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

Michael Vetere was a New York-based securities broker. He worked in the securities industry for seventeen years. During his career, he was registered with eight different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • First Capital Equities (2001)
  • Morgan Stanley (2001-2005)
  • UBS Financial Services (2005-2009)
  • New England Securities (2009-2010)
  • Ameritas Investment Corp. (2010-2016)
  • Securian Financial Services (2016)
  • TFS Securities (2016-2018)
  • Aegis Capital Corp. (2018)

The Allegations

  • In February 2018, a customer alleged that Michael Vetere recommended unsuitable investments, breached his fiduciary duty, managed their account negligently, churned their account, breached contract, and committed fraud. This case was settled for $500,000 in damages.
  • In February 2019, a customer alleged that Michael Vetere failed to disclose the penalties of early mutual fund redemptions, churned their account, and recommended unsuitable life insurance policies. This case is currently pending. The customer is seeking $1 million in damages.

What Does This Mean?

Securities brokers have an obligation to their customers to trade their accounts in a suitable fashion. This not only encompasses recommending suitable investments, but also executing trades at a suitable frequency. This is because trading an investor’s account excessively can cause serious financial harm to them. This is because investor’s are charged additional fees every time a transaction is executed on their behalf. These fees can very easily rack up and drastically drain an investor’s principal beyond the point of seeing any desired returns. When an investor engages in this type of trading purposefully with the express intent of increasing how much they will receive in commissions, it is referred to as churning.

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 Vetere, 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.