Former Morgan Stanley broker David Olson has been barred from the securities
industry by FINRA for failing to provide documents connected to an investigation
regarding allegations of engaging in undisclosed outside business activities.
According to his
FINRA report, Olson has been the subject of eight customer disputes, dating back to
1991. Allegations include misrepresentation of material facts, unsuitable
investment recommendations, unsuitable options transactions, and excessive trading.
Olson worked for Morgan Stanley from 2010 to 2016. In December 2016, Morgan
Stanley terminated Olson for allegedly engaging in outside business activity
that he had not disclosed to the firm and soliciting a loan from a customer
in connection for that venture.
Did You Lose Money While Working with David Olson?
Under FINRA rules, brokers are prohibited from participating in outside
business activities outside the scope of their relationship with their
member firm without first providing appropriate written notice to their firm.
The following types of conduct, among other things, are specifically defined
as outside business activities according to FINRA.
- Employment at another company
- Working as an independent contractor or sole proprietor in any capacity
- Serving as a partner, director or officer on any board
- Accepting compensation, in any form, for business activity
- Reasonably expecting to receive compensation for their role in activities
outside the firm in the future
While brokers must provide adequate disclosure of their outside business
activities, it is up to their brokerage firm to ensure that brokers are
not compromising their clients' interests through outside business
activities. Member firms may be held liable for the financial losses incurred
by investors when outside business activities are not properly monitored
If you have suffered investment losses while working investing with David
Olson, Meyer Wilson would like to hear from you. Give one of our investment
fraud attorneys a call at (888) 390-6491 today for a case evaluation.