Meet Our Lawyers
Maddox Hargett & Caruso, P.C., represents investors who have sustained losses due to misconduct or fraud by stockbrokers, brokerage firms, insurance companies and other financial advisors. The firm includes a former State Securities Commissioner (Mark E. Maddox), a former broker (Thomas A. Hargett), and a former General Counsel to a national brokerage company (Steven B. Caruso).
To justify the hundreds of work-hours each case requires, MHC typically seeks engagements with investor clients who have lost $75,000 or more due to professional misconduct, negligence or fraud on the part of their investment advisor.
“It can be tempting in this business to settle cases too easily and cheaply, and not fight the fight. We try hard to strike a balance.” Mark Maddox
Mark E. Maddox
email: mmaddox@mhclaw.com
phone: 317.598.2043 fax: 317.598.2050
Mark E. Maddox is the founder of Maddox Hargett & Caruso, P.C. Since 1991, Mr. Maddox has concentrated his practice in securities law, representing hundreds of investors in disputes with stockbrokers and their firms.
From 1989 to 1991, Mr. Maddox served as the Securities Commissioner for the State of Indiana, eventually becoming the Chairperson of the International Enforcement Committee of the North American Securities Administrators Association. In 1991, Mr. Maddox left his employment with the State of Indiana and opened a private practice that represents investors in securities arbitration, litigation and regulation. Today the law firm Maddox founded, Maddox Hargett & Caruso, P.C., is one of the country's largest and most active firms representing aggrieved investors.
Maddox has also continued to work vigorously on consumers' behalf in the public arena. He served as president of the Public Investors Arbitration Bar Association (PIABA) on two occasions, in 1998 and 2000, and served on PIABA's board of directors for eight years, from 1994 to 2002. Mr. Maddox remains active in PIABA and has – as a voice for aggrieved investors – served on the NASD National Arbitration and Mediation Committee from 1996 through 1998, and again from 2002 through 2005. In 2004, Maddox became the first member of the investor bar to be appointed Chairman of this NASD rule making committee – a win for investors.
Mr. Maddox is a member of the Non-Industry Arbitration Panels of the New York Stock Exchange and the National Association of Securities Dealers Regulation, Inc. Maddox is also a member of the Indianapolis Bar Association, the Chicago Bar Association, the Indiana State Bar Association where he is a past Chair of the Securities Law Sub-Committee, and the American Bar Association where he has been active on the State Regulation of Securities Committee. Maddox has lectured for Continuing Legal Education on Securities Law, led securities-related seminars, and been published extensively on securities related topics. Mr. Maddox was admitted to practice before the Supreme Court of the United States in February of 1995. During his tenure as Securities Commissioner, Mr. Maddox also served on the Indiana Governor's Initiative on Economic Development Policy Panel. A native of Richmond, Indiana, Maddox earned his bachelor's degree at Indiana's Wabash College and his law degree at Vanderbilt University School of Law. He worked as an attorney at Ice Miller Donadio & Ryan in Indianapolis before being tapped for Indiana State Securities Commissioner.
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“Bad brokers think they can get away with it. We need to change the odds.” Tom Hargett
Thomas A. Hargett
email: tahargett@mhclaw.com
phone: 317.598.2052 fax: 317.598.2050
Thomas A. Hargett graduated from Indiana University in 1980 with a Bachelor of Science degree in Business Administration. In 1983, Mr. Hargett graduated from Northwestern University, J.L. Kellogg Graduate School of Management, receiving a MBA with concentrations in finance and marketing. Mr. Hargett graduated from Indiana University School of Law, Indianapolis in 1994. Mr. Hargett's legal practice concentrates on providing representation to investors in securities arbitration and litigation..
Prior to Mr. Hargett's law school training, he was employed in various capacities in the securities industry: as an institutional fixed-income broker; a retail broker; a wholesale broker of limited partnerships, fixed annuities and variable rate annuities; a market-maker on the Chicago Board of Options Exchange; and a national sales manager for a mutual fund company.
In October 2002, Mr. Hargett represented a group of investors from Marion, Ohio, against Prudential Securities, Inc. After a five week jury trial the Marion investors were awarded $261,740,994. This award included $250,000,000 in punitive damages and has been reported to be the largest jury verdict in the history of Ohio and the largest securities class action verdict in history.
In addition to being a member of the Arbitration Panels at the National Association of Securities Dealers Regulation, Mr. Hargett is also a member of Public Investors Arbitration Bar Association where he has served on the Federal Legislation Committee. He belongs to the American Bar Association, the Indiana State Bar Association, and the Indianapolis Bar Association. Mr. Hargett is admitted to the Indiana State Bar and the United States Federal District Courts for both the Northern and Southern Districts of Indiana and the United States Court of Appeals for the Second Circuit.
Mr. Hargett has been a speaker and lecturer on securities related seminars and has been published on security related topics.
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“We believe that arbitrators should be properly classified and that there should be zero conflicts, either real or apparent.” Steven Caruso
Steven B. Caruso
email: sbcaruso@aol.com
phone: 212.837.7908 fax: 212.837.7998
Steven B. Caruso, the Resident Partner in the New York City office of Maddox Hargett & Caruso, P.C., earned his J.D. degree from the Hofstra University School of Law in 1980 after graduating from American University. Mr. Caruso is admitted to the New York State Bar, the United States Supreme Court, the United States Court of Appeals for the Second Circuit, the United States Federal District Courts for both the Southern and Eastern Districts of New York, and the United States Tax Court.
In October of 2002, Mr. Caruso was elected to the Public Investors Arbitration Bar Association Board of Directors, and just completed his term as President. The Public Investors Arbitration Bar Association is a national organization of lawyers who represent investors in securities arbitration and litigation.
Prior to his association with the firm, Mr. Caruso was associated with several brokerage firms in the securities industry and was engaged in the private practice of securities law, which concentrated on providing representation in securities arbitration and litigation matters. His prior securities-related positions include having served as General Counsel for a national brokerage firm with approximately 500 institutional and retail account executives in 15 branch offices; Managing Director of Corporate Finance and Investment Banking for a national brokerage firm with approximately 900 institutional and retail account executives in 33 branch offices; and Chairman of the Board of Directors of an Underwriter of an open-ended investment management company.
Mr. Caruso is a member of the New York City Bar Association, the American Bar Association (Section of Business Law, Securities Law Litigation Subcommittee), Public Investors Arbitration Bar Association, and previously served as a National Association of Securities Dealers arbitrator. Mr. Caruso has been a frequent speaker on numerous issues relating to the securities law and, in November of 1999, participated on the panel on Suitability Obligations in On-Line Investing that was hosted by the North American Securities Administrators Association in Washington, D.C. Mr. Caruso is the author of “Arbitrator Training in the Securities Dispute Arena,” The Review of Securities & Commodities Regulation (January 2005), “Discovery Objections Which are Irrelevant, Unduly Burdensome and are Reasonably Calculated to Lead to the Concealment of Admissible Evidence,” New York State Bar Association, Securities Arbitration (October 2004), “Model Arbitrator Instructions: Luxury or Emerging Necessity,” Practising Law Institute*, Securities Arbitration (August 2004), “Ethical Considerations in Settlement Agreements,” Association of the Bar of the City of New York (June 2004), “Examination of the Adverse Broker: Unimpeachable Questions With an Internet Twist,” Practising Law Institute, Securities Arbitration (August 2001) and “On-Line Trading: The New Frontier,” Practising Law Institute, Securities Arbitration (July 1999). Mr. Caruso is also the author of “NASD Arbitration Discovery Procedures: Knowing your Customer From the Securities Professional Perspective,” which was published by the American Bar Association, Section of Litigation, Committee on Securities Litigation, in conjunction with the annual meeting of the American Bar Association in August of 1995.
*The Practising Law Institute (PLI) is a renowned national provider of continuing legal education founded in 1933.
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Thomas K. Caldwell
email: tkcaldwell@mhclaw.com
phone: 317.598.2054 fax: 317.598.2050
Thomas K. Caldwell graduated from Indiana University School of Law, Indianapolis in 1989 after receiving a Bachelor of Arts degree from Michigan State University in 1986.
From 1989 to 1991, Mr. Caldwell served as a law clerk to the Honorable Lawrence P. Zatkoff, U.S. District Court Judge for the Eastern District of Michigan. In 1992 and 1993, Mr. Caldwell served as a deputy attorney general for the State of Indiana representing the Indiana Department of Revenue and the Indiana State Board of Tax Commissioners in the Indiana Tax Court. From 1994 to 2001, Mr. Caldwell worked in private practice as a civil litigator prior to joining Maddox Hargett & Caruso, P.C.
Mr. Caldwell is a member of the Indianapolis Bar Association and is admitted to the Indiana State Bar and the State Bar of Michigan.
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Keith L. Griffin
email: klgriffin@mhclaw.com
phone: 317.598.2049 fax: 317.598.2050
Keith L. Griffin graduated from Indiana University School of Law-Bloomington in 2000 after receiving a Bachelor of Arts degree at Indiana University in 1996. Mr. Griffin concentrates his practice on representing investors in securities arbitration and litigation.
Before joining Maddox Hargett & Caruso in 2003, Mr. Griffin served as Deputy Commissioner/Enforcement Attorney for the Indiana Secretary of State, Securities Division. While with the Securities Division, Mr. Griffin represented the state on behalf of investors who were the victims of fraudulent investment schemes. Mr. Griffin also served as the lead attorney representing the State of Indiana in the $1.4 billion analyst conflict of interests global settlement reached with the nation's largest broker-dealers.
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Barbara Quinn Smith
email: bqsesq@aol.com
phone: 440.605.7297 fax: 440.646.1615
Barbara Quinn Smith graduated from Case Western Reserve University School of Law in 1991 after receiving a Bachelor of Arts degree from John Carroll University in 1987. Prior to joining Maddox Hargett & Caruso, Ms. Smith spent several years with a prominent Ohio plaintiff's class action firm, where her practice was concentrated on class litigation and complex commercial litigation. She has participated as class counsel in a number of class actions in both state and federal courts. A member of the Ohio State Bar Association, Ms. Smith is admitted to practice in Ohio, the United States District Court for the Northern District of Ohio, and the United States Sixth Circuit Court of Appeals.
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“No broker should offer financial plans unless he or she personally is a registered investment advisor.” SmartMoney April 2007
Facts That Matter
Did your advisor gloss over the details?
Omission or misrepresentation of key facts about an investment can be grounds for a complaint. Examples of an omission might be if a broker fails to disclose to an investor that the individual company he is recommending lost money in the previous three years or the brokerage firm is charging the customer an undisclosed commission or markup. If a broker told an investor that the stock being recommended had a new drug pending before the Food and Drug Administration and that was not the case, that would at a minimum be a misrepresentation.
Don't Keep Silent
Overlooked transgressions.
Unmeasured losses.
Securities abuses are grossly under reported. Cases that are actually filed against brokers, insurance agents and investment advisers are, truly, the tip of a very large iceberg. Harmed investors often feel embarrassed about their supposed gullibility or the degree of trust they placed in their broker. Or, investors assume they are simply the victim of the market and nothing can be done. If every investor who suspected abuse or misconduct were to pursue the matter, the brokerage industry would find itself under closer scrutiny.
