29-Year Industry Veteran Former Morgan Stanley Financial Advisor David Olson Barred by FINRA
Posted on Monday, April 2nd, 2018 at 9:44 am
Former Morgan Stanley financial advisor David Olson (CRD# 1700644) barred by FINRA for engaging in outside business activities. Olson was registered with Morgan Stanley in St. Petersburg, Florida from 2010 to January 2017, when he was terminated regarding, “RR discharged after an allegation he engaged in an outside business that was not presented to the Firm for approval and solicited a loan from a client for that venture.”
On March 14, 2018, Olson was suspended indefinitely from FINRA after he failed to comply with an arbitration award and repay Morgan Stanley $403,679 for promissory notes that he received after the firm won compensatory damages totaling the notes’ balance in a Nov. 14 arbitration award. And on March 28, 2018, FINRA barred Olson from the securities industry.
According to the Acceptance, Waiver and Consent, in December 2016, FINRA began an investigation regarding allegations that Olson was involved in an undisclosed outside business activity and that Olson solicited a loan from a Morgan Stanley customer for that outside business activity.
Olson has been the subject of eight customer complaints between 2011 and 1991, two of which were denied, according to his CRD report. Recent complaints include:
October 2011. “The customer alleges unsuitable investment recommendations and misrepresentation from may 2007 to february 2009.” The customer sought $447,000 in damages and the case was settled for $245,000.
October 2011. “The customer alleges unsuitable investment recommendations and misrepresentation of material facts.” The customer sought $300,000 in damages and the case was settled for $95,000.
June 2009. “Misrepresentation.” The case was settled for $1 million.
June 2009. “Misrepresentation.” The case was settled for $150,000.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Morgan Stanley may be liable for investment or other losses suffered by Olson’s customers.
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