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Investor Alleges Michael Arteca Failed to Disclose Surrender Charges

Michael Arteca (CRD #: 4550695), a broker registered with Pruco Securities, allegedly omitted and misrepresented information, according to his BrokerCheck record, accessed on September 3, 2022. Read on if you want to know more about his conduct as a broker.

Investor Dispute

On June 15, 2022, an investor alleged that Michael Arteca failed to disclose surrender charges and facts concerning suitability. The client seeks $78,780 in damages in this pending dispute.

A dispute filed on May 25, 2018, alleged that Michael Arteca misrepresented the purchases of multiple real estate investment trusts (REITs). The client sought $200,000 in damages and received a settlement of $50,000.

Another dispute, filed on December 15, 2017, alleged that Michael Arteca misrepresented the purchases of multiple life insurance and variable annuity products. The client sought $81,000 and received a settlement of $64,227.67.

FINRA Rule 2020

FINRA Rule 2020 bans the use of deceptive, manipulative, and otherwise unethical means of influencing investors’ decisions. This includes the omission of information relating to securities, including an investment’s requirements, limitations, or potential returns. 

What is a real estate investment trust?

A real estate investment trust (REIT) lets investors reap the benefits of a real estate portfolio without needing to directly purchase or manage the properties. However, the lack of liquidity associated with REITs can make them unsuitable for many investors.

Background Information

Michael Arteca has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

Michael Arteca is a registered broker in Connecticut, Florida, New Jersey, New York, and Texas.

He has also worked for the following firms:

  • Ameritas Investment Corporation (CRD#:14869)
  • New England Securities (CRD#:615)
  • Maxim Group (CRD#:120708)
  • Investec Ernst & Company (CRD#:266)

Kurta Law Can Help

If you worked with Michael Arteca and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. 

 

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