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Arete Financial Freedom Employee Back Pay Frozen for Now

While Arete Financial Freedom had a temporary victory yesterday and will be able to begin servicing previous consumer accounts again, employees will still have to search for back pay due.

The Receiver has posted:

“As you may know, the Court issued a Temporary Restraining Order and Preliminary Injunction, which included an asset freeze and appointment of a receiver. Pursuant to the Court’s orders, the Receiver is not authorized to pay any pre-receivership debts or obligations without further court order. The government has alleged consumer injury of more than $43 million and the assets frozen to date are a fraction of this amount. As such, the Receiver does not intend to seek an order to pay pre-receivership payroll.

The Receiver has received several inquiries concerning W-2s from former employees. If you worked for Arete Financial Services, Paylocity, the payroll provider, will issue W-2s by January 31, 2020 via U.S. mail. If your mailing address has changed, please email your new address to info@regulatoryresolutions.com with the subject line “ARETE – W-2 ADDRESS CHANGE”.

If you worked for Premier Solutions Servicing, the Receiver has contacted Wells Fargo, the payroll provider, and instructed them to issue W-2s. We expect Wells Fargo to issue W-2s by January 31, 2020. If your mailing address has changed, please email your new address to info@regulatoryresolutions.com with the subject line “PSS – W-2 ADDRESS CHANGE”.” – Source

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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