Pruco Financial Advisor, Michael Arteca, Has Five Customer Complaints, Including One Pending Complaint For Misrepresentation
The Wolper Law Firm is currently investigating claims against Michael Arteca, a Financial Advisor at Pruco Securities in Matawan, New Jersey. Michael Arteca has been in the securities industry since the 2002 and previously worked for New England Securities and Maxim Group.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on May 2018, Michael Arteca became the subject of a customer complaint for alleged “misrepresentation in the purchase of multiple REITs” or real estate investment trusts. The alleged damages are $200,000
This is not Michael Arteca’s first blemish. In December 2017, a customer alleged “misrepresentation in the purchase of multiple life insurance and variable annuity products.” The matter was settled for $64,227. Three additional customer complaints have been filed against Michael Arteca since 2009, principally relating to the sale of annuities and life insurance products.
Variable annuities are hybrid investment and insurance products that are generally only suitable for investors if they need life insurance and cannot secure it elsewhere. Otherwise, the upfront and embedded fees associated with variable annuities often do not justify the benefits. Financial Advisors sell variable annuities because they pay high, upfront commissions and a commission trail over subsequent years. Many investors do not appreciate the risk factors associated with variable annuities or the illiquidity of the investment product.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer of Michael Arteca and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at email@example.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. Simply put, he knows how the other side evaluates cases, which gives you a competitive advantage.
- Learn How Due Diligence Regulations Protect Investors Seeking Private Placement Transactions
- Triad Investors LLC, Broker and The Just Company Investment Adviser, Mark Just, Has Six Customer Complaints, Including Complaints For The Sale Of Alternative Investments
- Former Stifel, Nicolaus & Company, Inc. Broker Joseph H. Pratt Barred by FINRA for Insider Trading; Customer Complaint Pending
- Former Dinosaur Financial Group, LLC Broker and Investment Adviser David Karandos Has Six Customer Complaints, Including 3 Pending Complaints Alleging Sales Practice Misconduct
- Former Ameriprise Financial Services Broker and Investment Adviser Angel Bardeche Fined and Suspended After Engaging in Unsuitable Mutual Fund Trading for Clients
- Benjamin F. Edwards and Co., Inc. Broker John Griner Fined and Suspended After Allegedly Improperly Exercising Discretion Without Proper Authorization
- FINRA Reports That Margin Levels in Customer Accounts Have Reached All-Time Highs of More Than $722 Billion
- How to Stop Stock Loss Caused by Your Broker-Dealer
- Former LPL Financial LLC Broker, Maziar Monshi, Has Had Three Customer Complaint Disclosures Alleging Sales Practice Misconduct
- Merrill Lynch, Pierce, Fenner & Smith Incorporated Broker, John Gatto, Has Had Eight Customer Complaint Disclosures Alleging Sales Practice Misconduct