Furthermore, Arete Financial and its co-defendants agreed to a $43 million monetary judgment, which is partially suspended due to their inability to pay. However, they will pay at least $835,000 and surrender additional assets, which will be used to reimburse consumers.
The defendants also agreed to cooperate with the FTC’s ongoing investigation and litigation against other defendants in the case including Jay Singh, the two corporate defendants he controls, and seven defaulted corporate defendants.
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