This guide covers investor claims and securities regulation from the customer relationship through recovery. It sets out the duties owed by broker-dealers and investment advisers, the customer claims that arise when those duties are breached, and the documents that prove them. It explains the arbitration forum where nearly all customer disputes are decided, including eligibility rules, discovery, hearing procedure, awards, and expungement. It then covers the federal private fraud claim element by element, with the pleading and procedural overlay that decides most cases before discovery. It treats registration, exemptions, and the definition of a security, and covers insider trading, agency enforcement, and whistleblower awards. Damages measurement, older investors, retirement accounts, and prevention close it out.