Louis Olave Suspended, Involved In Investor Disputes

FINRA Suspends Questar Capital Corp Securities Broker Louis Olave, Who Also Faces Investor Disputes

The following update concerning Questar Capital Corporation securities broker Louis Olave (CRD#: 5904834, Burlington, Vermont) comes to you by Soreide Law Group. Notably, FINRA sanctioned Olave in April 2021 based on allegations that he participated in private, unauthorized securities transactions that amounted to over $200,000 in investor purchases. The financial industry watchdog says that he did securities business without the consent of Questar Capital Corporation. Here’s more.

FINRA Sanctions Louis Olave Over Alleged Private Securities Transactions

Supposedly, Louis Olave enticed investors into purchasing securities in Future Income Payments LLC. Supposedly, FIP bought pensions at a reduced rate and then sold a part of those pensions to investors. It appears that Olave received compensation for his involvement in the transactions.
Evidently, FINRA’s suspension of Olave ended on August 2, 2021. In addition to the three-month suspension, Olave also consented to pay a fine in the amount of $5,000.

Questar Client Awarded Compensation After Arbitrator Finds Olave Liable For Unsuitable Advice

Notably, on November 6, 2020, a FINRA Arbitrator ordered Louis Olave to pay 23,998.28 in compensatory damages to a client who allegedly received bad investment advice from him. The unsuitable advice pertained to Olave directing the client to purchase an investment in Future Income Payments LLC.
Supposedly, the client used half of her life savings to invest based on Louis Olave’s advice. The decision to award the client with damages came after an arbitration hearing. Additional allegations referenced in the claim include breach of fiduciary duty, negligence, failure to supervise, violation of FINRA rules, and breach of contract.

Questar Capital Corporation Client Alleges Unsuitable Structured Cash Flow Investment By Louis Olave

Also, in a complaint dated April 5, 2019, a client of Louis Olave claimed that she invested $50,000 into a structured cash flow that was supposed to provide her with consistent income. It appears that she did not receive income from this investment and did not receive a refund. However, Questar Capital Corporation denied this dispute.

Louis Olave Accused Of Recommending Unsuitable Annuities While At ProEquities

Evidently, in two separate complaints to FINRA, clients alleged that Louis Olave made unsuitable recommendations regarding annuities. Supposedly, the ProEquities clients should not have invested in these annuities because of their liquidity needs or retirement needs. Because of this, clients asked for compensation. However, according to BrokerCheck, the securities firms denied these complaints.

Losses By Investing Through Olave?

Apparently, securities broker Louis Olave denies allegations of sales practice violations. Have you experienced investment losses by interacting with this broker at Questar or Lincoln Investment? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning 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 compensation for many US clients who have experienced losses because of their securities brokers and financial advisors.