There are options for customers of former Quest Capital Strategies, Inc. financial advisor Frank Dietrich (CRD# 2506091) regarding losses sustained from investments in Woodbridge Wealth Promissory Notes. Dietrich was registered with Quest Capital Strategies, Inc. in Lake Forest, California from 2018 to April 2018, when he was terminated regarding, “Failure to fully disclose outside business activities and sale of unapproved product.”
In August 2005, the State of Virginia Bureau of Insurance sanctioned Dietrich to a $5,000 monetary fine for allegedly violating the following VA insurance codes: 38.2-512 misrepresented information on or relative to an application for the purpose of obtaining a fee, 38.2-619 obtained insurance information under false pretenses, 38.2-1804 had insured sign a blank or incomplete forms pertaining to insurance, 38.2-1831 removed pages from an insurance policy before delivering to insureds, 14vac5-30-40 failed to submit replacement notices to a company for policies that were being replaced.”
Dietrich has been the subject of six customer complaints between 2013 and 2018, according to his CRD report:
- April 2018. “Client states that she purchased a Woodbridge Wealth Promissory Note through Frank Dietrich in January of 2017, outside of Quest Capital Strategies. Quest Capital Strategies never recommended, approved or offered the Woodbridge Wealth Promissory Note mentioned in the client compliant. Any sales of said product was done away, without Quest Capital Strategies approval, in violation of firm policy. Quest Capital does not permit its Registered Representatives to engage in the sale of any promissory notes by Woodbridge Wealth or any other company. Quest Capital was not aware of and did not approve of such activity by Mr. Dietrich.” The customer is seeking $200,000 in damages and the case is currently pending.
- April 2018. “[Redacted] purchased $400,000 in Woodbridge promissory notes via Frank Dietrich outside the scope of Firm in 2013, 2015, and 2017. Woodbridge is not affiliated with Firm. Quest has never approved such product and had no knowledge of this activity and transaction.” The customer is seeking $400,000 in damages and the case is currently pending.
- March 2018. “{Redacted} has never been a customer of Quest Capital (Firm). She purchased a $633880 Mortgage Promissory Note with Woodbridge via Frank Dietrich outside the scope of Firm in 2015. Woodbridge is not affiliated with Firm. Quest has never approved such product and had no knowledge of this activity and transaction.” The customer is seeking $633,880 in damages and the case is currently pending.
- February 2018. “{Redacted} has never been a customer of Quest Capital (Firm). He bought Mortgage Promissory Note via Frank Dietrich outside the scope of Firm. Quest had no knowledge about this activity and transaction.” The customer is seeking $264,000 in damages and the case is currently pending.
- January 2018. “{Redacted} has never been a customer of Quest Capital (Firm). He purchased a $400000 Woodbridge Mortgage Promissory Note via Frank Dietrich outside scope of Firm in 2013. Woodbridge filed bankruptcy in 2017. {Redacted} received $200000 return during the course of investment. Quest had no knowledge about this activity and transaction until receiving the arbitration case. Woodbridge in not affiliated with Quest. {Redacted} filed arbitration against Quest Capital but not Frank Dietrich nor Woodbridge.” The customer is seeking $200,000 in damages and the case is currently pending.
- February 2013. “Alleges losses and possible churning. 3/9/2011-2/18/2013.” The customer sought $58,065 in damages and the case was settled for $50,000.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Quest Capital Strategies, Inc. may be liable for investment or other losses suffered by Dietrich’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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