FINRA

Olsen was named a respondent in a FINRA complaint alleging that he willfully failed to amend and to timely amend his Uniform Application for Securities Industry Registration or Transfer (Form U4) to disclose, or to timely disclose, criminal felony charges. The complaint alleges that Olsen was indicted on seven counts of aggravated harassment. Olsen failed to inform his member firm of his arrest or the felony charges in the indictment. The firm learned of the indictment when a customer contacted it after learning on the internet that Olsen had been arrested. In addition, Olsen was indicted in a new criminal matter with one count of aggravated harassment. Olsen amended his Form U4 on multiple occasions, but they were incomplete and inaccurate because he failed to disclose that he had been charged with the felony in the second indictment. The complaint also alleges that Olsen failed to produce information and documents requested by FINRA in connection with its investigation into his felony charges. Olsen, through his attorney, provided a partial, limited response to the requests. The complaint further alleges that Olsen failed to appear for on-the-record testimony requested by FINRA. Olsen's on-the-record testimony was material to FINRA's investigation of his failure to disclose and to timely disclose the felonies charged by the indictments on his Form U4.

Decision

Bar (Permanent)

All capacities

Indefinite

11/26/2021

The decision includes a finding that Olsen willfully failed to disclose a material fact on a Form U4, and that under Section 3(a)(39)(F) of the Securities Exchange Act of 1934 and Article III, Section 4 of the FINRA By-Laws, this omission make him subject to a statutory disqualification with respect to association with a member. In light of the bar, no additional sanctions are imposed.

Amended Default decision rendered October 29, 2021. The sanction was based on findings that Olsen willfully failed to make timely disclosures of criminal charges by amending his Form U4. The findings stated that Olsen was indicted on seven charges of felony aggravated assault but did not amend his Form U4 to disclose that he had been charged with a felony. Subsequently, Olsen's member firm learned of the arrest and filed an amended Form U4 on his behalf to disclose that he had been charged with a felony. However, Olsen represented falsely on the form that the indictment consisted of only a single count. Later, the firm again amended Olsen's Form U4 to reflect accurately that the indictment contained seven counts. In the meantime, Olsen was indicted a second time. This indictment charged him with a single count of felony aggravated harassment. Olsen appeared in court in connection with this indictment on multiple occasions but did not amend his Form U4 to disclose it. The findings also stated that Olsen failed to provide information and documents or provide on-the-record testimony requested by FINRA in connection with these indictments. In response to FINRA, Olsen initially provided a late partial response to its requested information about the indictments but failed to fully respond or provide requested testimony. The decision became final November 26, 2021.

FINRA

Respondent Olsen failed to respond to FINRA request for information.

Letter

Suspension

All capacities

n/a

8/19/2019

11/10/2019

All capacities

Indefinite

Continues until required information is provided to FINRA or the suspension converts to a bar.

7/7/2020

Pursuant to FINRA Rule 9552(h) and in accordance with FINRA's Notice of Suspension and Suspension from Association letters dated August 5, 2019, and August 29, 2019, respectively. In addition, in accordance with FINRA's letter dated October 29, 2019, extending the bar date, as per an October 25, 2019 request by counsel for Blair Edwards Olsen. On November 11, 2019, FINRA barred Olsen from associating with any FINRA member in any capacity. Respondent failed to request termination of his suspension and to produce all documents and information called for by the FINRA Rule 8210 Request Letters by November 8, 2019, as requested in a FINRA October 29, 2019 Letter, therefore he is automatically barred on November 11, 2019, from associating with any FINRA member in any capacity. This action was taken following the receipt and review of Blair Edwards Olsen counsel's three emails of November 8, 2019. The November 8 Responses only responded to one of the six items requested in FINRA's Rule 8210 request letters dated May 30, 2019, and June 28, 2019. On December 19, 2019, the SEC forwarded the application for review of November 18, 2019, FINRA bar of Respondent Olsen, filed/received by the SEC on December 17, 2019, and dated December 11, 2019. The SEC Administrative Proceeding number will be distributed when the acknowledgment letter is received. On July 6, 2020, FINRA vacated the bar, however Olsen remains suspended pursuant to FINRA Rule 9552. SEC decision rendered September 30, 2021 wherein Olsen's application for review is dismissed. (Associated Case Admin. Proc. File No. 3-19629)

Lincoln Investment

Discharged

Failure to provide information requested pursuant to FINRA Rule 8210 by stated deadline. FINRA requested documents from the representative for an on-the-record testimony regarding late reporting on Form U4 disclosures. The representative failed to produce the records to FINRA by two established deadlines, as well as failed to provide the firm with copies. For more information, please contact Pearline Hone, FINRA Department of Enforcement, with matter #20180587988.

$17,920.42

Civil

Aggravated Harassment 13-2921.01A1(F6) & (F5) Charged on the following dates: 3/8/2017 3/19/2017 5/9/2017 5/23/2017 5/23/2017 12/23/2017 8/16/2017

Pre-Trial Conference scheduled for 08/16/2018 & Trila date 08/23/2018