The following is a summary of information that appeared on FINRA’s website:
Arete Wealth Management, LLC (CRD #44856, Schaumburg, Illinois)
was censured and fined $25,000. Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it approved a private offering to customers and failed to perform adequate due diligence. FINRA’s findings stated that the Securities and Exchange Commission (SEC) determined that the umbrella corporation that owned the fund was involved in fraudulent activity; even though the fund was not directly involved in the fraud, the SEC seized the fund’s assets. The firm failed to sufficiently document its due diligence. In connection with two other private offerings, the firm failed to document that adequate due diligence had been performed. In each of the three offerings, the firm’s files did not contain documentation evidencing a meaningful investigation or critical analysis of the offerings.
ARETE WEALTH MANAGEMENT, LLC
Main Office Location:
1699 E. WOODFIELD RD.
SCHAUMBURG, IL 60173
This ends the information from FINRA’s website.
If you were a client of Arte Wealth Management and suffered financial losses due to your broker/dealer’s recommendations, call Soreide Law Group for a free consultation with an attorney: 888-760-6552.