Pending complaints against UBS Financial Services broker and investment advisor Jose Cornide (CRD# 2785918) allege the Coral Gables, Florida-based representative...Read More
Frank Dietrich: Quest Capital Advisor Barred by FINRA; Woodbridge Notes
A disciplinary action taken by the Financial Industry Regulatory Authority against former Lake Forest, California broker and investment advisor Frank Dietrich (CRD# ) barred him over allegations he solicited investors to purchase Woodbridge notes without providing his firm with prior written notice. A former representative of Quest Capital Strategies, Dietrich was barred from acting as a broker or otherwise associating with a broker-dealer firm.
According to a Letter of Acceptance, Waiver and Consent () dated November 2018, Frank Dietrich was associated with Quest Capital Strategies when, between 2013 and 2017, he solicited investors to buy promissory notes connected with the Woodbridge Group of Companies. FINRA describes Woodbridge as “a purported real estate investment fund” that later filed for Chapter 11 bankruptcy. FINRA’s findings state that he sold 58 investors, including 30 firm customers, more than $10.8 million in the Woodbridge Group of Companies promissory notes. He did not, however, provide Quest Capital Strategies with prior notice that he would be participating in the transactions, according to FINRA, nor receive the firm’s approval. In so doing, FINRA found, he violated NASD Rule 3040 and FINRA Rules 3280 and 2010. As a result of the foregoing alleged conduct, Frank Dietrich was barred from association with any FINRA member in any capacity.
Frank Dietrich’s disclosure records also list several customer complaints against him that resulted in settlements or awards to the customer. A 2017 complaint, for instance, alleged that as a representative of Quest Capital Strategies he breached contract, violated Florida law, breached contract, committed fraud, breached his fiduciary duty, and acted negligently in connection to Woodbridge Mortgage Investment Funds 1 and 2; the complaint resulted in an award to the customer totaling $276,226.46. A 2018 complaint alleged he sold the customer Woodbridge note outside of Quest Capital Strategies and in violation of its policies; the complaint reached a settlement of $27,500.
Frank Dietrich is not currently registered as a broker or investment advisor. His employment history includes Quest Capital Strategies in Lake Forest, California, Wunderlich Securities, Capital Securities of America, The Leaders Group, and PFS Investments. He currently holds no state licenses and has passed six securities industry qualification examinations.