The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Walter Olsson. According to his publicly available FINRA BrokerCheck report, Walter Olsson has been the subject of multiple customer complaints.
Walter Olsson was a Michigan based securities broker. He worked in the securities industry for fifty years. During his career, he was registered with just two different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Roney & Co. (1964-1999)
- Raymond James (1998-2015)
The Allegations
- In April 2001, a customer alleged that Walter Olsson recommended unsuitable investments, breached his fiduciary duty, committed fraud, and made material misrepresentations. This case went to arbitration where the customer was awarded $98,000 in damages.
- In September 2016, a customer alleged that Walter Olsson made material misrepresentations and engaged in selling away. This case was settled for $15,000 in damages.
- Walter Olsson was officially sanctioned by FINRA in December of 2017. This was due to allegations that he took part in a private securities transaction in the form of a note for $260,000, with a customer at his member firm. He allegedly did not get his member firm’s permission to execute the transaction. The particular security was a local inn that Olsson himself owned. The firm had previously prohibited Olsson from soliciting investments in the inn from customers at the firm. Due to the allegations against him, he was fined $5,000 and suspended from the securities industry for a period of four months.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Walter Olsson, please contact Oakes & Fosher for a free and private consultation. We handle cases on a contingency basis, which means there are no fees charged unless we collect for you.
