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About Us

Overview

Maddox Hargett & Caruso, P.C. is an “AV” rated law firm, with offices in Indianapolis and New York City. A recognized leader in stockbroker arbitration and securities litigation, the attorneys at Maddox Hargett & Caruso, P.C. have extensive knowledge and expertise of the regulatory and financial services industries, along with professional experience that includes:

  • A former Securities Commissioner of the State of Indiana;
  • Two past Presidents and now both Directors Emeritus; of the Public Investors Arbitration Bar Association (PIABA) the sole nationwide bar association of attorneys who represent investors in securities arbitration and litigation proceedings;
  • Two past members of the Board of Directors of PIABA;
  • A former Chairman of the National Arbitration & Mediation Committee (NAMC) of the Financial Industry Regulatory Authority (FINRA), the advisory committee responsible for proposing recommendations on policies, rules, regulations and procedures that govern securities arbitrations, mediations and dispute resolution;
  • A former Chairman of the National Arbitration & Mediation Committee (NAMC) of the Financial Industry Regulatory Authority (FINRA), the advisory committee responsible for proposing recommendations on policies, rules, regulations and procedures that govern securities arbitrations, mediations and dispute resolution;
  • A former member of the Securities Investor Protection Corporation (SIPC) Modernization Task Force which is a task force that was convened, at the recommendation of the U.S. Congress, to review the mission and operations of SIPC so as to provide recommendations to SIPC’s Board of Directors for legislative changes and other potential reforms to protect investors and reinforce confidence in the capital markets;
  • A current member of the Discovery Task Force Committee of the Financial Industry Regulatory Authority (FINRA) which is the advisory group, established in conjunction with a directive from the U.S. Securities & Exchange Commission, that will review substantive issues relating to discovery in arbitration proceedings that are conducted under the auspices of the FINRA Code of Arbitration Procedure;
  • A current member of the Nasdaq OMX BX Arbitration Committee, which is the advisory group that provides recommendations on rules, regulations and procedures governing arbitrations, mediations and dispute resolution for the Nasdaq and Boston Stock Exchanges;
  • A former member of the Board of Editors of the Public Investors Arbitration Bar Association (PIABA) Bar Journal;
  • A former member of the North American Securities Administrators Association (NASAA), the oldest international organization devoted to investor protection and whose membership consists of the securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada and Mexico;
  • A current and past winner of Indiana Super Lawyers in 2005, 2006, 2007, 2008, 2009, and 2010, 2011, 2012, a peer selected nomination;
  • A former recipient of the “Top Ten to Watch” designation from the Board of Editors at Registered Rep Magazine, a publication that recognizes individuals who are likely to impact future trends and issues in the financial services industry; and
  • Regular contributors to regional and national publications, as well as sought by reporters in broadcast news and on Cable and radio networks for legal interpretation and analysis of securities and investment fraud related issues. Among these media outlets: the Wall Street Journal, the New York Times, the Financial Times, Investment News, Reuters, USA Today, Fox News, The New York Daily News, CNN, the Los Angeles Times, the Chicago Tribune, American Lawyer, Bloomberg, National Public Radio, the Indianapolis Star, Indianapolis Business Journal, Registered Rep, the Miami Herald, the Orlando Sentinel, the Public Record, Prime Newswire, the Memphis Daily News, Boston Herald, Christian Science Monitor, MSNBC, Forbes, The Guardian, Indiana Lawyer, SmartMoney, On Wallstreet and Dow Jones Business News.

Firm History

In 1991, Mark E. Maddox decided to leave his public service position as the Indiana Securities Commissioner and establish a legal practice that focused solely on securities arbitration and litigation matters. Since then, Maddox Hargett & Caruso, P.C. has represented thousands of individual, retail and institutional investors in cases involving disputes with stockbrokers and their firms.

As the founder of Maddox Hargett & Caruso, P.C., Maddox concentrates his practice in securities litigation and FINRA arbitration. His seasoned litigation skills and past regulatory experience has made Maddox a recognized name in securities arbitration, garnering the respect of his peers in the legal community.

In 1998 and again in 2000, Maddox served as president of the Public Investors Arbitration Bar Association (PIABA), a national legal association that represents investors in arbitrations against the brokerage industry.

Maddox also served on the NASD Arbitration and Mediation Committee from 1996-1998, and again 2002-2005. In 2002-2008, Maddox was selected by his peers to the Indiana Super Lawyers.

Thomas A. Hargett joined Maddox Hargett & Caruso, P.C. in 1994. Prior to attending law school, Hargett received his MBA from J.L. Kellogg Graduate School of Management at Northwestern University. He later spent 12 years in the brokerage industry.

In 2002, Hargett made national headlines when Maddox Hargett & Caruso, P.C. secured a recording-setting $262 million jury verdict in a class-action lawsuit against Prudential Securities, Inc. The verdict, which included $250 million in punitive damages, is considered one of the largest jury verdicts in the state of Ohio and, at the time, the single-largest securities class-action jury verdict in U.S. history. Prudential later appealed the jury’s decision. Ultimately, however, the Ohio Court of Appeals upheld the ruling by a Marion County Court on behalf of Hargett’s clients – some 300 retirees – against Prudential, awarding the retirees a judgment of just more than $30 million for their case based on unauthorized trading and breach of fiduciary duty.

In 2005-2008, Hargett was selected by his peers to the Indiana Super Lawyers.

In 1997, Steven B. Caruso joined Maddox Hargett & Caruso, P.C. as a resident partner in New York City. A former general counsel to a national brokerage firm, Caruso brings extensive experience in securities arbitration, mediation and litigation to the law firm. In 2002, he was elected to the Board of Directors of the Public Investors Arbitration Bar Association (PIABA) and served as its president in 2007.

In 2001, Maddox Hargett & Caruso, P.C. added another seasoned litigator to its team of attorneys, Thomas Caldwell. Caldwell’s background includes serving as a defense attorney and deputy attorney. Other attorneys at Maddox Hargett & Caruso, P.C. include John Kirk, a former employee for the Indiana Secretary of State.

The combination of first-hand regulatory knowledge, brokerage firm experience and securities arbitration and litigation expertise creates a unique vantage point for Maddox Hargett & Caruso, P.C. and, more importantly, for the clients it represents.


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