Steven Olejniczak, a former registered representative with Edward D. Jones & Co., L.P. (Edward Jones) was fined and suspended by the Financial Industry Regulatory Authority (FINRA) for allegedly failing to disclose that an elderly customer had designated him and his wife as account beneficiaries.
According to FINRA, Steven Anthony Olejniczak, of Grimes, Iowa, was designated as the beneficiary of 90% of the assets in his elderly customer’s account. Firm rules prohibit registered representatives from being named as beneficiary by his/her own customer while continuing to service the account. Mr. Olejniczak failed to notify his member firm of his own beneficiary designation and the naming of his wife as beneficiary of the customer’s firm account and estate. Additionally, FINRA found that Mr. Olejniczak failed to disclose that his customer had executed a document that gave him medical power of attorney in the event the customer became incapacitated.
Without admitting or denying FINRA’s findings, Mr. Olejniczak was assessed a deferred fine of $10,000 and suspended for six months. The suspension is in effect from May 15, 2017 through November 14, 2017.
Stockbrokers have been known to engage in many types of practices which violate industry and firm rules, practices, and procedures. In order to protect customers from stockbroker misconduct, FINRA rules require broker-dealers such as Woodbury Financial Services to establish and implement a reasonable supervisory system. The implementation of the rules require supervisors to monitor employees to ensure they comply with federal and state securities laws, securities industry rules and regulations, and the firm, such as Woodbury Financial Services own policies and procedures. If broker dealers and/or their supervisors do not establish and implement these protective measures, they may be liable to investors for damages which flow from the misconduct. As a result, investors who have suffered losses because of their stockbroker’s unlawful or prohibited conduct can file a claim to recover damages against broker dealers, like Edward Jones, which should consistently oversee its employees in order to prevent stockbroker misconduct.
Have you suffered losses in your Edward Jones investment account due to your stockbroker’s misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Edward Jones representatives who may have engaged in stockbroker misconduct and caused investors’ losses.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 35 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities, and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please post a comment, call (800) 732-2889, send Mr. Pearce an email at email@example.com, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.