Walter Sanfrid Olsson, of Grand Rapids, Michigan, a stockbroker formerly registered with Raymond James Financial Services, Inc., has been fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he sold away from his firm. Letter of Acceptance, Waiver and Consent, No. 2016052628601 (Dec. 15, 2017).
According to the AWC, in June of 2012, Olsson helped effect a customer’s $260,000 note transaction away from the firm. Apparently, Olsson and the customer discussed the note transaction, prompting the customer’s investment in a hotel that Olsson and two of the firm’s customers were owners of. However, the AWC stated that Olsson was prohibited by the firm from allowing customers to invest in the hotel. Despite this, Olsson facilitated the finalizing of the note transaction by connecting the customer with one of the hotel’s representatives, while also instructing a
Raymond James registered representative to sell the customer’s $260,000.00 investment portfolio. Evidently, the customer sustained losses on the investment.
The AWC revealed that Olsson never attempted to retrieve approval from Raymond James prior to facilitating the securities transaction outside the firm’s auspices. Consequently, FINRA found Olsson’s conduct to be violative of FINRA Rule 2010 and NASD Rule 3040.
FINRA Public Disclosure reveals that Olsson has been referenced in two customer initiated investment related disputes pertaining to accusations of Olsson’s misconduct while he was employed with Raymond James Financial Services, Inc. Particularly, customers were awarded $98,000.00 in damages according to an investment related arbitration claim involving Olsson’s misconduct, which contained findings of suitability, misrepresentation, breach of fiduciary duty and fraud in regard to equity transactions effected in the customers’ accounts. National Association of Securities Dealers (NASD) Arbitration No. 01-01043 (Mar. 26, 2002).
Subsequently, on September 13, 2016, a customer filed an investment related written complaint involving Olsson’s conduct, in which the customer requested at least $5,000.00 in damages founded upon allegations that Olsson sold away from his firm and made misrepresentations to the customer regarding a promissory note arrangement.
Olsson’s employment with Raymond James Financial Services, Inc. was terminated as of February 10, 2015.
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