The End Has Come With a Whimper for Arete Financial Freedom and Others

The court just recorded an apparent final disposition in the Arete Financial Freedom lawsuit.

The parties included under the Stipulated Order for Permanent Injunction and Monetary Judgment include Arete Financial Group, Arete Financial Freedom, CBC Conglomerate, 1file.org, Diamond Choice Inc., Interest Rate Solutions, J&L Enterprise, Premier Solutions Servicing, La Casa Bonita Investments, Inc., La Casa Bonita Investments, Education Loan Network, Edunet, and MJ Wealth Solutions.

The Defendants have agreed to a Judgment in the amount of Twenty-Two Million Seventy-Nine Thousand Seven Hundred Eighty-Seven Dollars and Thirty Cents ($22,079,787.30). There is no way that will ever be fully satisfied but the Court Receiver will exercise best efforts to recoup what is available.

The Defendants have agreed to be “permanently restrained and enjoined, whether acting directly or through an intermediary, from advertising, marketing, promoting, offering for sale, or selling, or Assisting Others in the advertising, marketing, promoting, offering for sale, or selling, of any Debt Relief Product or Service.”

I think we can read that like the proverbial “stick a fork in them” statement.

The order states “For 15 years after entry of this Order, each Stipulating Defendant must deliver a copy of this Order to: (1) all principals, officers, directors, and LLC managers and members; (2) all employees having managerial responsibilities for the conduct specified in Section IV and all agents and representatives who participate in the conduct specified in Section IV; (3) any payment processor or lead broker or generator used by the business; and (4) any business entity resulting from any change in structure as set forth in the Section titled Compliance Reporting. Delivery must occur within 7 days of entry of this Order for current personnel. For all others, delivery must occur before they assume their responsibilities.” – Source

Steve Rhode
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2 thoughts on “The End Has Come With a Whimper for Arete Financial Freedom and Others”

  1. B. “Debt Relief Product or Service” means: 1. With respect to any mortgage, loan, debt, or obligation between a Person and one or more creditors or debt collectors of (a) secured loans or (b) unsecured student loans, any Product or Service represented, expressly or by implication, to…

    Looks like a carve out ban for secured mortgage and student loans.

    Reply

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