Investors Sue Stifel Nicolaus For Unauthorized Trading
Jeffrey Scott Olson of Minneapolis Minnesota a stockbroker and financial advisor formerly registered with Stifel Nicolaus is the subject of a customer initiated investment related arbitration claim in which the customer requested $90,000.00 in damages based upon allegations that unauthorized trades were effected in the customer’s account and that the customer received bad investment advice by Olson as it pertained to the customer’s investments in direct participation program interests or limited partnership interests as well as corporate debt products during the time that Olson was associated with Stifel Nicolaus. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-02153 (Aug. 1, 2019). The claim also alleges that Stifel Nicolaus failed to supervise Olson’s direct investment sales.
Olson has been identified in five additional customer initiated investment related disputes concerning accusations of his misconduct when the stockbroker was employed by securities broker dealers including Miller Johnson Kuehn and Stifel Nicolaus. FINRA Public Disclosure reveals that a customer filed an investment related complaint in reference to Olson’s conduct where the customer sought $15,000.00 in damages based upon accusations that the customer’s account was churned by the stockbroker during the period in which he was associated with Miller Johnson Kuehn.
Another customer filed an investment related complaint concerning Olson’s activities where the customer sought $108,631.77 in damages founded on accusations that unauthorized transactions were executed in the customer’s account and that misrepresentations were made to the customer by Olson while he was employed by Stifel Nicolaus. Olson has also been referenced in a customer initiated investment related arbitration claim which was settled for $24,500.00 in damages supported by allegations that stocks recommended by the stockbroker were speculative and inappropriate . The claim also alleges that the customer was not told about the risks of securities purchased through Olson at Stifel Nicolaus.
On January 28, 2018, another customer initiated investment related arbitration claim involving Olson’s conduct was settled for $110,000.00 in damages based upon allegations that direct investments including direct participation program interests and limited partnership interests as well as corporate and municipal debt products all failed to be suitable for the Stifel Nicolaus customer.
Olson has been referenced in another customer initiated investment related arbitration claim where the customer was awarded $144,967.00 in compensatory damages based on Stifel Nicolaus being found liable for negligence and the violation of Nebraska Securities Act. FINRA Arbitration No. 17-00712 (June 6, 2018). The customer’s funds were invested in speculative and unsuitable investments that did not align with the customer’s risk tolerance and objectives. The Award also reveals that the customer’s account was excessively traded by Olson causing the customer to experience losses. According to the Award, both fiduciary obligations and contract related obligations had been breached and the customer was defrauded.