FINRA

Without admitting or denying the findings, Olson consented to the sanction and to the entry of findings that after initially cooperating with FINRA's investigation, he refused to provide certain documents and information in response to FINRA requests for additional documents and information. The findings stated that FINRA began an investigation regarding allegations that Olson was involved in an undisclosed outside business activity and that he solicited a loan from his member firm's customer for that outside business activity.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All capacities

Indefinite

3/28/2018

FINRA

Respondent Olson failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

Letter

Suspension

All capacities

Indefinite

Continues until required payment is made or discharged.

3/14/2018

Pursuant to Article VI, Section 3 of FINRA By-Laws, and FINRA Rule 9554, Respondent Olson is suspended on March 14, 2018 for failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

MSWM

Discharged

RR discharged after an allegation he engaged in an outside business that was not presented to the Firm for approval and solicited a loan from a client for that venture.

THE CUSTOMER ALLEGES MISREPRESENTATION FROM AUGUST 2008 TO JULY 2010.

$500,000.00

THE CUSTOMER ALLEGES UNSUITABLE INVESTMENT RECOMMENDATIONS AND MISREPRESENTATION FROM MAY 2007 TO FEBRUARY 2009.

$447,000.00

$245,000.00

THE CUSTOMER ALLEGES UNSUITABLE INVESTMENT RECOMMENDATIONS AND MISREPRESENTATION OF MATERIAL FACTS.

$300,000.00

$95,000.00

MISREPRESENTATION

$1,000,000.00

THIS MATTER INVOLVES THE SALE OF AUCTION RATE SECURITIES (ARS). THE TRANSACTION(S) AT ISSUE TOOK PLACE BEFORE MID-FEBRUARY 2008, WHEN THE ARS MARKET SUFFERED WIDESPREAD AUCTION FAILURES AND ILLIQUIDITY. THE FINANCIAL ADVISOR DID NOT CAUSE, CONTRIBUTE OR HAVE ANY CONTROL WHATSOEVER OVER THESE MARKET EVENTS. THE FIRM REACHED AGREEMENT WITH CERTAIN OF ITS REGULATORS, PURSUANT TO WHICH IT REPURCHASED ARS FOR THEIR FULL PAR VALUE FROM CERTAIN CLIENTS, INCLUDING THE INSTANT CLIENT, WHERE THEY COMPLAINED OR NOT. THE FINANCIAL ADVISOR WAS NOT A PARTY TO THAT AGREEMENT, DID NOT MAKE ANY PAYMENT TO THE CLIENT, AND WAS NOT ASKED TO AND DID NOT CONTRIBUTE TO THE REPURCHASE AMOUNT. THE SETTLEMENT AMOUNT IN ITEM 11 ABOVE REFLECTS THE PAR VALUE OF THE REPURCHASED ARS, AS REQUIRED BY FINRA REGULATORY NOTICE 09-12.

MISREPRESENTATION

$150,000.00

THIS MATTER INVOLVES THE SALE OF AUCTION RATE SECURITIES (ARS). THE TRANSACTION(S) AT ISSUE TOOK PLACE BEFORE MID-FEBRUARY 2008, WHEN THE ARS MARKET SUFFERED WIDESPREAD AUCTION FAILURES AND ILLIQUIDITY. THE FINANCIAL ADVISOR DID NOT CAUSE, CONTRIBUTE OR HAVE ANY CONTROL WHATSOEVER OVER THESE MARKET EVENTS. THE FIRM REACHED AGREEMENT WITH CERTAIN OF ITS REGULATORS, PURSUANT TO WHICH IT REPURCHASED ARS FOR THEIR FULL PAR VALUE FROM CERTAIN CLIENTS, INCLUDING THE INSTANT CLIENT, WHERE THEY COMPLAINED OR NOT. THE FINANCIAL ADVISOR WAS NOT A PARTY TO THAT AGREEMENT, DID NOT MAKE ANY PAYMENT TO THE CLIENT, AND WAS NOT ASKED TO AND DID NOT CONTRIBUTE TO THE REPURCHASE AMOUNT. THE SETTLEMENT AMOUNT IN ITEM 11 ABOVE REFLECTS THE PAR VALUE OF THE REPURCHASED ARS, AS REQUIRED BY FINRA REGULATORY NOTICE 09-12.

CUSTOMER CLAIMS SHE WAS TOLD BY FINANCIAL ADVISOR THAT HER MANAGED ACCOUNT WOULD BE INVESTED CONSERVATIVELY AND SHE HAS LEARNED THAT THIS IS NOT THE CASE. COMPENSATORY DAMAGES UNSPECIFIED.

CLAIMANTS ALLEGED MISREPRESENTATION OF RISK AND SUITABILITY AS WELL AS FRAUD AND BREACH OF FIDUCIARY DUTY AND SOUGHT COMPENSATORY DAMAGES OF $202,813.00 AS WELL AS INTEREST, TREBLE DAMAGES, ATTORNEY FEES AND COSTS.

$202,813.00

$65,000.00

THE PARTIES AGREED TO A SETTLEMENT WHEREBY THE [CUSTOMERS] AGREED TO DISMISS THE REMAINING INDIVIDUAL RESPONDENTS AT THE TIME OF SETTLEMENT. THEREAFTER, UPON PAYMENT OF $65,000 BY PAINEWEBBER. ALL OF THE RESPONDENTS DENY LIABILITY FOR THE CLAIMS AS ALLEGED. NOT PROVIDED

CLAIMANT ALLEGES EXCESSIVE TRADING, UNSUITABLE OPTION TRANSACTIONS, IN 1987, AND LOSSES OF $59,000.00

$59,000.00

$55,000.00

RESPONDENTS TO PAY $55,000 IN EXCHANGE FOR DISMISSAL WITH PREJUDICE OF CLAIMS. RESPONDENTS DENY ANY AND ALL LIABILITY. Not Provided