Michael Vetere of Tarrytown, New York is a stockbroker formerly registered with Hornor Townsend and Kent Inc. who has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he failed to provide FINRA with information that had been requested of him concerning his business activities. FINRA Case No. 2016049002501 (Nov. 28, 2016).
FINRA Public Disclosure reveals that Vetere was initially notified about his suspension on August 25, 2016 and was ultimately suspended on September 19, 2016. FINRA apparently provided Vetere three months to seek the termination of his suspension; however, Vetere failed to communicate with FINRA which resulted in him being automatically barred.
On May 14, 2015, a customer initiated investment related written complaint involving Vetere’s conduct was settled for $31,098.75 in damages founded on accusations that while Vetere was associated with NYLife Securities LLC, he failed to apply the customer’s funds towards a fixed immediate annuity and made misrepresentations to the customer concerning variable annuities. Thereafter, on March 10, 2016, a customer initiated investment related written complaint regarding Vetere’s activities was resolved for $20,396.21 in damages supported by allegations that the customers were not apprised about the risks relating to the variable annuity that they purchased.
Since August 7, 1997, Vetere has been associated with six different broker dealers, two of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
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