Louis Maurice Olave of Burlington Vermont a stockbroker formerly registered with Questar Capital Corporation has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he had been selling away. Letter of Acceptance Waiver and Consent No. 2020065678101 (Apr. 7, 2021).
According to the AWC, from October 26, 2017 to February 27, 2018, seven investors had been solicited by Olave to collectively invest $217,477.00 in Future Income Payments LLC (FIP) securities. FINRA relayed that Future Income Payments held itself out as a structured cash flow investment. The company was in the business of buying people’s pensions at a discount and then selling them to investors as pension streams. Investors were led to believe that they would earn as much as eight percent returns. Olave took in commissions by soliciting the securities transactions.
Questar Capital Corporation forbade stockbrokers from recommending or effecting securities transactions outside of its auspices unless those transactions were otherwise authorized. Olave never told Questar Capital Corporation about his involvement in the investors’ transactions. He violated FINRA Rules 2010 and 3280 for this reason.
Olave has been identified in four customer initiated investment related disputes concerning allegations of his wrongdoing when associated with Questar Capital Corporation and ProEquities. FINRA Public Disclosure reveals that a customer filed an investment related complaint regarding Olave’s activities in which the customer requested $59,299.00 in damages supported by accusations of Olave making an unsuitable recommendation given the customer’s liquidity and retirement needs.
Olave is also the subject of a customer initiated investment related written complaint where the customer sought $394,604.00 in damages founded on allegations of bad advice by Olave. On April 5, 2019, another customer filed an investment related complaint regarding Olave’s conduct in which the customer requested $56,000.00 in damages based upon accusations that they did not receive any income or return of their investment in a structured cash flow offering. The complaint also alleges omissions by the stockbroker.
Olave is named in a different customer initiated investment related FINRA securities arbitration claim where the customer was awarded $23,999.28 in compensatory damages supported by a FINRA Arbitrator finding Olave and Questar Capital Corporation liable for causing the customer’s losses on an investment in Future Income Payments. FINRA Arbitration No. 20-00430 (Nov. 6, 2020). The Statement of Claim alleges negligence and the violation of FINRA rules by the stockbroker. Olave was accused in the Statement of Claim of breaching a contract and breaching a fiduciary duty.
Olave’s registration with Questar Capital Corporation has been terminated as of February 20, 2019. He was registered with Lincoln Investment between February 22, 2019 and April 30, 2021.