June 1, 2015
Rex Securities Law is investigating Frank Nicholas Dettenrieder who was formerly a stock broker with First Allied Securities from December 2008 until July 2013 when he was discharged from First Allied Securities for exercising discretion in customer accounts without written authorization.
His official FINRA records show that Dettenrieder was suspended by FINRA in July 2014 for exercising discretion in six customer accounts. In addition he has been named in several customer complaints including one case in which the customer received an award of $239,000 against his employing firm in an arbitration alleging that investments they were sold were unsuitable.
We are investigating Dettenrieder on behalf of a retiree residing in San Miguel de Allende, Mexico, who believes the account was mishandled.
If you have information related to this matter, we would appreciate hearing from you. If you have losses in an account handled by Frank Dettenrieder you may be entitled to recover damages from his employer. Call to discuss your options.
First Allied Securities was formed in 1994, has 1,000 financial advisors in 500 branch offices. First Allied, like all brokerage firms in the United States is licensed by the Financial Industry Regulatory Authority (FINRA).
First Allied Securities also conducts business under the following names:
- Advanced Equities Wealth Management Private Client Services
- First Allied
- First Allied Wealth Management
- Greenbook Financial Services
In 2013 FINRA charged First Allied with having inadequate procedures regarding the delivery of prospectuses in connection with the sale of Exchange Traded Funds (ETF) and Unit Investment Trusts (UIT). They paid FINRA a fine of $40,000 to resolve the matter. In 2010 the SEC charged First Allied with failure to supervise a broker who made unsuitable recommendations and churned customer accounts over a two year period and who also engaged in unauthorized trading. To resolve the matter First Allied paid fine and restitution of $500,000.
Rex Securities Law , located in Boca Raton, FL, (and soon to be opening an office in Bee Cave, just outside of Austin, TX) provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
561 391 1900
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.