Securities Fraud Investigation – Frank Dietrich – Woodbridge Group
Have you suffered losses investing with Frank Dietrich and Woodbridge Group of Companies? If so, the securities attorneys at The White Law Group may be able to help you recover your losses by filing a FINRA arbitration claim against his former employer.
According to the Financial Industry Regulatory Authority (FINRA), the regulator has reportedly barred former financial advisor Frank Dietrich.
Between 2013 and 2017 (the “Relevant Period”), Dietrich allegedly engaged in undisclosed and unapproved private securities transactions totaling more than $10.8 million.
During the Relevant Period, Dietrich purportedly solicited investors to purchase promissory notes relating to the Woodbridge Group of Companies LLC, a real estate investment fund.
According to the Letter of Acceptance, Waiver, & Consent, Dietrich allegedly sold $10,831,645 in Woodbridge notes to 58 investors, 30 of whom were Firm customers. He reportedly received a total of $260,864 in commissions in connection with these transactions.
On December 4, 2017, Woodbridge filed a voluntary Chapter 11 bankruptcy petition. Dietrich allegedly did not provide notice to the Firm prior to participating in these private securities transactions, nor did he purportedly obtain approval from the Firm, and consequently was barred from the securities industry.
According to Dietrich’s FINRA BrokerCheck report, he was a registered representative with Quest Capital Strategies, Inc. in Lake Forest, California from March 2013 until he was permitted to resign in April 2018 for “Failure to fully disclose outside business activities and sale of unapproved product.”
Dietrich has 7 pending customer complaints listed on his broker record. Allegations are in relation to sales of Woodbridge Notes.
Failure to Supervise
The White Law Group is investigating potential claims involving Frank Dietrich and the liability his employers may have for failure to properly supervise his alleged activities.
Brokerage firms are required to adequately supervise their advisors. They must ensure they are complying with FINRA rules.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The brokerage firms can be held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.
If you suffered investment losses with Frank Dietrich, the securities attorneys at The White Law Group may be able to help you. For a free consultation with an attorney specializing in investment fraud, please call (888) 637-5510.
The foregoing information, which is all publicly available, is being provided by The White Law Group.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee. For more information, please visit our website, www.whitesecuritieslaw.com.