Advisor Alert: Our Attorneys Are Investigating Michael S Yarus For Investment Fraud
Did You Lose Money Because of Michael Yarus?
Filed: March 12, 2024
Michael Yarus (also known as Michael Steven Yarus) currently has one (1) pending customer complaint. Overall, he has been the subject of four (4) 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 S Yarus.
Who Is Michael S Yarus?
- Advisor Name: Michael S Yarus
- Aliases: Michael Steven Yarus
- CRD: 1543852
- Location: Atlanta, Georgia
- Current Employer: Currently Not Registered
- Previous Firms: Carter, Terry & Company, Inc., Wells Fargo Clearing Services, LLC, and UBS Financial Services Inc.
- Number of Known Customer Complaints: 4
- Number of Known Termination Events: 1
- Can Michael Yarus Be Sued: Yes, in Private Arbitration
- Can Michael Yarus’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $76,756.79
- Highest Settlement: $29,000
If you have suffered investment losses by Michael Yarus, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a churning 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 Yarus For Broker Misconduct
As of this publication date, Michael Yarus has been the subject of 4 customer disputes and 1 termination event. Let’s review them below.
In August 2023, a complaint was filed against or in reference to Michael Yarus by multiple customers of Wells Fargo Advisors, LLC alleging that Mr. Yarus repeatedly assured them their investment was fully insured against any losses however, they have discovered this is not the case. Per the customers, they lost over $76,756.79 because of Mr. Yarus’s actions.
In January 2023, Wells Fargo Clearing Services, LLC terminated Michael Yarus after stating during an internal investigation that he placed trades in three unrelated client accounts after receiving instructions from third parties who did not have written authorization to direct trades in the accounts; that he noted in an electronic record that he had spoken to two clients when he had not; and that he opened new accounts for a client after being informed of the client’s incapacitation.
In October 2014, a FINRA arbitration was filed against or in reference to Michael Yarus by a customer of UBS Financial Services Inc. alleging that investments in municipal bonds were misrepresented and unsuitable for her investment objectives. The claimant alleges in 2012 and 2013 Mr. Yarus over concentrated her portfolio in unsuitable Puerto Rico bonds. On October 31, 2016, Mr. Yarus settled the claim for $29,000, and some or all of this amount may have been paid by Mr. Yarus’s employer and/or insurance carrier.
In October 1998, a complaint was filed against or in reference to Michael Yarus by a customer of Lebenthal & Co., Inc. alleging that certain municipal bond sales transactions in the client’s account were unauthorized. As of this publication date, this claim remains pending.
In September 1998, a complaint was filed against or in reference to Michael Yarus by a customer of Lebenthal & Co., Inc. alleging that the client asked Mr. Yarus to liquidate a substantial portion of her portfolio because of falling interest rate and purchase 3 month t-bills with the proceeds. Mr. Yarus advised the client that this would be a mistake. The client stated that she understood his opinion, but instructed that he go through with the sale anyway. During the time from 9/10/1998 to 9/13/1998 the customer and Mr. Yarus had several phone conversations concerning bids on the bonds. During the 9/11/1998 conversation, he reiterated to the customer that wholesale liquidation of the bonds in this way was a mistake. On 9/13/1998 the bonds were liquidated as per client’s instructions. On 9/14/1998 and 9/15/1998 Mr. Yarus left messages on the customer’s answering machine. She did not return either call. On 9/23/1998, the customer called Mr. Yarus and indicated that she understood that the bonds had been sold and the proceeds used to purchase t-bills. However, on 9/28/1998, the client called Mr. Yarus and stated that the liquidation of the bonds in her account was unauthorized, and requested that her account be put back to where it was prior to the liquidation. Per the customer, she lost over $50,000 because of Mr. Yarus’s actions. On February 12, 2001, Mr. Yarus settled the claim for $15,000, and some or all of this amount may have been paid by Mr. Yarus’s employer and/or insurance carrier.
How To File A Claim Against Michael Yarus (previously with Carter, Terry & Company, Inc., Wells Fargo Clearing Services, LLC, and UBS Financial Services Inc.) To Get Your Money Back
If you have questions about Michael Yarus, Carter, Terry & Company, Inc., Wells Fargo Clearing Services, LLC, 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.