Walter Olsson Has Been the Subject of a Regulatory Sanction

Walter Olsson

Public records published by the Financial Industry Regulatory Authority (FINRA) and accessed on April 4, 2018 indicate that former Michigan-based Raymond James Financial Services broker Walter Olsson has been sanctioned by FINRA in connection to alleged rule violations and suspended from acting as a broker. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Olsson (CRD# 352636).

Walter Olsson has spent 50 years in the securities industry and was most recently registered with Raymond James Financial Services in Grand Rapids, Michigan (2008-2015). Previous registrations include Raymond James & Associates in Grand Rapids, Michigan (1998-2008); Roney & Company in Detroit, Michigan (1998-1999); and Roney & Company LLC in Detroit, Michigan (1964-1998). He has passed four securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on October 13, 1992; PC (AMEX Put and Call Exam), which he obtained on October 23, 1979; Series 1 (Registered Representative Examination), which he obtained on August 12, 1964; and Series 40 (Registered Principal Examination), which he obtained on August 31, 1978. He is currently not registered with any state or firm.

According to his BrokerCheck report, he has received one customer complaint, one pending customer complaint, and one regulatory sanction.

In December 2017 FINRA sanctioned him in connection to allegations he engaged in a private securities transaction, constituting a note valued at $260,000, with a client at his member firm, but without notifying the firm of or receiving prior approval for the transaction. According to FINRA’s allegations, the customer invested in a note in a local inn owned by Mr. Olsson and two other individuals, though he had been prohibited from involving additional customers in the inn. He allegedly introduced the customer to another firm representative to finalize the note and directed another representative to liquidate $260,000 in the customer’s funds to be used for the note. The customer lost the investment, according to FINRA, and his estate reached a settlement with Mr. Olsson. He was issued a four-month suspension and a fine of $5,000.

In 2016 a customer alleged Walter Olsson, while employed at Raymond James, made misrepresentations of material facts in connection to a promissory note investment and sold an investment away from his member firm. The customer is seeking unspecified damages in the pending complaint.

In 2001 a customer alleged Walter Olsson, while employed at Raymond James & Associates, recommended unsuitable stock products, breached his fiduciary duty, committed fraud, and breached his fiduciary duty. The complaint resulted in an award to the customer of $98,000.

If you or someone you know has complaints regarding Walter Olsson, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on contingency: we only receive payment if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free

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