Resolving Disputes

Common Complaints

Listed below are some of the enforcement-related issues investors often complain about:

• Misrepresentations or omissions of facts in connection with sales of securities or franchise investment opportunities.
• Sales of unregistered securities or franchises.
• The sale of securities by someone thought to be unlicensed with the Division.
• The misappropriation of invested funds by a person or firm selling securities or franchise investment opportunities.
• Sales practice abuses or fraudulent conduct by licensed broker-dealers and securities agents.

What should I do first?

Before filing a complaint with the Division of Securities, consumers should try to resolve the complaint directly with the appropriate party. However, while the Division is not bound by the same statutory time limitation, an investor’s right to bring a lawsuit seeking damages or rescission of a securities or franchise transaction based on an alleged securities law or franchise violation is limited to three years from the date of the violation.

If you believe that you have been harmed by a broker-dealer, securities agent, investment adviser, or investment adviser representative, you may choose to pursue arbitration or mediation. The Division has prepared a brochure (Resolving Disputes) that summarizes those alternatives. Refer to your account agreement for information on how to proceed.

When should I submit a complaint to the Division of Securities?

If you think that you have been defrauded or deceived in connection with the purchase or sale of a security or a franchise investment opportunity, we want to know about it. If you believe your securities account with a broker-dealer or investment adviser has been mishandled or involves sales practice violations, we also want to know about it.

How do I file a complaint?

The more information you give us, the better we will be able to investigate. If you wish to file a complaint about a licensed broker-dealer, securities agent, investment adviser, or investment adviser representative, use the "Broker-Dealer/Investment Adviser Complaint Instructions."   For all other complaints, use the "Enforcement Questionnaire."

If you have questions about completing the form, contact us at:

(608) 266-9886 (For questions on the Enforcement Questionnaire)

(608) 266-2139 (For questions on a Broker-Dealer/Investment Adviser Complaint)

or e-mail us

The Division of Securities is located on the fourth floor of 345 West Washington Avenue in Madison just three blocks from the Capitol.

A toll-free number is available to individuals calling within the State of Wisconsin: 1-800-472-4325

To file your complaint, you must print it and mail it to the Division, together with any supporting documentation.

We will acknowledge receipt of your inquiry or complaint. If your inquiry or complaint is outside our jurisdiction or may be better handled by another regulatory agency, we will forward it on your behalf and inform you of our having done so. If there is nothing that can be done (for example, if the problem is simply that your investment lost money or earned less than you expected because of market forces), we will inform you of this.   If there is a possible violation, we will commence an investigation, in which case you will be advised of any action taken once the investigation has been completed. In certain cases such as where a complaint involves a licensee, the Division may ask the entity or person you are complaining about to respond to the staff or may make other inquiries concerning your complaint.