Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on October 22, 2016 indicate that former California-based Cetera Advisors broker David Dietrich is currently not affiliated with any broker-dealer firm. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Dietrich (CRD# 5763394).
David Dietrich has spent five years in the securities industry and was most recently registered with Cetera Advisors Network in Gardena, California (2016). Previous registrations include UBS Financial Services in Encino, California; Ameriprise Financial Services in Westlake Village, California; Morgan Stanley Smith Barney in Woodland Hills, California; and Purshe Kaplan Sterling Investments in Carlsbad, California. He is currently not registered with any state or firm.
According to his BrokerCheck report, David Dietrich has received one customer complaint and was discharged from UBS Financial Services.
In February 2016 David Dietrich was terminated from his position at UBS Financial Services “after allegations were made that he exercised discretion without written authorization in client accounts and accepted trading instructions from third parties without written authorization.”
In July 2015 a customer alleged David Dietrich, while employed at Ameriprise Financial Services, made unsuitable investment recommendations. The complaint settled for $15,000.
According to FINRA rules, brokers like David Dietrich are prohibited from “Purchasing or selling securities in a customer’s account without first contacting the customer and receiving the customer’s authorization to make the sale or purchase, unless the broker has received from the customer written discretionary authority to effect transactions in the account or the broker was given discretion as to price and time.” Brokers who exercise discretion without proper authorization may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have lost money investing with David Dietrich, you may be eligible to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency: we only receive payment if and when you recover money. You might have a limited time to file your claim, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.