Attorneys

Paul Vorndran
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Paul L. Vorndran has been a Colorado trial and litigation attorney for more than 26 years. He represents clients in complex civil financial matters before state and federal courts and in a variety of arbitration forums. He has extensive experience in the areas of investment, securities, and insurance regulation and litigation.

During his six years with the Colorado Attorney General, Paul represented the Colorado Securities and Insurance Commissioners and brought enforcement actions against both promoters and non-securities licensed, independent insurance agents. Now he works the other side, advising and defending individuals and businesses engaged in the investment business, including registered investment advisers, investment adviser representatives, broker-dealers, securities sales representatives, and insurance producers in both regulatory matters and customer disputes.

Paul defends individuals and entities in investigations and enforcement actions brought by the U.S. Securities and Exchange Commission (SEC), the Colorado Securities and Insurance Commissioners, and the Financial Industry Regulatory Authority (FINRA). He also defends actions brought by investors against licensed and unlicensed sellers of investments.

Paul represents consumers and investors in actions against broker-dealers, investment advisers and insurance producers. He has successfully obtained judgments and settlements for investors on claims such as unlicensed selling, breach of fiduciary duty, affinity fraud, and unsuitability.

Significant Representations

  • Represented a securities broker and obtained dismissal of two FINRA arbitrations after filing a federal court action challenging arbitrability.
  • Represented an investor and obtained a seven-figure settlement following federal court action against an SEC registered investment adviser based on claims for breach of fiduciary duty.
  • Represented an investor and obtained a judgment for more than $400,000 after trial in state court against the issuer of a promissory note investment.
  • Successfully represented a group of annuities sellers against investigation by Colorado Division of Insurance which alleged securities sales violated the insurance laws.
  • Successfully settled FINRA industry dispute brought by former employer of investment adviser representative.
  • Obtained summary judgment and dismissal of civil action brought against former officer of a licensed debt management company.

Paul handles investor cases involving:

  • Unsuitability
  • Churning
  • Breach of Fiduciary Duty
  • Overconcentration
  • Fraud
  • Negligence
  • Unauthorized trading
  • Limited partnership interests
  • REITs
  • Viatical settlement investments
  • Life Settlements
  • Unlicensed sales of securities
  • Annuities
  • Hedge funds
  • Affinity fraud
  • Investment adviser and broker-dealer misconduct

Paul represents investment advisers, broker-dealers and insurance producers in cases involving:

  • Regulatory and licensing suspensions or revocations
  • Regulatory investigations
  • FINRA investigations
  • SEC investigations
  • Customer disputes
  • FINRA arbitrations
  • Investor cases brought in the state and federal courts
  • Compliance reviews and audits
  • Form ADV review

PROFESSIONAL MEMBERSHIPS AND ACTIVITIES

  • State Bar of Colorado
  • Colorado Bar Association
  • Denver Bar Association
  • Martindale-Hubbell  – AV Preeminent rating

 

Practice Areas
Litigation
Securities Litigation / Enforcement Defense

 

 

Awards

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  • EDUCATION
  • LICENSED IN
  • PRACTICE AREAS

EDUCATION

The University of Colorado School of Law (J.D., 1992)

Purdue University (B.A. Philosophy, 1989)

LICENSED IN

Colorado

Jones & Keller Announces 2019 Executive Changes

Charles Wern becomes president and Paul Vorndran and Nicole Westbrook join the Executive Committee at the Denver-based business law firm.

New SEC Rules Modify and Simplify Regulation S-K

By Reid A. Godbolt The Securities and Exchange Commission (“SEC”) recently adopted amendments (available at https://www.sec.gov/rules/proposed/2017/33-10425.pdf) to its Regulation S-K and related rules and forms in seeking to modernize and simplify disclosure requirements for public companies, investment advisers and investment companies. The amendments are intended to improve the readability and navigability of disclosure documents and […]

14 Jones & Keller Attorneys Named to the Super Lawyers and Rising Stars Lists

Please join us at Jones & Keller in congratulating attorneys selected to this this year’s lists.

Annuities Sellers Beware: Advice May Trigger Enforcement

By Paul L. Vorndran Selling an annuity while advising investors about their securities investments will subject you to enforcement action by the Colorado Securities Commissioner. In the summer of 2018, the Colorado Securities Commissioner (Commissioner) adopted a rule which provides that an insurance agent who receives commissions from the sale of insurance products, where the […]

Investment or Financial Professional Titles: Making Sense of It All

(Originally published December 1, 2015) By Paul L. Vorndran Deciding upon whom to trust to deliver accurate and fair advice is an investor’s first difficult decision. In the investment world, a number of titles may be used by a professional offering various investments. But most of these are marketing tools issued by various organizations, and […]

ETF Recommendations Under Scrutiny

(Originally published December 1, 2015) By Paul L. Vorndran Regulators have been warning investors about investing in Exchange-Traded Funds (ETFs), a unit investment trust or open-end investment company whose shares represent an interest in a portfolio of securities that track an underlying benchmark or index.  In June 2009, those warnings were directed to broker-dealers and […]

Reid Godbolt Awarded the “Lifetime Achievement Award” by the Catholic Lawyers Guild of Colorado

Jones & Keller is pleased to announce that Reid A. Godbolt has been awarded the 2019 Lifetime Achievement Award by the Catholic Lawyers Guild of Colorado. The Lifetime Achievement Award is bestowed upon an attorney who has demonstrated outstanding lifetime contributions to religion, profession and country. “I am humbled and honored by this award and […]

Colorado Rejects Williamson “Presumption”

(Originally published December 1, 2015) By Paul L. Vorndran A panel of the Colorado Court of Appeals issued an opinion giving the Colorado Securities Commissioner a victory in a long standing effort to regulate joint ventures and general partnerships. In Rome v. HEI Resources, Inc. et al, 2014 CA 160, the Court first held that there is […]

Colorado Investment Adviser Revoked for Non-Securities Transactions

(Originally published December 1, 2015) By Paul L. Vorndran As a cautionary tale, Colorado licensed investment advisers should be mindful that non-securities transactions with their clients will be scrutinized by the Colorado Divisions of Securities. In December 2013, Secure Retirement Group, Inc. doing business as Secure Financial Group, Inc. and its principal, David L. Gonzales, […]

Colorado Securities Commissioner Loses Important Case Interpreting Definition of ‘Security’

(Originally published December 1, 2015) by Paul Vorndran Denver District Court recently determined that oil and gas joint venture interests promoted by Colorado companies HEI Resources, Inc. and Heartland Energy Development Corporation were not securities under the Colorado Securities Act. On October 17, 2013 following an intensely contested case brought by the Colorado Securities Commissioner, […]

Definition of ‘Note’ in Colorado Securities Act Limited

(Originally published March 17, 2016) by Paul L. Vorndran The Colorado Court of Appeals reversed a criminal conviction for securities fraud pursuant to C.R.S. § 11-51-501(1)(b) finding the trial court erred in refusing to give a proffered instruction that not all promissory notes are securities for purposes of the Colorado Securities Act (CSA).  In People v. Mendenhall, […]

Tax Traps for the Unwary

TAX TRAPS FOR THE UNWARY – EXECUTIVE COMPENSATION ISSUES IN M&A TRANSACTIONS (PART I: SECTION 280G) By Charles E. Wern, JD, LLM and D. Laird Blue, JD, LLM, Shareholders, Jones & Keller, PC Changes to the U.S. regulatory landscape and corporate tax law structure could spark increased M&A deal activity and strategic partnering in the banking […]

Jones & Keller President Brad H. Hamilton in Independent Banker

President of Jones & Keller and well-known securities attorney, Brad H. Hamilton, was quoted by Independent Banker in an article by Karen Epper Hoffman on the need for community banks to understand cybersecurity issues; how to provide cybersecurity direction at board meetings and executive events; learning to present online security issues in basic terms; introducing […]

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