Frank Roland Dietrich, of Lake Forrest, California, formerly associated with Quest Capital Strategies, Inc. was barred by the Financial Industry Regulatory Authority in connection with the sale of Woodbridge Group related securities. Letter of Acceptance Waiver & Consent, No. 2018057197801 (November 26, 2018).
Dietrich, betwen 2013 and 2017, was found to have solicited fifty eight investors to purchase almost $11 million in promissory notes of Woodbridge Group of Companies, now known to be a purported giant Ponzi scheme, Dietrich also made $260,864 in commissions in connection with these transactions.
Supposedly, Dietrich did not provide notice or receive approval from Quest Capital to sell these securities, and was “selling away.”
However, courts and securities arbitration panels, in identical circumstances, have long held brokerage firms responsible for the conduct of their registered representatives in “selling away” cases based upon the broker-dealer’s failure to supervise, and as a “controlperson” pursuant to Section 20(a) of the Exchange Act of 1934, 15 U.S.C. §78(t) in addition to under common law agency principles, including respondeat superior.
FINRA Public Disclosure shows that Dietrich has a substantial history of customer complaints and regulatory actions. Based upon Dietrich’s bad conduct, there presently eight customer arbitration claims against Quest Captial.
If you have purchased unregistered or fictitious securities from Frank Dietrich, you should consult with a lawyer to determine your legal rights.
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