The securities attorneys at Soreide Law Group have learned of some recent investor arbitrations or disputes involving securities broker Leif David Olson (CRD#: 2277495, Sarasota, Florida). Namely, Olson worked for Morgan Stanley from 2010 to 2020 and worked for Wells Fargo since 2020 – both as securities broker and financial advisor. Here’s what these investor disputes allege, and what you could do if you happened to suffer losses from the client.
Notably, a client of Morgan Stanley disputed Leif Olson’s trading practices. In this December 2020 lawsuit involving Olson, the client alleges that unit investment trusts from January 2019 to August 2020 were not suitable. It appears that Olson may have caused the client to invest in these products when UITs were not the right fit. Ultimately, this investor dispute, in which the client alleges $400,000 in damages, is ongoing.
In a prior dispute reported on BrokerCheck, a Merrill Lynch client targeted Leif Olson for his investment recommendations. Specifically, the client alleged unsuitable investment recommendations in connection with a variable annuity. It appears that Merrill Lynch opted to settle this matter through making a payment to the client in 2015.
It also appears that a client of Merrill Lynch brought a dispute about Leif Olson. Notably, the client claimed that Olson misrepresented surrender fees on an annuity. In addition, the securities broker purportedly misrepresented how the rate of return on the annuity would work. For this reason, Merrill Lynch settled with the client.
Further, a Merrill Lynch client disputed Leif Olson’s activities. Specifically, the client claimed that Olson provided bad investment advice to the client. It appears that Olson’s recommendations caused the client to suffer losses of some sort. However, this dispute closed without resolution.
FINRA BrokerCheck shows that other investors brought complaints or lawsuits alleging misrepresentation and unsuitability.
Did Leif Olson cause you to experience losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have incurred losses because of their financial advisors and securities brokers. Please note that Olson denies all allegations of his sales practice violations.
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