Frank Roland Dietrich of Laguna Hills California a stockbroker formerly employed by Quest Capital Strategies Inc. has been identified in a customer initiated investment related arbitration claim where the customer sought $271,500.00 in damages founded on accusations that (1) Woodbridge notes were negligently sold to the customer (2) a fiduciary duty was breached (3) transactions had been executed in violation of Nevada Securities Act and (4) false or misleading statements and omissions had been made in regard to promissory note investments that were sold to the customer when Dietrich was employed by Quest Capital Strategies. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-01692 (July 1, 2019).
FINRA Public Disclosure indicates that Dietrich is the subject of nine more customer initiated investment related disputes pertaining to allegations of his bad business practices during the period in which the stockbroker had been employed by Quest Capital Strategies and Wunderlich Securities Inc. On January 24, 2019, a customer initiated investment related arbitration claim pertaining to Dietrich’s conduct resulted in the customer being awarded $235,000.00 in compensatory damages supported by Quest Capital Strategies being found liable for causing the customer’s losses.
According to the FINRA Arbitration, the customer’s account was subject of negligence and fraud. A fiduciary duty that had been owed to the customer was not complied with. Contractual obligations were not complied with either. The claim also alleges that promissory note transactions were facilitated in the customer’s account in violation of Florida Securities and Investor Protection Act and the securities laws of the Commonwealth of Virginia. FINRA Arbitration No. 17-03375.
On March 12, 2019, a customer initiated investment related arbitration claim in reference to Dietrich’s conduct was settled to resolve accusations that the customer had been placed into a Woodbridge Mortgage Promissory Note that was neither recommended nor approved for sale through Quest Capital Strategies but was instead sold by Dietrich contrary to the securities broker dealer’s policies. FINRA Arbitration No. 18-01059.
On April 5, 2019, a customer initiated investment related arbitration claim involving Dietrich’s conduct was settled for $35,000.00 in damages based upon allegations that Woodbridge promissory notes were sold by the stockbroker without Quest Capital Strategies’ knowledge or consent. FINRA Arbitration No. 18-01215.
Dietrich is referenced in another customer initiated investment related arbitration claim which has been resolved for $27,500.00 in damages founded on accusations of the customer sustaining unwarranted losses from purchasing Woodbridge 3a Units by Dietrich away from Quest Capital Strategies. FINRA Arbitration No. 18-01925 (Apr. 16, 2019).
FINRA Public Disclosure reveals that Dietrich has been barred from associating with any FINRA member in any capacity based upon findings of the stockbroker engaging in private securities transactions involving the sale of Woodbridge Group of Companies LLC investments to customers. Letter of Acceptance Waiver and Consent No. 2018057197801 (Nov. 26, 2018).
According to the AWC, thirty customers and twenty-eight additional individuals were collectively sold $10,831,645.00 in Woodbridge notes. FINRA found that the stockbroker violated FINRA Rules 2010 and 3280 by not disclosing his private securities transactions to Quest Capital Strategies.
Quest Capital Strategies terminated Dietrich’s registration on April 4, 2018 supported by allegations that the stockbroker engaged in an outside business activity which he neglected to disclose to the securities broker dealer and had facilitated sales of unapproved products.
