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

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

His Registrations

  • David Lerner Associates (1981-1988)
  • Smith Barney, Inc. (1988-1996)
  • UBS Financial Services (1996-2017)
  • National Securities Corporation (2017-Present)

The Allegations

  • In February 2011, a customer alleged that Michael Blueweiss made material misrepresentations and recommended unsuitable investments. This case was settled for $94,350 in damages.
  • In November 2018, customers alleged that Michael Blueweiss made material misrepresentations, recommended unsuitable investments, and executed unauthorized trades of structured notes. The customers also alleged that Michael Blueweiss stole their funds. This case was settled for $150,000 in damages.

What Does This Mean?

A securities broker converting funds into their personal bank accounts is one example of misappropriation, which essentially is the same thing as theft. A misappropriation of funds is when a securities broker misuses the funds from one agreed upon purpose for another purpose. Often, brokers will simply deposit these funds into their own account. This is conversion.

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 Blueweiss, 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.