Ex-National Securities Advisor Michael Blueweiss Lands $100K Complaint

Melville, New York financial advisor Michael Blueweiss (CRD# 728969) allegedly recommended unsuitable investments, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is a broker with Arete Wealth Management, having previously been registered with National Securities Corporation.

Mr. Blueweiss’s BrokerCheck report discloses several investor complaints. The most recent, filed in July 2023, alleges that as a representative of National Securities Corporation, he recommended unsuitable stock investments in 2020 and 2021. The pending complaint alleges damages of at least $100,000.

An earlier investor complaint, filed in 2018, alleged that as a UBS Financial Services representative, he misrepresented material facts, recommended unsuitable investments, executed unauthorized trades, and stole funds. In 2019 the complaint reached a settlement of $150,000. In a statement included with the complaint’s disclosure, Mr. Blueweiss “adamantly” denied any wrongdoing, adding that the customers were “apprised of all trading activity, which involved in part UBS sponsored products.”

A third investor complaint, filed in 2011, alleged that as a UBS Financial Services representative, he misrepresented and/or omitted information regarding unsuitable structured product investments. In 2012 the complaint reached a settlement of $94,350.

A fourth disclosure on Mr. Blueweiss’s BrokerCheck report concerns his firing from UBS Financial Services. Filed in October 2017, the disclosure states that he was terminated after an internal investigation by the firm “concluded he violated firm order entry policy and also violated firm policy by signing a client’s name to a non-firm-related document.”

According to the Financial Industry Regulatory Authority, Michael Blueweiss holds 42 years of securities industry experience. Based in Melville, New York, he has been a broker with Arete Wealth Management and an investment advisor with Arete Wealth Advisors since 2022. His past registrations include National Securities Corporation (Melville, New York; 2017-2022), UBS Financial Services (Melville, New York; 2017-2022), Smith Barney (New York, New York; 1988-1996), and David Lerner Associates (1981-1988). His credentials include the passage of seven securities industry qualifying exams: the Municipal Securities Representative Examination, or Series 52; the Direct Participation Programs Representative Examination, or Series 22; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Arizona, California, Colorado, Florida, Minnesota, New Jersey, New York, and North Carolina. (Information current as of August 20, 2023.)

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