A FINRA arbitration panel denied Arete Wealth Management Broker Dennis McMillan's expungement request after a series of customer complaints alleging unsuitable recommendations.
According to Dennis Shane McMillan (CRD #5126963)'s BrokerCheck file, customers dating back to 2020 and most recently filed in 2023 alleged that McMillan made a handful of unsuitable recommendations between 2016 and 2020, resulting in damages to his and Arete's customers.
These disputes were ultimately settled for a combined $150,000, with the broker filing comments on two of the complaints, writing about investments in CD's, annuities, private equity investments, and a product offered by GPB Capital.
In 2019, we wrote about GPB Capital's legal woes, including an FBI investigation for allegedly paying broker-dealers and representatives high-priced commissions in exchange for high-risk private placement sales that resulted in customer losses. This itself followed a charge of fraud and conversion levied against business partner Patrick DiBre relative to GPB's alternative investments in Grand Central Automotive Partners and other auto dealerships in GPB's Automotive Portfolio.
If you have invested with Dennis McMillan or with any firm, broker, or financial adviser who made unsuitable recommendations to invest in an unsuitably risky or complex private placement product, or if your broker unsuitably recommended you invest in GPB Capital Holdings, which has proven harmful to your investments or interests when that product lost value, please call our experienced FINRA arbitration attorneys at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.