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Investor Alleges Shawn Oliver Misrepresented Account Fee

Shawn Oliver (CRD #: 2015244), a broker registered with UBS Financial Services, allegedly misled a client, according to his BrokerCheck record, accessed on February 8, 2023. If you want to know more about his alleged conduct as a broker, read on.

Investor Dispute

On September 29, 2022, an investor alleged that Shawn Oliver misled the client by misrepresenting a managed account fee. The investor further alleged that Shawn Oliver purchased mutual funds with money intended for paying off the client’s loan. This misconduct allegedly took place between February 10, 2021, and September 28, 2022.

This dispute was denied by the firm.

Investors should be aware, however, that firms can deny disputes without an external review. Investors can still pursue FINRA arbitration after a denial and may be able to recover their losses.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulative, deceptive, or otherwise fraudulent tactics to influence investors’ decisions. The misrepresentation or omission of material facts (such as managed account fees) violates this rule.

Background Information

Shawn Oliver has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

Shawn Oliver is a registered broker in 14 states and the District of Columbia. He is also a registered investment adviser in California and Texas.

He has also worked for the following firms:

  • Morgan Stanley (CRD#:149777)
  • Morgan Stanley & Company (CRD#:8209)
  • Morgan Stanley (CRD#:7556)
  • Lehman Brothers (CRD#:7506)
  • Baraban Securities (CRD#:7659)

Kurta Law Can Help

If you worked with Shawn Oliver 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. 

 

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