Erez Law is currently investigating former LPL Financial LLC broker Nicholas Olivas (CRD# 6803146) regarding options trading losses. He has been registered with Prospera Financial Services, Inc. in Irvine, California, since 2025. He was registered with LPL Financial LLC in Irvine, California, from 2024 to 2025, when he was terminated regarding, “Used unapproved e-mail address to transmit business-related communications.” He was also registered with Raymond James & Associates, Inc. in Newport Beach, California, from 2022 to 2024, Oppenheimer & Co. Inc. in Newport Beach, California, from 2020 to 2022, and Merrill Lynch, Pierce, Fenner & Smith Incorporated in Brea, California, from 2017 to 2020.
Nicholas Olivas Customer Complaints
He has been the subject of four customer complaints between 2023 and 2026, one of which was denied and one was withdrawn, according to his CRD report:
December 2025. “Customer alleges the representative did not act in the best interest of the retail customer by recommending an investment strategy which was unsuitable for the customer investment objectives between January and February 2025.” The customer is seeking $300,000 in damages, and the case is currently pending. The complaint was regarding options losses.
November 2025. “Customer alleges rep failed to follow instructions involving options trading that resulted in financial loss.” The customer sought $62,918 in damages, and the case was settled for $45,000.
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, LPL Financial LLC may be liable for investment or other losses suffered by Nicholas Olivas’ customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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