Shane McMillan: GPB Complaint Against Englewood Arete Advisor

Shane McMillan (CRD# 5126963), a broker and investment adviser in Englewood, Colorado, has received investor complaints alleging he recommended unsuitable investments. Financial Industry Regulatory Authority records show that he is a representative of Arete Wealth Management.

The most recent investor complaint disclosed on Mr. McMillan’s BrokerCheck report was filed in February 2022. It alleges that as a representative of Arete Wealth Management, he recommended unsuitable variable annuity and alternative investments between 2016 and 2018. The pending investor complaint alleges damages of $190,000.

An earlier complaint against Mr. McMillan was filed in 2020. It alleged that as a representative of Arete Wealth Management, he recommended unsuitable alternative investments between November 2016 and June 2017. In October 2021 the complaint, which concerned investments in GPB Capital, reached a settlement of $80,000.

In his Broker Comment on the above disclosure, Mr. McMillan stated that “the risks and fees of the investment were clearly stated in the materials” that were carefully reviewed by the customer. “The financial loss is potentially not permanent as it is an investment that with time could bounce back as the company is making the effort to repair the issues they have had,” he went on, noting that GPB Capital was having “issues” being addressed by new executives. “ I have nothing to do with the operations of GPB and the fact that I was named in the lawsuit seems like a stretch on the attorneys part as I have had an amazing relationship” with the client, he concluded.

According to the Financial Industry Regulatory Authority, Shane McMillan holds 14 years of securities industry experience. Based in Englewood, Colorado, he has been a representative of Arete Wealth Management since 2016. His past registrations include Signator Investors (Salt Lake City, Utah; 2015-2016), Cambridge Investment Research (Salt Lake City, Utah; 2011-2015), Geneos Wealth Management (Bountiful, Utah; 2009-2011), Beneficial Investment Services (Bountiful, Utah; 2007-2008, 2009), and BOSC Inc. (Denver, Colorado; 2006-2007). 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 is licensed in Arizona, California, Colorado, Florida, Georgia, Idaho, Indiana, Kansas, Maryland, Nevada, Ohio, Oregon, South Carolina, Utah, and Washington. (Information current as of May 23, 2022.)

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