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Arete Wealth Advisor Justin Mackie Faces $247K Investor Complaint
Henderson, Nevada financial advisor Justin Mackie (CRD# 4736154) allegedly provided unsuitable advice, according to a recent investor complaint. Records maintained by the Financial Industry Regulatory Authority show that he is a broker and an investment advisor with Arete Wealth Management.
Mr. Mackie’s BrokerCheck report discloses one investor complaint. Filed in February 2023, it alleges that as a representative of Arete Wealth Management, he recommended unsuitable alternative investments in May 2017, September 2019, and January 2021. The pending complaint alleges damages of $247,500.
Investors should be aware that FINRA rules and other securities industry standards prohibit brokers like Mr. Mackie from recommending investments that are considered unsuitable for an investor. Unsuitable investments and transactions, for reference, as those not based in a “firm understanding of both the product and the customer,” according to FINRA Rule 2111. This rule stipulates that brokers must perform “reasonable diligence” to determine whether an investment or investment strategy is appropriate for a customer’s background and objectives. They must determine that the recommendation is at least suitable for some investors; that it is suitable for the customer in question; and that, if they are recommending a series of transactions to a customer over whose account they have actual or de facto control, these transactions are suitable when taken together as well as when viewed individually. Brokers who recommend unsuitable investments or strategies may be held liable in the event of losses.
According to the Financial Industry Regulatory Authority, Justin Mackie holds seven years of securities industry experience. Based in Henderson, Nevada, he has been a broker and an investment advisor with Arete Wealth Management since 2015 and 2016, respectively. He has no prior registrations. His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He currently holds 33 state licenses. (Information current as of March 26, 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.