Our securities and investment litigation team specializes in recovering money lost by investors due to bad advice or misconduct.  We have the largest and most experienced fraud litigation group in Utah and have recovered many millions of dollars for our clients.   We specialize in the following types of cases:

  • Representing investors in disputes with brokerage firms and other financial institutions over improper advice and breaches of duties owed to investors, including cases involving fraud, failure to supervise, unsuitability, unauthorized trading, refusal to permit trades, churning, and selling away.

  • Filing whistleblower claims with the U.S. Securities and Exchange Commission, the CFTC, and/or the Utah Division of Securities.  Whistleblowers who report wrongdoing may receive a reward if government enforcement agencies recover as a result of the information received.

  • Helping victims of Ponzi schemes, real estate scams, and other financial frauds to recover their losses.

  • Filing IRS whistleblower claims on behalf of individuals who have information about tax fraud.


Mark W. Pugsley 

mark_pugsley_O_58001Mark Pugsley’s practice is focused on complex commercial litigation involving financial institutions, including brokerage firms, banks and insurance companies.  He has represented victims of investment fraud in civil litigation, FINRA arbitrations, whistleblower cases, and receivership litigation for over twenty years.  He has recovered millions of dollars for his clients through arbitrations, civil trials and settlements. He is the chair of the Securities Litigation Group at Ray Quinney & Nebeker and holds active licenses to practice law in Utah and California.

Mr. Pugsley has achieved an AV Preeminent (5.0) rating with Martindale-Hubbell, which is the highest rating awarded to attorneys for professional competence and ethics. Mr. Pugsley has been listed in The Best Lawyers in America Tier 1 in Utah for Securities Law since 2008 and was selected as “Lawyer of the Year” for Litigation-Securities in 2015. Mr. Pugsley was also listed as “Lawyer of the Year” for Securities Regulation in 2013. Mr. Pugsley is listed in Mountain States Super Lawyers in the category of Securities Litigation and was ranked as one of its “Top 100” attorneys in 2012.  Benchmark Plaintiff lists Mr. Pugsley as “Highly Recommended” for securities litigation, and he has appeared on Utah Business Magazine’s “Legal Elite” listing in the category of Civil Litigation in every year since the list’s inception in 2004.

Matthew R. Lewis 

matt_lewis_o_58434Matt Lewis vigorously represents clients in a wide-range of regulatory and enforcement actions, complex civil litigation, FINRA arbitrations, and administrative proceedings.  He has represented clients in a broad range of regulatory and compliance matters, including investigations involving mortgage and bank fraud, bankruptcy fraud, tax fraud, mail and wire fraud, and securities fraud.  He has also represented plaintiffs and defendants in qui tam suits alleging violations of the False Claims Act and has also represented whistleblowers seeking to recover for reporting wrongdoing.  He was lead counsel in a FINRA arbitration resulting in a $6.9 million award on behalf of a claimant, one of the largest awards ever in Utah.  He has appeared in state and federal trial courts, courts of appeal, administrative proceedings, arbitrations, and mediations throughout the country.

Mr. Lewis maintains an “AV” rating with Martindale-Hubbell, which is the highest rating awarded to attorneys for professional competence and ethics.  He has also been voted by his peers throughout the state as one of Utah’s “Legal Elite,” as published in Utah Business Magazine (2005-06, 2008, 2010, 2012-16).

Maria E. Windham

maria_heckel_o_13531_webMaria Windham is a civil litigator specializing in securities litigation, complex fraud cases, and receiverships. She is experienced in representing investors, whistleblowers, and professional traders to recover investment losses.  Highlights of her career including acting as trial counsel in several notable FINRA arbitrations that resulted in multi-million dollar arbitration awards or settlements for investors.  The FINRA awards included some of the largest FINRA arbitration awards in Utah.  In United States ex rel. Lemmon v. Envirocare, in which Ms. Windham represented false claims act whistleblowers in a precedent-setting Tenth Circuit Court of Appeals case that overturned a lower court’s dismissal of the whistleblower claims.

Ms. Windham continues to maintain an active docket of securities and fraud litigation matters in FINRA arbitration and state and federal courts.  She currently represents investors in ongoing litigation over fraud and broker misconduct.  In July 2016, she argued a case concerning the interpretation of the Utah Securities Act before the Utah Court of Appeals.  In August 2016, the United States Securities and Exchange Commission (“SEC”) filed a pending motion to appoint Ms. Windham as Receiver to assist the Utah Federal District Court in recovering investor funds in a Ponzi scheme case.

Ms. Windham is recognized as a Rising Star in the category of Securities Litigation by Mountain States Super Lawyers (2012-2016). She was also named an Up and Coming Attorney in litigation by Utah Business Magazine (2012-2014). While in law school, Ms. Windham spent a summer as a law clerk with the enforcement division of the Securities and Exchange Commission.  Ms. Windham is the Vice Chair of the firm’s Women Lawyers Group.