Erez Law is currently investigating barred broker Dana Vietor (CRD# 873129) who faces multiple customer complaints regarding promissory notes investment losses.
In November 2022, FINRA ordered Dana Vietor to pay $5.7 million to investors who were allegedly defrauded in a medical facility private placement fraud; this included $4.3 million in compensatory damages and $1.4 million in attorney’s fees to 12 investors as well as $1,941 in costs and a $800 filing fee. Between 2012 and 2020, Dana Vietor began soliciting investments through a Regulation D offering to buy a facility in Dallas that housed cancer treatments and other related equipment.
According to public records, the building’s ownership was transferred to an entity that Dana Vietor and his former son-in-law controlled. The company rented the building out to firms that delivered treatments, and the facility did not provide medical services; this made it impossible for the facility to make money and be profitable for investors. The claim alleged that Dana Vietor and CFD Investments Inc. didn’t keep investors informed of the investment’s financial standing and they did not take the necessary supervisory action to project investors.
He was registered with CFD Investments, Inc. in Dallas, Texas from 2016 to 2018 when he was terminated regarding “Financial Adviser engaged in private securities transactions without providing information to the firm or seeking approval for the transactions. Financial adviser submitted annual questionnaires to the firm advising the firm that he was not engaging in private securities transactions.” Previously, he was registered with Oakbridge Financial Services in Nisswa, Minnesota from 2014 to 2016.
In March 2020, FINRA barred Dana Vietor after he “consented to the sanction and to the entry of findings that he engaged in the sale of promissory notes called deposit agreements in connection with customers totaling more than $3 million without disclosing and receiving approval from his member firms for each individual private securities transaction. The finding stated that Vietor, along with other business partners, was engaged in a start-up business venture that required funding. The deposit agreements raised funds for entities associated with the business venture. Vietor is a member of the management team that manages these entities and has membership interests in each. Therefore, Vietor received indirect selling compensation.”
Dana Vietor Customer Complaints
He has been the subject of 15 customer complaints between 2010 and 2022, two of which were denied and one was closed without action, according to his CRD report. Recent complaints are regarding:
February 2022. “In connection with the sale of private investments in the form of deposit agreement, in companies that respondent had ownership or control of, it is alleged that Dana Vietor engaged in the breach of fiduciary duty, violation of FINRA suitability rules, and fraud. With respect to all other respondents, who are identified as control persons in the allegations, it was alleged that they engaged in Failure to Supervise, Negligent Supervision, and Aiding and Abetting Fraud.” The customer sought $345,000 in damages and it was settled for $210,000.
January 2022. “It is alleged that Dana Vietor engaged in a private securities transaction away from the firm. Complaint alleges that the transaction was not suitable, and that the firm failed to supervise in connection with the transaction.” The customer is seeking $345,000 in damages in this pending complaint.” The customer sought $41,983.50 and it was settled for $25,000.
December 2021. “On or around 2016-2017, Dana Vietor allegedly sold promissory notes to the complainants. The notes involved companies owned or controlled by Vietor. These were not sold through the broker/dealer.” The customer is seeking $75,000 in this pending complaint.
September 2021. “Misrepresentation, Unsuitable Investment, fraudulent investment.” The customer sought $250,000 in damages and it was settled for $75,000.
September 2021. “Vietor engaged in the sale of private investments to customers. Allegations included Selling away, sale of unregistered securities, suitability, over concentration, customer-specific suitability, fraudulent misrepresentations or omissions, duty to warn, various finra rules, failure to supervise and respondeat superior.” The customer sought $1,107,000 in damages and the case was settled for $457,000.
June 2021. “The complaint alleged many activities in connection with private securities transactions conducted by vietor away from CFD. Those allegations include the following: Fraud and non-disclosure, Negligent Misrepresentation, Breach of Fiduciary Duty, Negligence, Breach of Contract, Failure to Supervise/Respondeat Superior, and Violations of the Iowa Securities Act.” The customer is seeking $2,658,320 in damages and the case is currently pending. The complaint was regarding private securities transactions and took place while he was registered with CFD Investments, Inc., Cape Securities, Inc., Oakbridge Financial Services, and Allied Beacon Partners, Inc.
April 2021. “Claimants allege the sale of private securities transactions by the representative, and breach of fiduciary duty, violations of the Iowa Securities Act, Negligence, common law fraud, and breach of contract in connection with those sales.” The customer sought $108,667 in damages and the case was settled for $110,000. The complaint took place while he was registered with CFD Investments, Inc. and was regarding private securities transactions.
March 2021. “Client alleged that registered representative engaged in private securities transactions away from CFD. The investments were promissory notes issued by a company controlled by the registered representative.” The customer sought $609,852 in damages and the case was settled for $900,000. The complaint was regarding promissory notes and private securities transactions and took place while he was registered with CFD Investments, Inc.
June 2019. “Claimants allege that financial adviser engaged in improper outside business activities, making unsuitable investment recommendations, fraudulent and negligent misrepresentations and omissions of material information, Fraud, Negligence, Breach of Fiduciary Duty, and Breach of Contract in connection with the sale of variable annuities and a private placement investment.” The customer sought $75,000 in damages and the case was settled for $32,600. The complaint was regarding real estate securities and variable annuities and took place while he was registered with Cape Securities, Inc., Oakbridge Financial Services, and CFD Investments, Inc.
April 2017. “Misrepresentation and Non-Suitability for Variable Annuities, a Non-Traded REIT and a Direct Investment.” The customer sought $300,000 in damages and the case was settled for $18,000. The complaint was regarding real estate securities and variable annuities and took place while he was registered with Cape Securities, Inc.
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, CFD Investments, Inc. may be liable for investment or other losses suffered by Dana Vietor’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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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