Morgan Stanley Advisor David W. Olson Barred by FINRA
According to the Financial Industry Regulatory Authority (FINRA), the regulator has barred Florida advisor David W. Olson from the securities industry.
After initially cooperating with FINRA’s investigation, Olson reportedly refused to provide certain documents and information in response to FINRA requests for additional documents and information.
The findings stated that FINRA began an investigation regarding allegations that Olson was involved in an undisclosed outside business activity and that he solicited a loan from his member firm’s customer for that outside business activity.
According to his FINRA BrokerCheck report, Olson was registered with Morgan Stanley in St. Petersburg, FL from July 2010 until January 2017 when he was fired for the above allegations. Olson has 8 customer disputes listed on his broker report. Allegations include misrepresentation, unsuitable investment recommendations and excessive trading, among others.
For FINRA’s full findings, see FINRA case number 2016052579701.
Failure to Supervise
The White Law Group is investigating potential claims involving the liability that Morgan Stanley may have for failing to properly supervise David W. Olson.
Brokerage firms have a legal responsibility to adequately supervise the business activities of their employees. If a broker engages in a scheme that misleads clients the brokerage firm that employs them may be liable for negligent supervision.
When brokers make unsuitable investment recommendations or squander client funds, the brokerage firm that employs them may be liable for failure to supervise and responsible for investment losses.
If you were a client of David W. Olson and Morgan Stanley and suffered losses, The White Law Group may be able to help you by filing a FINRA arbitration claim. For a free consultation with a securities attorney call 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, visit www.whitesecuritieslaw.com.