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Bill Borleis: GWG Complaint Against Arete Wealth Advisor
Nashville-area financial advisor Bill Borleis (CRD# 2285245) recently received an investor complaint alleging losses stemming from an investment in GWG Holdings. Financial Industry Regulatory Authority records show that the Spring Hill, Tennessee representative is currently registered as a broker and an investment advisor with Arete Wealth.
Mr. Borleis’s BrokerCheck report discloses one investor complaint. Filed in December 2022, it alleges that as a representative of Center Street Securities, he recommended an unsuitable alternative investment. The complaint involves multiple clients of multiple representatives, alleging $100,000 in combined damages, but $25,000 in damages against Mr. Borleis himself.
In a statement included with the complaint’s disclosure, Mr. Borleis clarifies the nature of the allegations. “This complaint is one of three named clients in the same complaint from different clients of different Registered Reps,” he writes. “It is the results of aggressive, targeted, and widespread advertising by law firms concerning the bonds of GWWH,” a company that sold a product known as L bonds and filed for Chapter 11 bankruptcy in April 2022. The statement asserts further that “Company procedures, guidelines and all required forms and questionnaires were complete and signed by the customer.” He concludes the statement by noting that he feels “the claims are without merit.”
According to the Financial Industry Regulatory Authority, Bill Borleis holds 28 years of securities industry experience. Based in Spring Hill, Tennessee, he has been a broker and an investment advisor with Arete Wealth since December 2022. His registration history includes Center Street Securities, FSC Securities, LPL Financial, Compass Advisory Partners, AXA Advisors, MML Investors Services, American General Securities, New England Securities, and MIMLIC Sales Corporation. His credentials include the passage of six securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Futures Managed Funds Examination, or Series 31; 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 Alabama, Florida, Tennessee, and Wisconsin. (Information current as of May 3, 2023.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.