Louis Maurice Olave of Burlington, Vermont, a stockbroker registered with Questar Capital Corporation has been fined $5,000.00 and suspended for three months by Vermont Department of Financial Regulation based upon allegations that Olave engaged in private securities transactions or “selling away.” Case No. 21-007-S (Apr. 30, 2021).
This is not the first time that Olave has been the subject of a regulatory action concerning his conduct in the securities industry. Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Olave was also fined $5,000.00 and suspended from associating with any FINRA member in any capacity for three months based upon allegations that Olave engaged in private securities transactions. FINRA Enforcement (AWC) Case No. 2020065678101 (Apr. 7, 2021).
According to the AWC, between October 2017 and February 2018, during the time that he was associated with Questar Capital Corporation, Olave was involved in private securities transactions amounting to $217,477.00 without getting permission and without disclosing to his employer member firm. Specifically, Olave solicited seven investors to purchase securities of Future Income Payments LLC. The security operated by purchasing pensions at a discount from pensioners and then selling a portion of those pensions as a pension stream to investors. Olave received $3,795.00 in total compensation for his role in the transactions. At no time did Olave make his firm of the private securities transactions, nor did he have approval to engage in the activities. As a result, Olave violated FINRA Rules 2010 and 3280.
FINRA Public Disclosure shows that Olave is referenced in customer initiated investment related disputes concerning Olave’s conduct while associated with securities broker dealers, including Proequities Inc. On November 6, 2014, a customer filed an investment related complaint involving Olave’s conduct in which the customer requested $59,299.00 in damages based upon allegations that Olave made unsuitable recommendations concerning the sale of insurance products, and equity indexed annuity when Olave was associated with Proequities Inc.
On November 16, 2014, a customer filed an investment related complaint involving Olave’s conduct in which the customer requested $394,604.00 in damages based upon allegations that Olave made unsuitable recommendations in connection with the sale of fixed annuities and variable annuities when Olave was associated with Proequities Inc.
On April 5, 2019, another customer filed an investment related complaint involving Olave’s conduct in which the customer requested $56,000.00 in damages based upon allegations that Olave committed sales practice violations with regard to the recommendation and sale of fixed annuities and structured cash flow products when Olave was associated with Questar Capital Corporation.
Olave, is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer was awarded $23,999.28 in compensatory damages because Olave was held liable for sales practice violations. FINRA Arbitration No. 20-00430 (Apr. 15, 2020). The Statement of Claim alleged that Olave made unsuitable recommendations relating to the sale of Future Income Payments LLC products when Olave was associated with Questar Capital Corporation.
Louis Olave was associated with Lincoln Investment in Burlington, VT, as a stockbroker from February 22, 2019 to April 30, 2021.
