Broker Shane McMillan (Arete, Cambridge) Facing Investor Disputes
The Financial Industry Regulatory Authority (FINRA) BrokerCheck shows important information on securities broker Dennis Shane McMillan (CRD#: 5126963, Englewood, Colorado). Evidently, McMillan worked for Cambridge Investment Research and Cambridge Investment Research Advisors from 2011 to 2015. Also, he became an Arete Wealth Management securities broker in January 2016 and an Arete Wealth Advisors financial advisor in May 2018. Notably, two investors filed disputes about him. Let's take a closer look at the allegations against this broker and what you could do if you experienced losses from sales practice violations.
Shane McMillan’s Arete Wealth Management Client Alleges Unsuitable Recommendations
Evidently, a client of Arete Wealth Management contested Shane McMillan’s sales practices. The November 2020 FINRA Arbitration alleges that McMillan provided unsuitable investment recommendations. Supposedly, the client experienced losses on GPB between November 2016 and June 2017. However, the broker denies the allegations, contending that the investor understood the risks. It appears that Arete Wealth Management, without admission of liability, settled this matter by making an $80,000 payment to the client.
Cambridge Investment Research Client Alleges Failure To Rollover Death Benefit
Also, a client of Cambridge Investment Research complained about Shane McMillan in June 2015. Supposedly, McMillan did not roll over the client’s death benefit from a variable annuity after the client’s spouse died. It appears that by extending the policy, the client experienced damages. However, Cambridge Investment Research denies the allegations. This matter is closed.
Losses Through Shane McMillan?
Did you suffer losses because of securities broker Shane McMillan? If so, call Soreide Law Group at (888) 760-6552 and speak with a helpful securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered substantial compensation for hundreds of United States investors who have incurred losses from their financial advisors and securities brokers. Please note that McMillan denies all allegations of his sales practice violations.
