FINRA Panel Orders Financial Advisor to Pay $5,769,227 in Damages
Following a week-long arbitration hearing under FINRA Dispute Resolution Services, Independence, Iowa financial advisor Dana Vietor was ordered to pay a group of 13 Independence area residents $5,769,227.00 for violations of the Iowa Securities Act, fraud, misrepresentation and other related claims. Matt Craft, of the Dutton Law Firm in Waterloo and Gail Boliver of the Boliver Law Firm in Marshalltown served as co-counsel for the Claimants.
The claims arise from Vietor advising his financial planning clients to invest in a Texas Cancer Center by way of private stock offerings and unsecured promissory notes. The Texas Cancer Center was owned, in part, by Vietor and his family and lost millions of dollars, closing its doors in 2020.
"We are happy with the award from the arbitration panel. This was a very complex matter where Mr. Vietor's finances were intertwined with several different businesses that local investors poured money into over a several year period. Mr. Vietor was not honest with the investors about the risk of the investment, or the true financial condition of the businesses and the arbitration panel's award speaks volumes as to the level of deceit that occurred. We are appreciative that Mr. Vietor is being held responsible after many years of waiting by the Claimants in the case." — Matt Craft, co-counsel for the Claimants.
A full copy of the Arbitration Panel's decision and award can be found at FINRA's website or by clicking this link.
FINRA (Financial Industry Regulatory Authority) is a self-regulatory organization that regulates member brokerage firms and advisors. Disputes between investors, advisors and/or brokerage firms may be decided through binding arbitration.
- dbsh general
- matthew craft