Investor Alleges Leif Olson Failed to Execute

Leif Olson (CRD #: 2277495), a broker registered with Wells Fargo Clearing Services, allegedly failed to execute a trade as instructed, according to his BrokerCheck record, accessed on September 3, 2022. If you want to learn more about his conduct as a broker, read on.

Investor Disputes

On June 15, 2022, an investor alleged that Leif Olson failed to sell securities immediately as instructed between June 9 and 15, 2022, leading to losses. 

On December 28, 2020, an investor named Leif Olson in allegations concerning unsuitability and unauthorized trading of unit investment trust (UIT) investments made between December 2018 and August 2020. The client sought $400,000 in damages and received a settlement of $50,000.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. These profiles contain information about an investor’s tax status, financial goals, and other investments.

Investors who rely on their brokers for recommendations of investments or investment strategies may be able to recover their losses through FINRA arbitration.

FINRA Rule 3260

FINRA Rule 3260 restricts brokers from exercising their trading discretion in pre-authorized discretionary accounts. These accounts must be approved for discretionary trading by both the client and the firm.

What is a unit investment trust?

Unit investment trusts (UIT) are similar to mutual funds, in that they allow investors to invest in a portfolio of stocks and bonds. Unlike mutual funds, UITs are not actively managed, and may be unsuitable for some investors due to their lack of liquidity and other risks.

Background Information

Leif Olson has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 31 – Futures Managed Funds Examination
• Series 7 – General Securities Representative Examination

Leif Olson is a registered broker in 12 states and a registered investment adviser in Florida and Texas.

He has also worked for the following firms:

• Morgan Stanley (CRD#:149777)
• Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691)
• PaineWebber (CRD#:8174)
• J. Gregory & Company (CRD#:14892)

Kurta Law Can Help

If you worked with Leif Olson and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and 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.