Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Dwain Phelps (Phelps), currently associated with Arete Wealth Management, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Phelps recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $59,000.00 on May 19, 2026.
Client alleges that Mr. Phelps, acting as an insurance agent, sold an overconcentration of illiquid fixed annuities and created a tax burden upon a recommendation of a withdrawal.