Category Archives: Frank Dettenrieder

Frank Dettenrieder, Former First Allied Securities Broker-San Miguel de Allende, Investigated by Rex Securities Law

June 1, 2015-San Miguel de Allende, Mexico 

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 , with offices in Boca Raton, FL,  and  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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Frank Dettenrieder, Former First Allied Securities Broker, Suspended/Fined by FINRA-Discharged by First Allied Securities

UPDATE JUNE 22, 2015– Rex Securities Law is investigating  Frank Dettenrieder on behalf of a retiree who lives in San Miguel de Allende, Mexico. See this for more. 

San Miguel de Allende, Mexico

As of June 22, 2015, FINRA records indicate that Dettenrieder was discharged from First Allied Securities on 7/9/2013 with the following allegations:

“Registered representative violated firm policy by exercising discretion in customer accounts without written authorization”

Dettenrieder is not currently registered with any FINRA member firm.

In July 2014, FINRA suspended Frank Nicholas Dettenrieder of San MIguel de Allende, Guanajuato, Mexico for 12 days and assessed a deferred fine of $5,000 to resolve allegations that he effected discretionary transactions in the accounts of six customers without having those accounts accepted as discretionary accounts by his member firm as required by FINRA Rule 2510(b).. See FINRA Letter of Acceptance Waiver and Consent No 2013037673701.

FINRA Rule 2510(b) provides that:

No member or registered representative shall exercise any discretionary power in a customer’s account unless such customer has given prior written authorization to a stated individual or individuals and the account has been accepted by the member, as evidenced in writing by the member or the partner, officer or manager, duly designated by the member, in accordance with Rule 3010.

According to FINRA records, Dettenrieder was registered with First Allied Securities from 12/2008-7/2013.

If you suffered losses in an account handled by Frank Dettenrieder, you may be able to collect damages from his former employer based upon their failure to properly supervise Dettenrieder. Call to speak with an experienced securities attorney to learn more.

Rex Securities Law , with offices in Boca Raton, FL,  and  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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870