Advisor Alert: Our Attorneys Are Investigating Michael Roy Blueweiss For Investment Fraud
Did You Lose Money Because of Michael Blueweiss?
Filed: February 19, 2024
Michael Blueweiss currently has one (1) pending customer complaint. Overall, he has been the subject of eight (8) customer complaints and one (1) termination event. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Michael Roy Blueweiss.
Who Is Michael Roy Blueweiss of Arete Wealth Advisors, LLC and Arete Wealth Management, LLC?
- Advisor Name: Michael Roy Blueweiss
- Aliases: Michael R Blueweiss
- CRD: 728969
- Location: Melville, New York
- Current Employer: Arete Wealth Advisors, LLC and Arete Wealth Management, LLC
- Previous Firms: National Asset Management, Inc., National Securities Corporation, and UBS Financial Services Inc.
- Number of Known Customer Complaints: 8
- Number of Known Termination Events: 1
- Can Michael Blueweiss Be Sued: Yes, in Private Arbitration
- Can Michael Blueweiss’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $600,000
- Highest Settlement: $150,000
If you have suffered investment losses by Michael Blueweiss, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining an investment fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Michael Blueweiss For Broker Misconduct
As of this publication date, Michael Blueweiss has been the subject of 8 customer disputes and 1 termination event. Let’s review them below.
In July 2023, a FINRA arbitration was filed against or in reference to Michael Blueweiss by a customer of National Securities Corporation alleging unsuitable investment recommendations in 2021 – 2022. Per the customer, he/she lost over $100,000 because of Mr. Blueweiss’s actions. As of this publication date, this claim remains pending.
In November 2018, a FINRA arbitration was filed against or in reference to Michael Blueweiss by multiple customers of UBS Financial Services Inc. alleging misrepresentation, unsuitability and unauthorized trading in connection with the purchase of structured notes. The claimants further allege theft of funds. Per the customers, they lost over $600,000 because of Mr. Blueweiss’s actions. On September 6, 2019, Mr. Blueweiss settled the claim for $150,000, and some or all of this amount may have been paid by Mr. Blueweiss’s employer and/or insurance carrier.
In October 2017, UBS Financial Services Inc. terminated Michael Blueweiss after a firm investigation concluded he violated firm order entry policy and also violated firm policy by signing a client’s name to a non-firm-related document.
In November 2014, a FINRA arbitration was filed against or in reference to Michael Blueweiss by a customer of UBS Financial Services Inc. alleging concentration of structured products, concentration of account in annuities, and failure to disclose surrender penalties and churning.
In February 2011, a complaint was filed against or in reference to Michael Blueweiss by a customer of UBS Financial Services Inc. alleging misrepresentation and/or omissions and unsuitable recommendation in connection with their purchase of UBS reversed convertibles linked to the common stock of Lehman Brothers. Per the customer, he/she lost over $252,770 because of Mr. Blueweiss’s actions. On June 21, 2012, Mr. Blueweiss settled the claim for $94,350, and some or all of this amount may have been paid by Mr. Blueweiss’s employer and/or insurance carrier.
In November 2004, a complaint was filed against or in reference to Michael Blueweiss by a customer of UBS Financial Services Inc. alleging that the client purchased 1000 shares of Star Gas partners because Mr. Blueweiss “represented the security as being a very safe and secure investment with a long record of solidity and not missing a dividend.” In addition, the customer alleges that a stop loss order to sell the stock for $19.50 was placed at the time of purchase, but it was not followed. Per the customer, he/she lost over $22,495.35 because of Mr. Blueweiss’s actions.
In March 2002, a complaint was filed against or in reference to Michael Blueweiss by a customer of UBS Painewebber Inc. alleging that the client was interested in income producing investments but Mr. Blueweiss recommended unsuitable equity investments. Per the customer, he/she lost over $250,000 because of Mr. Blueweiss’s actions.
In March 2001, a complaint was filed against or in reference to Michael Blueweiss by a customer of UBS Painewebber Inc. alleging that Mr. Blueweiss told the client that globalstar lp/capital senior note was a safe investment. The client claims that the investment is inappropriate. Per the customer, he lost over $25,000 because of Mr. Blueweiss’s actions.
In December 1997, a complaint was filed against or in reference to Michael Blueweiss by a customer of Painewebber Incorporated alleging that Mr. Blueweiss churned or improperly represented products. The said products include Ericsson, Samsonite and US Diagnostics. The client claims that the investment is inappropriate.
How To File A Claim Against Michael Blueweiss of Arete Wealth Advisors, LLC and Arete Wealth Management, LLC (previously with National Asset Management, Inc., National Securities Corporation, and UBS Financial Services Inc.) To Get Your Money Back
If you have questions about Michael Blueweiss, Arete Wealth Advisors, LLC, Arete Wealth Management, LLC, National Asset Management, Inc., National Securities Corporation, UBS Financial Services Inc., or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.