David Diehl Sanctioned by Securities Regulators After Alleged Conduct Related to St. Louis-area Burger Restaurants

New Orleans stockbroker fraud attorney

David Diehl, formerly associated with First Liberties Financial, was fined and suspended from the securities industry by the Financial Industry Regulatory Authority (“FINRA”) in connection with allegations that Diehl did not disclose his private securities transactions and outside business activities related to a series of burger restaurants in the St. Louis, Missouri area.

Diehl engaged in private securities transactions and outside business activities without disclosing these activities to his firm between 2010 and March 2012, according to FINRA. Diehl approached one of his clients, a well-known sports figure, with the idea of opening “high quality” burger restaurants under the client’s name, according to FINRA. During the latter half of 2010, Diehl participated in establishing the business, and the first restaurant opened in April 2011, according to FINRA.

Diehl also successfully solicited investments from at least six other investors, including five of his customers, and attempted to induce a former colleague to invest by offering promissory notes that were to pay 8-10% per year for up to 10 years, according to FINRA. Diehl raised a total of $480,000 from investors, and due to the lack of success of the business, interest was no longer paid on the notes in 2013, according to FINRA.

Diehl consented to a $10,000 fine and a nine month suspension from the securities industry without denying or admitting FINRA’s findings.

The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1252 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.