CHICAGO, Sept. 12, 2014 (GLOBE NEWSWIRE) -- The securities arbitration law firm of Stoltmann Law Offices announced today that it has filed a FINRA Statement of Claim requesting damages for claims related to selling away and unsuitable investment recommendations, misrepresentations and omissions, failure to supervise and fraud against First Liberties. The Statement of Claim alleges a client invested with former First Liberties financial adviser David Diehl in a company called KABDAD, Inc., a Missouri Corporation, which owned restaurants in the St. Louis area called "It's A Better Burger". The investment security came in the form of a promissory note which was dated June 1, 2011. After making quarterly interest payments until September 2013, no further interest or principal on the note was paid.
Diehl was employed with First Liberties and operated a branch office for First Liberties located at 17295 Chesterfield Airport Road, Ste. 200, Chesterfield, Missouri 63005. Diehl was registered with First Liberties from July 2010 to March 2012. Diehl was then registered with Sunbelt Securities for approximately one month until he was "permitted to resign" as a result of a FINRA investigation into Diehl's conduct when he was registered with First Liberties. Prior to his registration with First Liberties, Diehl was registered with Workman Securities Corp., U.S. Bancorp, Berthel Fisher, USAllianz, and Vestpoint Securities. In all, Diehl was registered with seven different broker/dealers in eight years. Diehl also operated an investment related DBA called Diehl Wealth Management Group, which was registered as an investment advisory firm.
If you lost money investing in KABDAD, please call our securities law firm in Chicago and Barrington, Illinois for a free consultation by a lawyer to learn about contingency fee lawsuit and FINRA arbitration options or visit www.InvestmentFraud.PRO.