oreide Law Group has filed a FINRA arbitration on behalf of their clients (Claimants) against:
AMERITAS INVESTMENT CORP. (Respondent)
The Claimants are a retired, married couple who allegedly relied upon AMERITAS INVESTMENT CORP. and its former financial advisor, Michael Arteca. The lawsuit states that Arteca had sold the Claimants an annuity with a guaranteed income benefit. Allegedly, Arteca subsequently sold the Claimants a series of REIT investments and represented that the Claimants would receive similar guaranteed income as they did with the annuity. One of the REITs purchased was the ARC REIT. The lawsuit states when income payments on the REITs declined, the Claimants sought Michael Arteca’s advice. Allegedly, Arteca was unreachable for months because he had been on leave according to the Respondent’s representatives. The lawsuit states that the Claimants contacted the REIT issuers directly to learn that Arteca’s alleged guaranteed income representations were false.
The lawsuit alleges that the Respondent failed to adequately warn the Claimants regarding the risks of the underlying investment and in particular the risk of investing in non-traded REITS in concentration. Allegedly, the Respondent and its financial advisor encouraged the Claimants to hold the REITS even after the investment declined.
The lawsuit states that as a result of the Respondent’s misconduct, the Claimants have suffered damages of approximately $200,000.
The lawsuit states that the AMERITAS INVESTMENT CORP.‘s actions in this case, allegedly constitute a breach of fiduciary duty, negligence, breach of contract, ongoing fraud, misrepresentation, failure to supervise, negligent hiring, and violations of the conduct rules of the Financial Industry Regulatory Authority (FINRA).
If you suffered losses due to the actions or recommendations of AMERITAS INVESTMENT CORP. and/or their former registered representative, Michael Arteca, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA. We operate on a contingency fee basis—no fee if no recovery.
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