Published On: August 13, 2015

The Arizona Corporation Commission has made allegations against Michael J. Blake, former broker with Ameritas Investment Corp. The Commission alleged that Blake solicited investors to invest in commercial real estate ventures called the Longest Drive LLC and the Longest Drive II LLC. His former firm, Ameritas, did not give him permission to do so. This is also referred to as “selling away,” and is when a broker solicits clients to purchase securities that are not regulated or approved by their current brokerage firm, resulting in high commissions for the broker. The Commission suspended him for one year in 2013, and have now barred him from holding a securities or advisory license in the state of Arizona.

Blake was registered with The Equitable Life Assurance Society of The United States in New York, New York from February 1990 until January 2000, AXA Advisors in New York, New York from February 1990 until November 1992, Carillon Investments in Scottsdale, Arizona from November 2002 until June 2006, Ameritas Investment Corp in Scottsdale, from June 2006 until April 2013 and Mid Atlantic Capital Corp in Paradise Valley, Arizona from May 2013 until October 2013. He has four customer disputes against him, one of which is currently pending. He is no longer licensed within the industry.

Blake’s former firm, Ameritas, can be sued to recover investment losses because of their failure to reasonably supervise him while he was employed there. Please call Stoltmann Law Offices at 312-332-4200 to speak with an attorney about recovering your losses. The call is free with no obligation.

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If you have suffered financial losses because of the negligence or fraud of your financial advisor or broker through unsuitable investment recommendations, over-concentration, churning, misrepresenting risks, conversion or selling away, you have legal rights and options to pursue recovery of those losses.

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