Michael Frank Vetere of Matawan New Jersey a stockbroker formerly registered with Ameritas Investment Corp. has been discharged by the firm on March 18, 2016 supported by accusations that Vetere (1) failed to appropriately disclose a customer’s source of funds used for purchasing a variable annuity (2) failed to be forthcoming to the firm in the course of the firm’s investigation into Vetere’s sales practices and (3) facilitated an unauthorized variable annuity purchase.
This is not the first time that Vetere has been terminated from a brokerage firm based upon allegations of his misconduct. Particularly, FINRA Public Disclosure confirms that on August 20, 2010, Vetere was terminated from New England Securities while under investigation for selling away from the firm.
Additionally, a customer initiated investment related arbitration claim involving Vetere’s conduct was resolved for $500,000.00 in damages founded on accusations that while Vetere was associated with Ameritas Investment Corp: unsuitable investment recommendations had been made to the customer; fiduciary obligations had been breached; the customer’s account was negligently serviced; the customer’s investment portfolio was churned; contractual obligations had been breached; the customer had been defrauded; and Ameritas Investment Corp failed to supervise the customer’s insurance transactions. FINRA Arbitration No. 16-02989 (Feb. 12, 2018).
Vetere has been associated with TFS Securities Inc. since April 28, 2016.
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