Did Louis Maurice Olave Cause You Investment Losses?
Louis Maurice Olave of Essex, Vermont submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined $5,000 and suspended from association with any FINRA member for a capacity of three months. The sanction was based on findings that he participated in private securities transactions in violation of FINRA Rules 3280 and 2010. The suspension was in effect from May 3, 2021, through August 2, 2021.
From November 10, 2015, through February 20, 2019, Louis Maurice Olave was registered as an Investment Company and Variable Contracts Products Representative with Questar Capital Corporation. According to FINRA’s findings, Olave allegedly solicited seven investors to purchase $217,477 in securities of Future Income Payments, LLC with a seven to eight-percent rate of return on their investment. The findings state that Olave received a total of $3,795 in commissions in connection with the sales and did not provide notice or seek approval from his member firm prior to participating in the sales. Louis Maurice Olave is currently registered with another member firm and remains subject to FINRA’s jurisdiction.
FINRA Rule 3280(e) generally defines a private securities transaction as any securities transaction outside the regular scope of an associated person’s employment with a member. FINRA Rule 3280(b) states that “[p]rior to participating in any private securities transaction, an associated person shall provide written notice to the member with which he is associated describing in detail the proposed transaction and the person’s proposed role therein and stating whether he has received or may receive selling compensation in connection with the transaction.” Rule 3280(c) states that when an associated person has received or may receive selling compensation, the member firm shall provide written approval or disapproval of the associated person’s participation in the proposed private securities transaction. A violation of Rule 3280 is also a violation of FINRA Rule 2010, which requires associated persons, in the conduct of their business, to observe high standards of commercial honor and just and equitable principles of trade.
Do You Need a Vermont Private Placement Investment Attorney?
Are you a Vermont investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Vermont stockbroker or investment advisor misrepresent or mislead you about an investment in a Private Placement or make an unsuitable recommendation that you invest in a Private Placement like GPB Capital Holdings or EquiAlt or otherwise mismanage your investment account? If so, you will need to have representation by an experienced, highly rated and nationally recognized FINRA securities arbitration law attorney—an attorney who understands these highly complex and risky Private Placement investments. You need an experienced lawyer who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases and other complex legal issues.
Free Initial Consultation With Experienced Private Placement Investment Lawyers Serving Essex, Vermont Residents In FINRA Arbitration Proceedings
At The Law Offices of Robert Wayne Pearce, P.A. we represent investors in all kinds of securities, commodities, and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout Vermont, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award.
Se habla español For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities, and investment law disputes serving Vermont citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.