Erik Olson Allegedly Recommended an Unsuitable Investment

Erik Olson (CRD #: 4794857), a broker registered with Arete Wealth Management, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on July 17, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Allegations 

On June 13, 2024, an investor alleged that Erik Olson recommended an unsuitable investment. The investor is seeking $104,832.47. 

FINRA Rule 2111 – The Suitability Rule  

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals.

Some common violations of this rule include:

• Recommendations of unsuitable investment strategies. For instance, overconcentration of securities in a certain stock or sector is typically unsuitable due to the degree of risk.
• Recommendations of high-risk or illiquid investments. These investments may lead to high fees for the investor.

Investors who rely on brokers for recommendations may be able to recover their losses by pursuing FINRA arbitration.

Background Information 

Erik Olson has passed the following exams: 

• Series 66 – Uniform Combined State Law Examination 
• Series 79TO Investment Banking Registered Representative Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination

He is a registered broker in three states and is a registered investment adviser in Florida, Illinois, Michigan, and Texas. 

During his 20 years of experience, Erik Olson has registered with four firms: 

• Arete Wealth Management (CRD #: 44856) 
• Arete Wealth Advisors (CRD #: 145488)
• Ameriprise Financial Services (CRD #: 6363) 
• IDS Life Insurance Company (CRD #: 6321) 

Kurta Law Can Help 

If you have worked with Erik Olson and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.