The following information was obtained on FINRA’s website’s ‘Disciplinary Actions, February 2012.”
Olaf F. Gamlen (CRD #5292529, Registered Representative, Palm Beach Gardens, Florida)
submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and
suspended from association with any FINRA member in any capacity for 10 business days. The fine must be paid either immediately upon Gamlen’s reassociation with a FINRA member firm following his suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier.
Without admitting or denying the findings, Gamlen consented to the described sanctions and to the entry of findings that he exercised discretion in a customer’s nondiscretionary advisory accounts.
These findings stated that although the customer had given Gamlen oral authorization to
use discretion in his accounts to effect securities transactions, Gamlen did not obtain
the customer’s prior written authorization. The findings also stated that at no time did
Gamlen’s member firm permit discretion to be utilized in the types of advisory accounts
the customer held.
The suspension was in effect from December 19, 2011, through January 3, 2012. (FINRA Case #2010024494001)
The information from FINRA’s website has ended.
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. For a free consultation with an attorney, please call 888-760-6552, or visit our website at: www.securitieslawyer.com.