Securities Lawyer Blog | Victim of Securities Fraud?

TAG | options trading losses

Cary Lancaster Olson (CRD #2435229, Sparks, Nevada)

was fined $15,000, suspended by FINRA member in any capacity for 45 days and suspended from association with any FINRA member in any principal capacity for 30 days for allegedly making recommendations of non-traditional ETFs (Exchange Traded Funds) to clients without having reasonable grounds to believe those recommendations were suitable in relation to the holding periods for the ETFs.

FINRA’s findings stated that the ETFs were designed to achieve their objectives over the course of a single day only. Olson failed to appreciate the nature of the ETFs at the time of his recommendations, in other words, that they were not designed to achieve their objectives for extended holding periods.

FINRA’s findings also stated that Olson permitted the execution of options transactions in the account of a client who was not approved for options activity.

The suspension in any capacity is in effect from February 17, 2015, through April 2, 2015.
The suspension in any principal capacity will be in effect from April 6, 2015, through May 5, 2015.

(FINRA Case #2012030670602)

Cary Lancaster Olson is currently registered with the following firm:

CALTON & ASSOCIATES, INC. (CRD# 20999)
6490 S MCCARRAN BLVD., BUILDING D-1 UNIT 31, RENO, NV 89509

Cary Lancaster Olson was previously registered with the following firms:

06/2013 – 11/2013 GBS FINANCIAL CORP. (CRD# 16906) – RENO, NV

06/2006 – 07/2013 GREAT CIRCLE FINANCIAL (CRD# 8658) – RENO, NV

05/2004 – 06/2006 SUMMIT BROKERAGE SERVICES, INC. (CRD# 34643) – RENO, NV

10/1997 – 05/2004 A. G. EDWARDS & SONS, INC. (CRD# 4) – ST. LOUIS, MO

01/1994 – 01/1995 METLIFE SECURITIES INC. (CRD# 14251) – NEW YORK, NY

01/1994 – 01/1995 METROPOLITAN LIFE INSURANCE COMPANY (CRD# 4095) – NEW YORK, NY

This ends the summation of information obtained from FINRA’s most recent disciplinary report, March 2015.

If you suffered financial losses due to your broker or financial advisor’s recommendations, please call the Soreide Law Group for a free consultation on how to potentially recover your investment losses: 888-760-6552. We represent our clients nationwide before FINRA.

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Sep/12

7

Did You Invest in Options with Whitney Thatcher of Kovack Securities?

The Soreide Law Group is currently investigating claims on behalf of Kovack
Securities clients who invested in options with Whitney Thatcher in the firm’s Henderson, Nevada office.

If you have suffered substantial losses due to Mr. Thatcher’s options
recommendations, you may have a claim for recovery. Give us a call to
discuss your potential claim.

To contact Soreide Law Group call: (888) 760-6552, or visit our website and complete our online form at: http://www.securitieslawyer.com.

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Dec/11

23

Elevation LLC, Fined and Censured by FINRA

Elevation, LLC (CRD #140341, Charlotte, North Carolina)
 
submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $10,000.
 
Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it commenced an options business, engaged in options transactions and designated an individual as its Registered Options Principal (ROP) until his resignation from the firm.
 
These findings stated that the firm did not notify FINRA of his resignation but instead continued to engage in options business without registering a new ROP.
 
Also, the findings stated that the firm failed to establish, maintain and enforce an adequate supervisory system for its options activities, including written procedures, reasonably designed to achieve compliance with application securities regulations, and to supervise options transactions in which it engaged.
 
These findings also included that the firm failed to comply with multiple requirements of FINRA Rule 2360, the options rule, by failing to comply with its registration and customer agreement requirements.
 
(FINRA Case #2010021236201)
 
This information is from FINRA’s website’s ‘Disciplinary Actions,’ December, 2011.
 
Securities Attorney, Lars Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you or a family member have experienced losses through Elevation, LLC, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses. To speak with an attorney, call 888-760-6552, or visit www.securitieslawyer.com.

Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.

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Nov/11

17

Did You Invest in Foresee Strategies Insurance Funds?

Soreide Law Group, PLLC is currently investigating potential claims related to the Foresee Strategies Insurance Funds 3(c)(1) and 3(c)(7), which were offered via an annuity issued by Sun Life Financial and sold to investors by SagePoint Financial, Inc. and other securities brokerage firms.

Foresee Strategies Insurance Funds were part of the SALI Multi-Series Funds 3(c)(1) and 3(c)(7), L.P. The general partner of the Foresee Strategies Funds was SALI Fund Partners, LLC, and the Investment Manager was SALI Fund Management, LLC. 

On May 5, 2010, the Foresee Strategies Insurance Funds were closed after experiencing tremendous losses due to options trading on the S&P 500. Investors could have suffered losses of up to 100% of their investment.

Securities Attorney, Lars Soreide, of Soreide Law, PLLC, has represented clients nationwide. If you or a family member have experienced losses through Foresee Strategies Insurance Funds, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses. To speak with an attorney, call 888-760-6552, or visit www.securitieslawyer.com.

Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.

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