David Warren Olson of Saint Petersburg Florida is a stockbroker formerly registered with Morgan Stanley who has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he failed to cooperate in a FINRA investigation into allegations of Olson engaging in an unpermitted customer loan transaction as well as an outside business activity while registered with Morgan Stanley. Letter of Acceptance Waiver and Consent, No. 2016052579701 (Mar. 28, 2018).
According to the AWC, an investigation had been launched by FINRA in December of 2016 concerning Olson’s involvement in an outside business activity that had not been disclosed to Morgan Stanley as well as a loan that Olson pursued from a customer of the firm. The AWC stated that from December of 2016 and July of 2017, information and documentation was requested from Olson by FINRA. Apparently, on February 5, 2018, additional information and documentation had been requested from Olson, wherein Olson was required to provide that information to FINRA personnel by February 20, 2018. Olson reportedly neglected to respond to FINRA personnel by the deadline.
The AWC indicated that on February 21, 2018, another attempt had been made by FINRA to retrieve any information and documentation pertaining to the accusations of Olson’s improper conduct in which Olson was given until March 7, 2018 to cooperate. According to the AWC, Olson failed to fully respond to FINRA’s requests. FINRA subsequently informed Olson that he was required to furnish the entirety of the information and documentation to FINRA by March 15, 2018.
FINRA was eventually contacted by Olson on March 5, 2018, wherein Olson revealed that he did not intend to cooperate with FINRA’s requests. Olson ultimately failed to hand over information and documentation to FINRA personnel; conduct violative of FINRA Rule 2010 and 8210. Consequently, he was barred by FINRA in all capacities.
This is not the first time that Olson has been sanctioned by FINRA for failing to cooperate with its requests. Specifically, on March 14, 2018, Olson was suspended by FINRA from associating with any FINRA member in any capacity founded on allegations that he neglected to inform FINRA as to whether he complied with FINRA Customer Arbitration Award No. 17-01490 (Nov. 14, 2017).
Moreover, FINRA Public Disclosure confirms that Olson has been identified in nine additional customer initiated investment related disputes pertaining to accusations of Olson’s misconduct while employed with Banc of America Investment Services, Inc. and PaineWebber. In particular, on June 9, 2009, two customer initiated investment related written complaints regarding Olson’s activities were resolved for a total of $1,150,000.00 in damages based upon allegations of misrepresentation relating to municipal debt products.
Then, a customer initiated investment related arbitration claim concerning Olson’s activities was resolved for $95,000.00 in damages supported by accusations of suitability, omissions and misrepresentations relating to stock trades placed in the customer’s account. FINRA Arbitration No. 11-03717 (Apr. 10, 2012). Olson is also the subject of a customer initiated investment related arbitration claim which settled on September 19, 2012 for $245,000.00 in damages founded on allegations of mutual fund recommendations having been unsuitable for the customer. FINRA Arbitration No. 11-03729 (Sept. 19, 2012).
Olson was fired by Morgan Stanley Wealth Management on December 20, 2016 – the month in which FINRA launched an investigation into his activities. The firm’s basis of terminating Olson rested on accusations that he never consulted the firm for its approval of an outside business activity, and had sought money from a customer in connection with pursuing that outside business activity.
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