David Warren Olson of Saint Petersburg, Florida, a stockbroker associated with Morgan Stanley Wealth Management, has been fired on December 20, 2016, based upon allegations that he participated in undisclosed outside business activities and solicited a customer loan.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Olson has been identified in eight more customer initiated investment related disputes pertaining to accusations of Olson’s improper conduct while employed with Banc of America Investment Services, Inc. and PaineWebber. Particularly, on January 27, 2009, a customer filed an investment related written complaint involving Olson’s conduct, alleging Olson of having failed to allocate the customer’s assets in conservative mutual funds investments.
Afterwards, on June 9, 2009, two customer initiated investment related written complaints pertaining to Olson’s conduct were settled for a total of $1,150,000.00 in damages based upon allegations of misrepresentation relating to auction rate securities. Another customer initiated investment related arbitration claim regarding Olson’s activities was resolved for $95,000.00 in damages supported by accusations that Olson made misrepresentations and omissions to the customer and made unsuitable equity recommendations to the customer. FINRA Arbitration No. 11-03717 (Apr. 10, 2012).
Further, an arbitration claim pertaining to Olson’s activities was resolved for $245,000.00 based upon allegations of misrepresentation and suitability of mutual funds investments. FINRA Arbitration No. 11-03729 (Sept. 19, 2012). Olson is also the subject of a customer initiated investment related written complaint on December 29, 2011, in which the customer sought $500,000.00 in damages founded on allegations that between August of 2008 and July of 2010, misrepresentations had been made to the customer relating to structured products.
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