Laguna Niguel financial advisor Don Harrell (CRD# 2222409) allegedly made unsuitable recommendations, according to a recent investor complaint against him....Read More
Michael Vetere: $1MM Complaint Against Ex-Bayside Rep
Former Aegis Capital Corp. broker and investment adviser Michael Vetere (CRD# 4275271) has received a pending customer complaint alleging his investment recommendations resulted in $1 million in losses. According to Financial Industry Regulatory Authority (FINRA) records, Vetere was most recently registered with the firm’s branch office in Bayside, New York.
Michael Vetere’s FINRA-maintained BrokerCheck report lists one pending investor complaint, one settled investor complaint, and one denied investor complaint against him. It also discloses that he was discharged from a position at Ameritas Investment Corp. in 2016 in connection to allegations he “facilitated the purchase of a $675,000 variable annuity contract without properly disclosing the source of funds to purchase this contract was from the surrender of a $700,000 universal life insurance policy,” and made “inaccurate statements” to firm personnel during an investigation.
The most recent complaint against Michael Vetere was filed in November 2020. It alleged that as a representative of UBS Financial Services, he breached his fiduciary duty and acted negligent in his management of the account, and that he engaged in excessive trades that resulted in losses. The complaint alleged damages of $250,000, but it was denied by the firm.
A pending complaint filed in 2019 alleges that as a representative of Ameritas Investment Corporation and TFS Securities, Michael Vetere churned the account, recommended unsuitable investments, and did not make the client aware of early redemption penalties associated with a mutual fund investment. The pending complaint alleges damages of $1 million.
A complaint filed in 2016 alleged that as a representative of Ameritas Investment Corporation, Michael Vetere provided unsuitable investment advice, breached his fiduciary duty, acted negligently, engaged in churning, breached contract, committed fraud, and failed in his supervisory duties. The complaint reached a settlement in 2018 of $500,000.
According to Financial Industry Regulatory Authority records, Michael Vetere holds 17 years of securities industry experience. He has been registered with Aegis Capital in Bayside, New York; TFS Securities in Lincroft, New Jersey; Securian Financial Services in Parsippany, New Jersey; Ameritas Investment Corporation in Uniondale, New York; UBS Financial Services in New York, New York; Morgan Stanley DW in Purchase, New York; and First Capital Equities in Lake Success, New York. He has passed four securities industry qualifying examinations: the Uniform Combined State Law Examination, or Series 66; the Securities Industry Essentials Examination, or SIE; the Futures Managed Funds Examination, or Series 31; and the General Securities Representative Examination, or Series 7. He currently holds no state securities licenses. (Information current as of July 14, 2021.)