Stifel Nicolaus Broker Jeffrey Olson Allegedly Made Unsuitable, Unauthorized Trades

Soreide Law Group is investigating the possibility of bringing investor claims against prior Stifel, Nicolaus & Company Incorporated securities broker Jeffrey Olson (CRD#: 2192677, Minneapolis, Minnesota). Apparently, at least six investors brought disputes about Olson. Three were brought since 2017, according to the Financial Industry Regulatory Authority (“FINRA”). These disputes indicate that Olson, who worked for Stifel Nicolaus from 2006 to 2015 and who now works for Northland Securities Inc., may have breached a fiduciary duty and sold unreasonable or unsuitable investments. Check out the following summary of these disputes for more information:

Stifel Nicolaus Investor Suggests that Jeffrey Olson Made Unauthorized Trades

A client of Stifel Nicolaus brought FINRA Arbitration #: 19-02153 on August 1, 2019. First of all, the client alleged that Jeffrey Olson made unsuitable recommendations. Supposedly, Olson advised the client to invest in direct participation programs (DPPs), limited partnerships (LPs), and corporate debt products. Not only that, but the client alleged that Olson made unauthorized trades in the client’s account. Also, Stifel Nicolaus  supposedly failed to supervise Olson which contributed to the client’s losses. For this reason, the client demanded $90,000 in damages.

Olson Allegedly Sells Unsuitable Investments

A second client of Stifel Nicolaus took issue with Jeffrey Olson’s sales practices through filing a complaint dated July 31, 2017. Mainly, the client alleged that Olson invested the client’s assets in inappropriate investments. Apparently, the client sustained investment losses because of Olson’s purchases or sales of corporate and municipal debt products, DPPs or LPs. It appears that those investments failed to be consistent with the client’s needs, goals or risk tolerance. Because of this, Stifel Nicolaus opted to pay the client $110,000 in damages. Evidently, this matter settled on January 29, 2018.

Client Wins Arbitration Claim Regarding Jeffrey Olson’s Excessive Trading

Evidently, a third Stifel Nicolaus client contested Jeffrey Olson’s sales practices through bringing FINRA Arbitration #: 17-00712 on May 16, 2017. The Statement of Claim alleged that Olson invested the client’s assets in very risky and unsuitable investments. These investments were not consistent with the client’s investment objectives, risk tolerance level and his directives. In addition, Olson supposedly made excessive trades in the client’s brokerage account. With this backdrop, the client asserted causes of action including negligence, breach of fiduciary duty, breach of contract, misrepresentation, deceptive trading practices and omissions. Evidently, the Panel found in favor of the client and required that Stifel Nicolaus pay $144,967 in damages.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Prior investor disputes also allege that Jeffrey Olson misrepresented investments and churned client accounts. Experienced losses due to Stifel Nicolaus securities broker Jeffrey Olson? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.