Erez Law is currently investigating former Ameritas Investment Corp. financial advisor Michael Arteca (CRD# 4550695) regarding investment losses due to real estate investment trusts (REITs). Arteca has been registered with Pruco Securities, LLC in Uniondale, New York since September 2017. Previously, he was registered with Ameritas Investment Corp. in Matawan, New Jersey from 2010 to 2017.
According to public records, a former customer of Arteca filed a FINRA arbitration for $200,000, alleging damages due to misrepresentation in the purchase of multiple REITs. The claim alleges that Arteca sold the customer an annuity and REIT investments with ARC REIT with a guaranteed income benefit. Regrettably, it is alleged that when the income payments on the REITs declined, the customer attempted to reach out to Arteca, who was on leave for many months and unreachable. The customer complaint alleges that Arteca failed to warn his clients of the risks of the investments.
Arteca has been the subject of four additional customer complaints between 2009 and 2018, two of which were denied and one was withdrawn, according to his CRD report:
December 2017. “Claimant alleges misrepresentation in the purchase of multiple life insurance and variable annuity products.” The customer sought $81,000 in damages and the case was settled for $64,227.67.”
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Ameritas Investment Corp. may be liable for investment or other losses suffered by Arteca’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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