The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Michael Arteca. According to his publicly available FINRA BrokerCheck report, Michael Arteca has been the subject of multiple customer disputes over the course of his career.

Michael Arteca is a New York-based securities broker. He has worked in the securities industry for seventeen years. During his career, he has been registered with five different securities firms.

His Registrations

  • Investec Ernst & Company (2002)
  • Maxim Group (2002-2003)
  • New England Securities (2003-2010)
  • Ameritas Investment Corp. (2010-2017)
  • Pruco Securities (2017-Present)

The Allegations

  • In December 2017, a customer alleged that Michael Arteca made material misrepresentations concerning the purchase of multiple variable annuity products. This case was settled for $64,227 in damages.
  • In May 2018, a customer alleged that Michael Arteca made material misrepresentations about multiple non-traded REITs. This case was settled for $50,000 in damages.

Misrepresentation

Misrepresentation is a very serious charge, as it can often result in very serious financial harm to an investor. Essentially, misrepresentation occurs when a securities broker provides an investor with information that has been falsified or obscured in some manner. This can be either on purpose, in an attempt to defraud the investor, or by accident through the broker’s negligence.  Regardless of the broker’s intent, misrepresentation can cause significant losses in an investor’s account as it can lead to them making crucial financial decisions based on misinformation.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Michael Arteca, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.