Frank Roland Dietrich of Lake Forest California a stockbroker formerly employed by Quest Capital Strategies Inc. has been terminated by the firm on March 31, 2018 supported by accusations that Dietrich engaged in undisclosed outside business activities and effected sales of investment products that were not approved by the firm.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Dietrich has been identified in six additional customer initiated investment related disputes containing allegations of Dietrich’s misconduct during the time that he was registered with Quest Capital Strategies and Wunderlich Securities, Inc. Specifically, on July 22, 2013, a customer initiated investment related complaint regarding Dietrich’s conduct was settled for $50,000.00 in damages founded on accusations that Dietrich churned the customer’s stock and over-the-counter equity portfolio.
Subsequently, a customer filed an investment related arbitration claim concerning Dietrich’s conduct where the customer requested $200,000.00 in damages based upon allegations that the customer was sold a promissory note outside the firm’s auspices, where the issuer of that promissory note, Woodbridge, went bankrupt. FINRA Arbitration No. 17-03375 (Jan. 10, 2018). Another customer filed an investment related arbitration claim regarding Dietrich’s activities in which the customer sought $264,000.00 in damages supported by accusations that promissory notes has been sold by Dietrich away from the firm. FINRA Arbitration No. 18-00705 (Feb. 23, 2018).
Further, a customer filed an investment related arbitration claim involving Dietrich’s conduct where the customer requested $633,880.00 in damages founded on allegations of Dietrich’s unapproved private securities transactions. FINRA Arbitration No. 18-00793 (Mar. 5, 2018). Another customer filed an investment related arbitration claim concerning Dietrich’s activities in which the customer sought $400,000.00 in damages based upon accusations that the customer was inappropriately placed in promissory notes transactions between 2013 and 2017. FINRA Arbitration No. 18-01215 (Apr. 7, 2018).
Then, on April 10, 2018, a customer filed an investment related complaint concerning Dietrich’s conduct where the customer requested $400,000.00 in damages supported by allegations that a Woodbridge Wealth promissory note had been sold to the customer by Dietrich away from Quest Capital Strategies in violation of the firm’s policies.
Dietrich has also been fined $5,000.00 by the State of Virginia Bureau of Insurance founded on accusations that Dietrich misrepresented information concerning an insurance application to generate a fee; utilized false pretenses to procure insurance information; caused customers to sign blank but otherwise incomplete documentation to effect insurance transactions; and omitted documentation from policies prior to distributing them to customers. Case No. INS-2005-00161 (Aug. 23, 2005).
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