investment fraud

Michael Frank Vetere of Bayside New York a stockbroker formerly registered with TFS Securities Inc. and Ameritas Investment Corp. is the subject of a customer initiated investment related arbitration claim in which the customer sought $1,000,000.00 in damages based upon accusations that (1) the customer’s mutual fund holdings were churned by the stockbroker (2) life insurance policies were not appropriate (3) redemption penalties had not been disclosed to the customer and (4) Vetere caused the customer to pay undue penalties for the liquidation of policies and to lose out on dividends and guarantees. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-00447 (Feb. 19, 2019).

FINRA Public Disclosure confirms that Vetere is identified in two more customer initiated investment related disputes containing allegations of his misconduct during the time that he was employed by Ameritas Investment Corp and TFS Securities Inc. Specifically, a customer initiated investment related arbitration claim concerning Vetere’s activities was resolved for $500,000.00 in damages supported by accusations that the customer was defrauded; Ameritas violated the customer’s contract and failed to supervise Vetere’s activities; the customer’s investment portfolio was excessively traded and churned; fiduciary obligations were infracted; and Vetere’s negligence caused the customer to experience losses. FINRA Arbitration No. 16-02989 (Feb. 12, 2018).

Also, Vetere is referenced in a customer initiated investment related complaint on August 9, 2018 where the customer requested $200,000.00 in damages founded on allegations that without the customer’s consent, Vetere initiated a loan from the customer’s insurance policy to fund an annuity; and the customer was deprived of a policy or other documentation relating to Vetere’s activities.

Vetere was terminated from Ameritas Investment Corp. on March 31, 2016 based upon allegations of him lying to the securities broker dealer while under investigation for his handling of customer funds, and for concealing information regarding annuity replacements. Vetere was registered with TFS Securities Inc. from April 28, 2016 to June 27, 2018. The stockbroker was also registered with Aegis Capital Corp. from June 21, 2018 to September 4, 2018.

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.

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Guiliano Law Group, P.C.

Our practice is limited to the representation of investors. Over the last three decades, we have recovered more than a hundred million dollars for more than 1,000 injured investors from all over the United States and several foreign countries. We accept representation purely on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a confidential consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.

For more information concerning common claims against stockbrokers and investment professionals, please visit us at stockbrokerfraud.com

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