Business ProfileforArete Financial Freedom
Current Alerts For This Business
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On January 26, 2022, Arete Financial Freedom entered into a Permanent Injunction with the Federal Trade Commission. The Permanent Injunction settles allegations that the business lured borrowers by using fraudulent ads, pretending to be affiliated with the Department of Education, and promising to reduce or even eliminate consumers’ monthly student loan payments and principal balances in exchange for illegal upfront and monthly fees. Under terms of the Permanent Injunction, the business agreed to pay a monetary judgment of $22 million, which is partially suspended based on their inability to pay, and a ban prohibiting them from providing debt relief services and from making misrepresentations in connection with the sale of any products or services or violating the Telemarketing Sales Rule.
On June 14, 2023, FTC announced that they were sending chechs to more than 37,800 consumers, totaling more than $3.3 million. For more information, please click here.
This action is final.
At-a-glance
Related Categories
Overview
Business Details
- Location of This Business
- 1261 E Dyer Rd Ste 100, Santa Ana, CA 92705-5661
- BBB File Opened:
- 5/5/2017
- Years in Business:
- 7
- Business Started:
- 2/10/2017
- Business Incorporated:
- 6/19/2017
- Type of Entity:
- Corporation
- Alternate Business Name
- Arete Financial Group LLC
- AreteFinancial
- Arete Financial Group
- Related Businesses
- Hours of Operation
Primary
- M:
- 8:00 AM - 6:00 PM
- T:
- 8:00 AM - 6:00 PM
- W:
- 8:00 AM - 6:00 PM
- Th:
- 8:00 AM - 6:00 PM
- F:
- 8:00 AM - 6:00 PM
- Sa:
- 9:00 AM - 2:30 PM
- Su:
- Closed
- Business Management
- Mr. Ruddy Palacios, COO
- Mr. Mike Hsu, CFO
- Mr. Loc Phu, Chief Executive Director
- Mr. Shunmin Hsu, CFO
- Ms. Caroline Howe, Director
- Contact Information
Principal
- Mr. Ruddy Palacios, COO
- Mr. Mike Hsu, CFO
- Mr. Loc Phu, Chief Executive Director
- Mr. Shunmin Hsu, CFO
- Ms. Caroline Howe, Director
Customer Contact
- Mr. Loc Phu, Chief Executive Director
- Additional Contact Information
Phone Numbers
- (888) 331-5827Other Phone
Email Addresses
- Primary
- Sales
- (888) 331-5827
Customer Complaints
10 Customer Complaints
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File a ComplaintMost Recent Customer Complaint
08/09/2023
- Complaint Type:
- Product Issues
- Status:
- Unanswered
Customer Reviews
1 Customer Reviews
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Most Recent Customer Review
Kimberly J
03/02/2023
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