Close Menu
Free Consultation: 888-976-6111

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.)

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.

Facebook Twitter LinkedIn
Contact Us For A Free Case Evaluation
protected by reCAPTCHA Privacy - Terms
Latest Blog Posts
  • Raul Benitez: $100K-$500K Complaint Against Ex-Truist Advisor

    Fort Lauderdale financial advisor Raul Benitez (CRD# 4457185) has received multiple investor complaints alleging that his investment advice resulted in...

    Read More
  • Edward Cohen: GIC Complaint Against Truist Advisor

    Bal Harbour, Florida financial advisor Edward Cohen (CRD# 4693017) allegedly recommended an unsuitable investment, according to a recent investor complaint....

    Read More
  • Richard Brittain: Equitable Advisor Faces Variable Annuity Complaint

    A recent investor complaint against Valencia, California financial advisor Richard Brittain (CRD# 5928857) alleges that his conduct resulted in losses....

    Read More
  • Jennifer McIntyre: Did Raymond James Advisor Misappropriate Funds?

    Chattanooga financial advisor Jennifer McIntyre (CRD# 5853811) allegedly misappropriated funds, according to a recent investor complaint. Financial Industry Regulatory Authority...

    Read More
  • Previous
  • Next