unless the court finds that the award of such fees would be unjust.

(8) This chapter does not limit any statutory or common-law right of a person to bring an action in a court for an act involved in the sale of securities or investments.

(9) The same civil remedies provided by the laws of the United States for the purchasers or sellers of securities in interstate commerce also extend to purchasers or sellers of securities under this chapter.

History.—s. 5, ch. 78-435; ss. 9, 15, ch. 79-381; s. 5, ch. 80-254; ss. 5, 6, ch. 81-115; ss. 2, 3, ch. 81-318; s. 3, ch. 83-265; s. 9, ch. 84-159; ss. 11, 14, 15, ch. 90-362; s. 4, ch. 91-429; s. 1, ch. 2000-123; s. 7, ch. 2013-202; s. 18, ch. 2023-205; s. 15, ch. 2024-168.

F.S. 517.211 on Google Scholar

F.S. 517.211 on Casetext

Amendments to 517.211

Arrestable Offenses / Crimes under Fla. Stat. 517.211

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 517.211.

Annotations, Discussions, Cases:

Cases Citing Statute 517.211

Total Results: 20

SAM SHRIVASTAVA, VENN THERAPEUTICS, LLC AND SANDIP PATEL v. CAC PHARMA INVESTMENTS LLC, AND C & J HEALTHCARE INVESTMENTS, LLC

Court: District Court of Appeal of Florida | Date Filed: 2024-03-06

Snippet: Securities and Investor Protection Act, see § 517.211, Fla. Stat. (2019). Count I alleged that the sale

SAM SHRIVASTAVA, VENN THERAPEUTICS, LLC AND SANDIP PATEL v. CAC PHARMA INVESTMENTS LLC, AND C & J HEALTHCARE INVESTMENTS, LLC

Court: District Court of Appeal of Florida | Date Filed: 2024-03-06

Snippet: Securities and Investor Protection Act, see § 517.211, Fla. Stat. (2019). Count I alleged that the sale

SHORELINE FOUNDATION, INC. v. VICTOR BRISK

Court: District Court of Appeal of Florida | Date Filed: 2019-06-26

Snippet: purpose, (2) joint control or right 4 Section 517.211(6), Florida Statutes (2015), provides that “[i]n

J.P. Morgan Securities, LLC v. Geveran Investments Ltd.

Court: District Court of Appeal of Florida | Date Filed: 2017-08-04

Citation: 224 So. 3d 316, 2017 WL 3318715, 2017 Fla. App. LEXIS 11274

Snippet: the plaintiff still owns the security.” Id. § 517.211. Joint and several liability under section 517

J.P. Morgan Securities v. Geveran Investments

Court: District Court of Appeal of Florida | Date Filed: 2017-07-31

Snippet: the plaintiff still owns the security.” Id. § 517.211. Joint and several liability under section 517

JP Morgan Securities v. Geveran Investments

Court: District Court of Appeal of Florida | Date Filed: 2017-06-05

Snippet: the plaintiff still owns the security.” Id. § 517.211, Fla. Stat. (2012). Joint and several liability

Lighting Science v. Geveran Investments

Court: District Court of Appeal of Florida | Date Filed: 2017-06-05

Snippet: the plaintiff still owns the security.” Id. § 517.211, Fla. Stat. (2012). Joint and several liability

Nalasco v. Buckman, Buckman & Reid, Inc.

Court: District Court of Appeal of Florida | Date Filed: 2015-07-15

Citation: 171 So. 3d 759, 2015 Fla. App. LEXIS 10776, 2015 WL 4269635

Snippet: Nalascos’ attorney’s fees, pursuant to section 517.211, Florida Statutes (2013),1 and directed the Nalascos

Peter Nalasco, Individually and on behalf of the Peter Nalasco IRA, Johanne Lavoie Nalasco, Individually and on behalf of the Johanne Lavoie Nalasco Ira and Loui John Nalasco v. Buckman, Buckman & Reid, Inc.

Court: District Court of Appeal of Florida | Date Filed: 2015-07-15

Snippet: Nalascos’ attorney’s fees, pursuant to section 517.211, Florida Statutes (2013),1 and directed the Nalascos

Raubvogel v. Credit Suisse Securities (USA) LLC

Court: District Court of Appeal of Florida | Date Filed: 2013-02-20

Citation: 123 So. 3d 1155, 2013 WL 613610, 2013 Fla. App. LEXIS 2792

Snippet: appellants sought attorneys’ fees pursuant to section 517.211(6), Florida Statutes (2009), which provides for

Eagletech Communications, Inc. v. Bryn Mawr Investment Group, Inc.

Court: District Court of Appeal of Florida | Date Filed: 2012-02-01

Citation: 79 So. 3d 855, 2012 WL 280242, 2012 Fla. App. LEXIS 1346

Snippet: section 517.301, Florida Statutes (2000).7 Section 517.211(2) creates a civil remedy for a violation of section

Frazier v. Dreyfuss

Court: District Court of Appeal of Florida | Date Filed: 2009-06-17

Citation: 14 So. 3d 1183, 2009 Fla. App. LEXIS 8787, 2009 WL 1698508

Snippet: The trial court awarded fees pursuant to section 517.211(6).[1] The trial court also awarded appellate attorney's

Clement v. Lipson

Court: District Court of Appeal of Florida | Date Filed: 2008-11-21

Citation: 999 So. 2d 1072, 2008 WL 4949113

Snippet: actions are predicated on a violation of section 517.211, Florida Statutes, Lipson is required to show that

Rubin v. Gabay

Court: District Court of Appeal of Florida | Date Filed: 2008-02-13

Citation: 979 So. 2d 988, 2008 WL 373230

Snippet: for securities fraud as an agent under section 517.211, Florida Statutes, and awarding both compensatory

R.M. Stark & Co. v. Noddle

Court: District Court of Appeal of Florida | Date Filed: 2006-09-20

Citation: 941 So. 2d 401, 2006 Fla. App. LEXIS 15512, 2006 WL 2683210

Snippet: were the prevailing parties pursuant to section 517.211(6), Florida Statutes.1 However,, upon Noddle’s

Appelbaum v. Fayerman

Court: District Court of Appeal of Florida | Date Filed: 2006-09-13

Citation: 937 So. 2d 282, 2006 WL 2612775

Snippet: requested an award of attorney's fees under section 517.211(6), Florida Statutes (2004), which provides that

Envirocycle Solutions, Inc. v. Carpet Inn of Sarasota, Inc.

Court: District Court of Appeal of Florida | Date Filed: 2006-07-28

Citation: 933 So. 2d 1280, 2006 Fla. App. LEXIS 12508, 2006 WL 2088392

Snippet: to "reasonable" attorney's fees under section 517.211(6). However, when Carpet Inn's counsel filed his

Wachovia Securities, LLC v. Vogel

Court: District Court of Appeal of Florida | Date Filed: 2006-01-20

Citation: 918 So. 2d 1004, 2006 WL 141515

Snippet: products. In support of this section, section 517.211 provides remedies, including the rescission of

DeSocio v. Sonic Automotive

Court: District Court of Appeal of Florida | Date Filed: 2005-02-04

Citation: 894 So. 2d 1064, 2005 WL 263949

Snippet: and sought attorney's fees pursuant to section 517.211(6), Florida Statutes (1995). The defendant brokers

Wight v. Wight

Court: District Court of Appeal of Florida | Date Filed: 2004-04-28

Citation: 880 So. 2d 692, 2004 WL 895854

Snippet: award against securities dealer pursuant to § 517.211(6), Fla. Stat. (1997)); Nat'l Portland Cement Co