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(1) Every sale made in violation of either s. 517.07 or s. 517.12(1), (3), (4), (8), (10), (12), (15), or (17) may be rescinded at the election of the purchaser; however, a sale made in violation of the provisions of s. 517.1202(3) relating to a renewal of a branch office notification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: Fla. Dist. Ct. App. | Date Filed: 2024-03-06T00:00:00-08:00

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: Fla. Dist. Ct. App. | Date Filed: 2024-03-06T00:00:00-08:00

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: Fla. Dist. Ct. App. | Date Filed: 2019-06-26T00:53:00-07:00

Snippet: purpose, (2) joint control or right 4 Section 517.211(6), Florida Statutes (2015), provides that “[i]… 2. Shoreline’s Motion for Fees under Section 517.211(6) A trial court’s determination of whether…473 So. 2d 679, 682 (Fla. 4th DCA 1984). Section 517.211(6), Florida Statutes (2015), allows a court to …insufficient to find that an award of fees under Section 517.211(6) was “unfair” or “contrary to standards of conduct…appellee statutory attorney fees under section 517.211(6), and to determine a reasonable amount thereto

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

Court: Fla. Dist. Ct. App. | Date Filed: 2017-08-04T00:00:00-07:00

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 517.301… Supreme Court analogized claims under section 517.211(3) seeking rescission to claims under section 12…well as common law claims for rescission. Section 517.211(2) limits liability to persons involved directly….2d at 981. A claim for rescission under section 517.211 includes: 1) a misrepresentation or omission, 2… not liable under FSIPA. 23 Section 517.211 creates liability for two classes of persons: 1

J.P. Morgan Securities v. Geveran Investments

Court: Fla. Dist. Ct. App. | Date Filed: 2017-07-31T00:53:00-07:00

Snippet: the plaintiff still owns the security.” Id. § 517.211. Joint and several liability under section 517.301… Supreme Court analogized claims under section 517.211(3) seeking rescission to claims under section …well as common law claims for rescission. Section 517.211(2) limits liability to persons involved directly…2d at 981. A claim for rescission under section 517.211 includes: 1) a misrepresentation or omission, …reliance is an element of a claim under section 517.211. We note that one federal court has found that

Lighting Science v. Geveran Investments

Court: Fla. Dist. Ct. App. | Date Filed: 2017-06-05T00:53:00-07:00

Snippet: the plaintiff still owns the security.” Id. § 517.211, Fla. Stat. (2012). Joint and several liability… Supreme Court analogized claims under section 517.211(3) seeking rescission to claims under section …well as common law claims for rescission. Section 517.211(2) limits liability to persons involved directly…2d at 981. A claim for rescission under section 517.211 includes: 1) a misrepresentation or omission, …reliance is an element of a claim under section 517.211. We note that one federal court has found that

JP Morgan Securities v. Geveran Investments

Court: Fla. Dist. Ct. App. | Date Filed: 2017-06-05T00:53:00-07:00

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: Fla. Dist. Ct. App. | Date Filed: 2015-07-15T00:53:00-07:00

Snippet: Nalascos’ attorney’s fees, pursuant to section 517.211, Florida Statutes (2013),1 and directed the Nalascos…failed to make the findings required by 1 Section 517.211, Florida Statutes, entitled “Remedies available…that the award of such fees would be unjust.” § 517.211(6), Fla. Stat. (2013). …in applying Palma to a fee award under section 517.211. We reject their argument. …applied to numerous fee statutes, including section 517.211, the fee statute at issue here. See Barron Chase

Nalasco v. Buckman, Buckman & Reid, Inc.

Court: Fla. Dist. Ct. App. | Date Filed: 2015-07-15T00:00:00-07:00

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…in applying Palma to a fee award under section 517.211. We reject their argument. In Palma, which involved…applied to numerous fee statutes, including section 517.211, the fee statute at issue here. See Barron Chase…C.J., and KLINGENSMITH, J., concur. . Section 517.211, Florida Statutes, entitled "Remedies available…that the award of such fees would be unjust.” § 517.211(6), Fla. Stat. (2013). No. 4D14-861

Raubvogel v. Credit Suisse Securities (USA) LLC

Court: Fla. Dist. Ct. App. | Date Filed: 2013-02-20T00:00:00-08:00

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: Fla. Dist. Ct. App. | Date Filed: 2012-02-01T00:00:00-08:00

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…damages, if the plaintiff has sold the security. § 517.211(2), Fla. Stat. (2000) (emphasis added). The Florida

Frazier v. Dreyfuss

Court: Fla. Dist. Ct. App. | Date Filed: 2009-06-17T00:00:00-07:00

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….J. and WARNER, J., concur. NOTES [1] Section 517.211(6), Florida Statutes (2007) provides: In any action…satisfied, released, or discharged ... [3] Section 517.211(6), Fla. Stat. (2007) provides that the prevailing

Clement v. Lipson

Court: Fla. Dist. Ct. App. | Date Filed: 2008-11-20T23:53:00-08:00

Citation: 999 So. 2d 1072

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

Rubin v. Gabay

Court: Fla. Dist. Ct. App. | Date Filed: 2008-02-12T23:53:00-08:00

Citation: 979 So. 2d 988

Snippet: for securities fraud as an agent under section 517.211, Florida Statutes, and awarding both compensatory…no evidence to support liability under section 517.211, we reverse. Appellee/plaintiff, Dr. Richard Gabay…purchasing investment securities or products. Section 517.211(2) imposes individual liability on: [a]ny person…Rubin was an agent within the meaning of section 517.211(2) to hold him liable for the false representations…failed to prove liability of Rubin under section 517.211(2), we reverse the final judgment and remand to

R.M. Stark & Co. v. Noddle

Court: Fla. Dist. Ct. App. | Date Filed: 2006-09-20T00:00:00-07:00

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 … be entitled to attorney’s fees pursuant to [§ 517.211(6)]_ As noted in Pan American Bank of Sarasota …STEVENSON, C.J., and STONE, J., concur. . Section 517.211(6), Florida Statutes, provides: "In any action

Appelbaum v. Fayerman

Court: Fla. Dist. Ct. App. | Date Filed: 2006-09-13T00:53:00-07:00

Citation: 937 So. 2d 282

Snippet: an award of attorney's fees under section 517.211(6), Florida Statutes (2004), which provides that… also sought attorney's fees under section 517.211(6). The three-member arbitration panel conducted… court for determination of fees under section 517.211(6). WARNER, J., concurs. KLEIN, J., concurs specially

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

Court: Fla. Dist. Ct. App. | Date Filed: 2006-07-28T00:53:00-07:00

Citation: 933 So. 2d 1280

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

Wachovia Securities, LLC v. Vogel

Court: Fla. Dist. Ct. App. | Date Filed: 2006-01-19T23:53:00-08:00

Citation: 918 So. 2d 1004

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

DeSocio v. Sonic Automotive

Court: Fla. Dist. Ct. App. | Date Filed: 2005-02-03T23:53:00-08:00

Citation: 894 So. 2d 1064

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

Wight v. Wight

Court: Fla. Dist. Ct. App. | Date Filed: 2004-04-28T00:53:00-07:00

Citation: 880 So. 2d 692

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