Public records published by the Financial Industry Regulatory Authority (FINRA) and accessed on May 25, 2018 indicate that former Florida-based Morgan Stanley broker David Olson, who has received several customer disputes, was recently sanctioned by FINRA and barred from acting as a broker or otherwise associating with a broker-dealer firm. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Olson (CRD# 1700644).
David Olson has spent 29 years in the securities industry and was most recently registered with Morgan Stanley in St. Petersburg, Florida (2010-2017). Previous registrations include Merrill Lynch in Clearwater, Florida (2009-2010); Banc of America Investment Services in Belleair Bluffs, Florida (2004-2009); UBS Financial Services in Weehawken, New Jersey (1999-2004); Prudential Securities in New York, New York (1989-1999); Thomson McKinnon in New York, New York (1989); and Painewebber (1987-1989). He has passed four securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on December 28, 1992; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on August 5, 1987; Series 3 (National Commodity Futures Examination), which he obtained on December 15, 1989; and Series 7 (General Securities Representative Examination), which he obtained on July 18, 1987. He is currently not registered with any state or firm.
According to his BrokerCheck report, David Olson has received six customer complaints and two regulatory sanctions.
In March 2018 FINRA sanctioned him following allegations he failed to cooperate, after initially cooperating, with a FINRA investigation into allegations he participated in an undisclosed outside business activity and that he solicited a loan from a client of his member firm for that activity. He was consequently barred from acting as a broker or otherwise associating with a broker-dealer firm.
In March 2018 FINRA sanctioned him in connection to allegations he failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.
In 2011 a customer alleged David Olson, while employed at Banc of America Investment Services, misrepresented and recommended unsuitable investments. The complaint settled for $245,000.
In 2009 a customer alleged he, while employed at Banc of America Investment Services, made misrepresentations of material facts in connection to an investment in auction rate securities. The complaint settled with the firm’s repurchase of the securities at par value, for $150,000.
In 2009 a customer alleged he, while employed at Banc of America Investment Services, misrepresented an investment in auction rate securities. The complaint settled with the firm’s repurchase of the securities at par value, for $1,000,000.
If you or someone you know has a complaint regarding David Olson, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recover lost funds. Fitapelli Kurta accepts all cases on contingency: we only get paid if and when you collect money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.