Michael Vetere was terminated recently from Ameritas Investment Corporation, according to a Financial Industry Regulatory Authority (FINRA) public record published yesterday. Vetere was terminated in March 2016 because he allegedly “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.” He also allegedly “held customer funds and made inaccurate statements to Compliance personnel during the investigation,” and “submitted another variable annuity contract to a vendor prior to receiving the firm’s required pre-approval.” He also voluntarily resigned from his position at New England Securities “while under investigation regarding the placement of company business through the sale of an unapproved product outside of the enterprise general agency.”
According to his online BrokerCheck report, Vetere was registered with First Capital Equities, Morgan Stanley, UBS, New England Securities in Uniondale, New York from May 2009 until September 2010, Ameritas Investment Corp in Matawan, New Jersey from October 2010 until March 2016 and Securian Financial Services in Parsippany, New Jersey from March 2016 until April 2016. He is currently registered with TFS Securities in Lincroft, New Jersey and has been since April 2016. Please call our securities law firm today to speak to an attorney for free. We may be able to help you bring a claim against Ameritas to recover your financial losses on a contingency fee basis.