ICHAEL VETERE Losses?
Investors are disputing the sales practices of TFS Securities Inc. general securities representative Michael Vetere (CRD#: 4275271, Bayside, New York), who registered through TFS Securities Inc. from April 28, 2016 to June 27, 2018. Notably, the Financial Industry Regulatory Authority (“FINRA”) shows on BrokerCheck that since February 12, 2018, at least three clients who invested through TFS Securities Inc. or Ameritas Investment Corp. brought disputes. Here is a summary of the claims they made suggesting Vetere churned accounts, made unauthorized loans, and even committed fraud:
Ameritas Investment Corp, TFS Securities Investor Alleged Michael Vetere Churned Accounts
The investors brought FINRA Arbitration #: 19-00447 on February 11, 2019. First, the Statement of Claim alleges that Michael Vetere did not tell the client about penalties of redeeming funds from his insurance policies. Secondly, Vetere allegedly churned the client’s assets, trading mainly to generate commissions or fees from him. Thirdly, the client claimed Vetere sold policies which failed to be of any benefit to the client. Supposedly, Vetere caused the client to lose valuable guarantees and dividend benefits too. Because of this, the client demanded $800,000 in compensatory damages and $200,000 in punitive damages. Currently, this claim is ongoing.
TFS Securities Investor Files Complaint Suggesting Vetere Made Unauthorized Loans
The second most recent complaint comes from a TFS Securities Inc. client who disputed Michael Vetere’s sales practices on August 9, 2018. Apparently, Vetere improperly told the client to sign incomplete annuity documents that Vetere later completed. Afterwards, Vetere supposedly took a loan from the client’s insurance policy without the client’s approval. Also, the client indicated that he did not receive any contract reflecting an insurance purchase. For this reason, the client alleged $200,000 in damages. However, this matter closed without resolution in October 2018.
Ameritas Investor Brings Arbitration Claim Suggesting Michael Vetere Engaged In Fraud
What’s more, an Ameritas Investment Corp client alleged a multitude of sales practice violations involving Michael Vetere in FINRA Arbitration #16-02989. First of all, the client signaled that Vetere gave bad advice about an insurance product. Next, Vetere allegedly breached both a contract and a fiduciary duty in executing the insurance transaction. Also, similarly to the most recent client complaint, this client suggested Vetere churned the client’s investments. Finally, Ameritas Investment Corp allegedly failed to comply with its duty of supervising Vetere. It appears that on February 12, 2018, Ameritas opted to settle the client’s claim by paying $500,000.
If you suffered losses by investing with securities broker Michael Vetere, contact Soreide Law Group at (888) 760-6552. You’ll be able to speak with experienced counsel about a possible recovery of your investment losses. Notably, Soreide Law Group has recovered millions of dollars for investors who have suffered losses due to broker and brokerage firm misconduct. The firm represents clients on a contingency fee basis and advances all costs.