BEAM
& ASTARITA
Formed by the
merger of the practices of corporate and securities
lawyers with a white collar criminal attorney, Beam & Astarita, LLC
is a boutique law firm offering corporate, securities and commercial
litigation services to small and medium sized corporations, with a
particular emphasis on the financial services industry.
As securities
lawyers, the firm provides nationwide representation of clients in
securities related matters. Our lawyers represent broker-dealers,
clearing firms, hedge funds, and other financial service companies in all
aspects of their business, from drafting contracts, to compliance audits
and regulatory investigations, to federal court litigation and securities arbitration
matters.
As corporate
attorneys, the firm's lawyers assist its clients in creating legal
entities, but more importantly, we guide them through the process of
managing those entities through the creative use of shareholder
agreements, and employment contracts, as well as agreements governing the
relationship between the entities and third parties, such as vendors and
investors.
We provide a wide
range of services to the financial service industry, as well as
investors, including:
Financial
Regulatory Matters
Our attorneys have
been assisting brokers and brokerage firms in their registration and
compliance matters, including the startup of new broker-dealers for over
25 years. From incorporation through shareholder and employment
agreements, and throughout the registration process with the SEC and
FINRA, we have assisted dozens of firms in their navigation of the web of
securities rules and regulations. When firms need to expand their
operations and require FINRA approval, we have guided those firms through
the 1017 process, working closely with the firm's in-house staff to
obtain the necessary approvals. Our mock
audits and examinations help our clients identify and correct problem
areas - before the regulators identify those problems.
As the regulatory
environment has become more onerous and complex, we began encouraging,
and assisting, brokers and financial professionals to become independent
financial advisors, either through agreements with some of the nation's
top independent brokerage firms, or through the creation of registered
investment advisors or private investment partnerships. These alternate
vehicles can vastly improve the business operations and overhead of a
smaller financial firm, while at the same time maintaining the quality of
research, customer service and investor protection of a large
broker-dealer.
Regulatory
Enforcement Matters
The firm also
represents financial professionals in regulatory investigations, from the
SEC, FINRA, state securities commissions, and the various commodity
exchanges. With 25 years of experience in investigations and enforcement
proceedings we understand the issues, the procedures, and the politics
behind the procedures, and have been able to provide invaluable
assistance to our clients, not only during the proceedings themselves,
but in the development of a comprehensive strategy and plan for dealing
with actual, and potential, enforcement proceedings.
Securities Employment Issues
During their
careers, the attorneys at Beam & Astarita have represented well over
100 brokerage firms and hundreds of financial professionals in their
regulatory, litigation and employment issues. Our experience and
knowledge of this highly specialized area of employment law enables us to
provide guidance and assistance, to firms as well as professionals, in
the negotiation of compensation packages and upfront loans, as well as
severance agreements, promissory note settlements and restructuring, and
non-compete waivers.
We have negotiated
broker compensation agreements for individuals with every major Wall
Street firm, and have done the same from the firm side for numerous small
and mid-size firms. The use of upfront bonuses, or employee forgivable
loans as inducements and compensation for a broker to change firms, has a
series of issues, pitfalls and dangers, for the firm, and for the broker.
This experience, coupled with a continual monitoring of legal decision
and trends enables us to effectively negotiate securities employment
agreements for our clients.
The transition from
a brokerage firm to an investment advisory firm involves its own unique
set of issues, and an entirely different regulatory environment, with
different regulators, and different rules. As more and more professionals
realize the advantages of using a fee-based model for the benefit of
their clients, they realize the advantage of leaving the brokerage world
and moving to the investment advisory side of the business. Mr. Astarita
has been at the forefront of this move away from commission business and
the overwhelming regulatory environment and has helped transition brokers
to advisors for decades.
That same
experience provides the foundation for the negotiation and resolution of
employment separation agreements, waivers and modifications to
non-compete agreements and promissory notes.
If the employment
relationship does not go as planned, we provide representation and counsel
in post-employment disputes, including severance agreements,
re-negotiation of promissory notes and non-compete
agreements, as well as ongoing counsel in post-termination investigations
by FINRA and the SEC, and in litigation over the employer-employee
relationship.
Securities
Arbitration Proceedings
One of our founding
members, Mark Astarita, is nationally known for his work in securities
arbitration. For over 25 years Mr. Astarita has been the attorney of
record, representing customers, brokers and brokerage firms in NASD and
NYSE arbitrations, in over 500 securities arbitrations. He has appeared
on behalf of every type of firm, from the major wirehouses
to clearing firms, to the smallest two man shops. He has represented
parties in every type of securities dispute imaginable and has done so
across the country. Mr. Astarita prides himself on his dedication to his
clients, and his desire to champion their cause and position. He has
represented parties in proceedings held in New York,
New Jersey, Florida,
Georgia, North Carolina, South Carolina,
Virginia, Washington
DC, Massachusetts,
Rhode Island, Pennsylvania,
Illinois, Missouri,
Texas, North Dakota,
Montana, Colorado,
California, Louisiana,
Nebraska, Minnesota,
Utah, and Oregon. Mr. Astarita has written
extensively on the topic of customer arbitrations, and most of his
articles appear at The Securities Law
Home Page.
Securities
Industry Knowledge
Our attorneys are
contributors to The Securities Law Home
Page, now known simply as SECLaw.com,
the Internet site for information regarding United States securities and
commodities law, which was created by Mr. Astarita in 1995. The site,
which has been rated one of the Top 10 law firm web sites available on
the Internet, and consistently rated "Best of the Web" by every
major survey, contains original articles and commentary of interest to
participants in the United
States financial markets, as well as
attorneys and educators. The site receives over 12,000 unique visitors a
month, making it one of the most popular legal topic sites in the world.
Our attorneys are
also the authors of The Securities Law Letter, a monthly email newsletter
with links to news, rule filings and commentary on recent legal and
regulatory developments affecting those in the securities industry.
Subscriptions to the newsletter are free. Registration
is available here.
Corporate
Representation
The firm's lawyers
focus on the representation all types of business entities in the New
York Metropolitan area, in their general corporate matters. Our attorneys
provide advice and counsel on general corporate operations, joint
ventures, employment contracts, and regulatory matters affecting their
business operations and regulatory concerns.
Our corporate and
securities work also includes the representation of private and public
corporations, limited liability companies and partnerships in their
routine business dealings, as well as vendor, shareholder and commercial
litigation.
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Corporate and
Securities Lawyers Providing Representation In:
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