Navigating the legal system and its myriad of specialities is what gets some lawyers interested in focuses on one or a few subtypes. Marshalltown attorney Gail E. Boliver has gained a national reputation for his expertise in finance law. Those “fine print” terms and conditions we often agree to and sign on the dotted line (but don’t always fully read), is his speciality in dissecting — for the benefit of his clients — whom in many cases, have lost large sums of money due to brokers/broker dealers mismanaging their funds.

A native of Grinnell, Boliver opened the Boliver Law Firm, 2414 S. Second St., in 1980. He earned an undergrad degree in political science from Iowa State University in 1971, followed by an MBA from Arizona State University in 1976, then a law degree from Creighton University of Law in 1979.

He served in the U.S. Air Force as a pilot, from 1971-1976, then was a legal officer for the U.S. Air Force Reserve from 1981-1986, and an Iowa Air National Guard legal officer from 1986-1999.

“I knew I wanted to fly since I was 6 years old. I grew up wanting to be an Air Force pilot, and I was. After the (Vietnam) war era, I decided to get into law,” he said.

T-R PHOTO BY SARA JORDAN-HEINTZ His cases take him all over the country. It’s not unusual for the materials pertaining to a case to fill several boxes and containers.

When he opened up his law office in Marshalltown, he took on a little bit of everything as most beginner lawyers do. His first finance case literally landed in his lap.

“I didn’t pick it. It picked me. Someone called me about an investment and I actually looked to see if someone was doing that kind of work, and they weren’t, and I advised the person I could take the case but it would be my first,” Boliver said. “We moved ahead and the case was successful, against a broker dealer in Des Moines, arbitrated in Omaha. At that time, Iowans couldn’t arbitrate in the state. We had to go elsewhere and Omaha was the closest.”

The attorney said his cases most often are brought to a resolution through arbitration and not in a court room.

“Arbitration allows for a broader range of remedies, more than what a judge and jury can do,” he said. “It looks and sounds like a trial and if a case is for over $100,000, there are three arbitrators, not one. It is majority rule.”

Investment firms, insurance companies and registered investment advisers are some of the people he has brought litigation against. They may or may not be registered by FINRA.

“If the broker/broker deal isn’t registered through FINRA, we would arbitrate through AAA (American Arbitration Association), but if there is nothing in the (financial) documents itself about that, you have a typical court case,” he said.

Recently, Boliver’s accomplishments received national attention when in April 2019, a FINRA panel awarded him nearly $455,000 in a case against Morgan Stanley over how the brokerage managed the retirement fund of Boliver’s client.

FINRA (the Financial Industry Regulatory Authority, Inc.) is a not-for-profit organization authorized by Congress to protect America’s investors by ensuring the broker-dealer industry operates fairly and honestly. It is the successor of the National Association of Securities Dealers, Inc. (NASD).

Boliver cites possessing an MBA with helping him understand the investment world.

“Taking on Morgan Stanley, in my view, is taking on David and Goliath. They are so big that they can do almost anything,” he said.

One of Boliver’s proudest accomplishments are the cases he prepared which led to setting a precedent. In the mid-90s, he went up against Salomon Smith Barney, the third largest broker dealer in the country, and had a case against them in both Iowa and Nebraska.

“The legal issue was NASD (predecessor to FINRA) arbitration rule 15 … who decides the issue whether a case or investment products in a case are over 6 years old — arbitrators or courts (which would impact statute of limitations) — and both the Iowa and Nebraska supreme courts ruled in my favor, that the arbitrators get to decide,” he said. “I was instrumental in those two states making a decision the U.S. Supreme Court later made the same ruling on.”

Boliver gained a following for his work in Nebraska, which was the catalyst in opening up an office in Omaha.

He is selective in the cases he takes on, as the world of finance law has grown increasingly complex over time. Not everyone who loses money through investments did so due to funds being mismanaged or negligence on the part of the broker/broker dealer.

He screens the cases and seeks expert advice. He also computes the probability arbitrators would side in favor of his client.

“I’ve refused a lot of cases. My first nine cases, I won all of them, but my win ratio has declined,” he said. “I used to get an industry person (as an arbitrator) that would hold their colleagues accountable. They were seasoned. Then I think I got younger people with conflicts: they’re selling the same kind of product that I’m claiming is bad, so why would they want to hold a colleague responsible for something?”

Boliver travels often for his work. He also writes articles for the Iowa Lawyer magazine.

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Contact Sara Jordan-Heintz at

641-753-6611 or

jordan@timesrepublican.com