Michael Blueweiss Facing a $100,000 Suitability Dispute

Michael Blueweiss (CRD #: 728969), a broker registered with Arete Wealth Management, is the subject of his eighth investor dispute, according to his BrokerCheck record, accessed on September 20, 2023. Keep reading if you have questions about his alleged conduct. 

On July 24, 2023, an investor alleged that Michael Blueweiss recommended unsuitable investments from 2021 through 2022. The investor is seeking $100,000. 

There is a similar dispute dated November 1, 2018. The investors alleged that Michael Blueweiss recommended unsuitable investments. They further alleged that he misrepresented structured notes, executed unauthorized trades, and engaged in theft. The investors sought $600,000 and the dispute settled for $150,000. 

FINRA Rule 2111 – Unsuitable Investments 

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. This rule also prohibits excessive trading – the number of trades must not be so large that the transaction fees unfairly compromise the investor’s returns. “Unsuitable investments” are any securities that violate FINRA Rule 2111. 

Previous Disclosures

On October 5, 2017, UBS Financial Services fired Michael Blueweiss after a firm investigation concluded he violated firm policy by signing a client’s name to a document. 

Firms denied five other investor disputes. Investors should know, however, that firms can deny disputes without any external review. Following a denial, investors may still be able to recover their funds via FINRA arbitration.

Background Information 

Michael Blueweiss has passed the following exams: 

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination 
• Series 6 Investment Company Products / Variable Contracts Representative Examination 
• Series 22 Direct Participation Programs Representative Examination 
• Series 52 Municipal Securities Representative Examination 

He is a registered broker in eight states and is a registered investment adviser in Florida, New Jersey, and New York. 

Michael Blueweiss has registered with the following firms: 

• Arete Wealth Management (CRD #: 44856) 
• Arete Wealth Advisors (CRD #: 145488) 
• National Asset Management (CRD #: 115927) 
• National Securities Corporation (CRD #: 7569) 
• UBS Financial Services (CRD #: 8174) 
• Smith Barney (CRD #: 7059) 
• David Lerner Associates (CRD #: 5397) 

Kurta Law Can Help

If you worked with Michael Blueweiss and 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 that 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.