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.
