The law firm of Oakes & Fosher is currently investigating the alleged misconduct of securities broker Dana Vietor. According to his publicly available FINRA BrokerCheck report, Dana Vietor had been the subject of multiple customer disputes over the course of his career.
Dana Vietor is a Texas-based securities broker who worked in the securities industry for thirty-one years. During his career, he was registered with thirteen different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- SMA Equities (1981-1982)
- Paul Investors (1983-1985)
- F&G Securities (1987-1988)
- Financial Network Investment Corporation (1990-1991)
- Lasalle St Securities (1992-1993)
- Allied Group Merchant Banking Corporation (1994-1996)
- The Advisors Group (1996-1998)
- Lindsco/Private Ledger Corp. (1998-2002)
- Workman Securities Corporation (2002-2011)
- Allied Beacon Partners (2011-2013)
- Cape Securities (2013-2014)
- Oakbridge Financial Services (2014-2016)
- CFD Investments (2016-2018)
The Allegations
- In February 2011, a customer alleged that Dana Vietor had recommended an unsuitable investment in the form of a REIT (Real-Estate Investment Trust). This case was settled for $35,000 in damages.
- In April 2014, a customer alleged that Vietor had made misrepresentations about unsuitable variable annuities, a non-traded REIT, and a direct investment. This case was settled for $18,000 in damages.
- In June 2016, customers alleged that Vietor had engaged in improper outside business activities, recommended unsuitable investments, and made both fraudulent and negligent misrepresentations and omissions of material information regarding investments. The customers further alleged breach of fiduciary duty. This case was settled for $32,600 in damages.
- In March 2020, Vietor was officially barred by FINRA from acting as a securities broker in any fashion following allegations 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.
What Does This Mean?
Securities brokers are not allowed to engage in any private securities transactions without first disclosing it to their member firms, as these types of actions can often create significant conflicts of interest. Brokers may begin recommending private alternative investments to customers that are financially unsuited for them based on their investment objectives or risk tolerance. In the case of Dana Vietor, it was found that such action was taken allegedly to fund his own start-up business ventures. It is the securities firm’s job to prevent investors from being harmed by broker conflicts of interest. That is why brokers are supposed to disclose any involvement in these outside activities to their member firm. However, a broker forgoing this procedure of disclosure does not absolve the firm from liability. Securities firms need to have procedures in place designed to adequately monitor their registered brokers and prevent them from engaging in any unauthorized activities.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money due to this fraud or negligence may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Dana Vietor, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.
