Michael James Blake, of Ameritas Investment Corp., a stockbroker formerly employed with Ameritas Investment Corp., is the subject of a customer initiated investment related arbitration claim, in which the customer sought $50,000.00 in damages supported by accusations of breach of contract, breach of fiduciary duty, suitability, fraudulent concealment, misrepresentation, and violation of the Securities Act of the State of Arizona in reference to the customer’s promissory note investment arrangement. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-02071 (Aug. 3, 2017).
FINRA Public Disclosure confirms that Blake has been referenced in nine more customer initiated investment related disputes pertaining to allegations of Blake’s wrongdoing while employed with Ameritas Investment Corp and AXA Advisors, LLC. In particular, a customer was awarded $500,000.00 in damages based upon findings that Blake breached his fiduciary duty, negligently handled the customer’s investment account, and defrauded the customer in reference to a real estate security transaction. FINRA Arbitration No. 09-04700 (Oct. 28, 2011).
Another customer initiated investment related arbitration claim regarding Blake’s activities has been resolved for $75,000.00 in damages founded on accusations that Blake breached his fiduciary and contractual obligations to the customer, and negligently handled the customer’s investment portfolio relating to a promissory note transaction. FINRA Arbitration No. 12-01379 (Nov. 20, 2012).
Further, a customer initiated investment related civil action involving Blake’s conduct was brought in the Superior Court of the State of Arizona, which settled for $30,000.00 in damages supported by accusations of breach of fiduciary duty, negligent misrepresentation and fraud regarding promissory note and variable annuity investments. Civil Action No. CV2013-007824 (Apr. 29, 2014). Thereafter, a customer initiated investment related arbitration claim pertaining to Blake’s activities was resolved for $95,000.00 in damages based upon accusations that investment recommendations were not suitable for the customer, and that contractual and fiduciary duties had been breached between November 1, 2007 and July 30, 2015. FINRA Arbitration No. 15-03118 (June 30, 2017).
Another customer initiated investment related arbitration claim involving Blake’s conduct was settled for $9,000.00 in damages founded on allegations that unsuitable recommendations were made to the customer in reference to the customer’s purchase of real estate securities. FINRA Arbitration No. 16-01182 (Dec. 12, 2017). Moreover, a customer filed an investment related civil action regarding Blake’s activities was brought in the Superior Court of the State of Arizona, in which the customer requested $875,000.00 in damages supported by accusations of misrepresentation, breach of fiduciary duty, negligent supervision and securities fraud. Civil Action No. CV2017-000061 (Jan. 18, 2017).
Blake has also been fined $10,000.00 and suspended for one year from associating with any FINRA member in any capacity based upon an Office of Hearing Officers Order Accepting Offer of Settlement containing findings that Blake engaged in private securities transactions, unapproved outside business activities, and failed to be forthcoming about his activities when questioned by his firm. Department of Enforcement v. Michael James Blake, No. 2010021710501 (Sept. 9, 2013).
According to the Order, Blake accumulated $3,200,000.00 from twenty-eight investors in the course of selling away from his firm. Blake apparently failed to notify the firm about his securities transactions; conduct violative of NASD Conduct Rules 2110 and 3040. He was also found by FINRA to have violated FINRA Rules 2110 and NASD Conduct Rules 3030 for his non-disclosure of another outside business activity, and FINRA Rules 2010 and NASD Conduct Rule 2110 for misleading his firm regarding his business activities.
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.
This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation 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 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 securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
