Dennis McMillan Allegedly Made Unsuitable Investment Recommendations

Dennis McMillan (CRD #: 5126963), a broker registered with Arete Wealth Management, allegedly made unsuitable investment recommendations, according to his BrokerCheck record, accessed on June 29, 2022. If you have questions about Dennis McMillan’s conduct as a broker, keep reading.

Alleged Unsuitable Investment Recommendations

A dispute filed on February 4, 2022, alleges that Dennis McMillan gave unsuitable investment recommendations from 2016-2018. The client seeks $190,000 in this pending dispute.

On November 5, 2020, another investor alleged that Dennis McMillan made unsuitable investment recommendations from November 2016 to June 2017. The client sought $150,000 in damages and received a settlement of $80,000.

FINRA 2111

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. These profiles contain information such as investors’ tax status, risk tolerance, and investment goals.

Investors who rely on brokers for recommendations may be able to recover their losses by seeking out FINRA arbitration.

Alleged Failure to Follow Instructions

On June 22, 2015, a client alleged that Dennis McMillan failed to roll over the death benefit from a variable annuity following the death of the client’s husband and instead extended the policy.

Variable annuities are complex investments that are not suitable for most investors. 

Background Information

Dennis McMillan has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

He has also worked for the following firms:

• Wealth Navigation Advisors (CRD#:140612)
• Signator Investors (CRD#:468)
• Cambridge Investment Research Advisors (CRD#:134139)
• Cambridge Investment Research (CRD#:39543)
• Geneos Wealth Management (CRD#:120894)
• Beneficial Investment Services (CRD#:136433)
• Bosc, Inc. (CRD#:17530)

Kurta Law Can Help

If you worked with Dennis McMillan and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.