John Olinghouse, a formerly registered broker with the Sparks, Nevada branch of HD Vest Investment Services, Inc. (HD Vest), submitted a Letter of Acceptance, Waiver, and Consent in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he falsified customer documents and failed to notify his member firm of a customer complaint alleging improper financial advice.
FINRA’s findings state that John Edward Olinghouse, of Sparks, Nevada, falsified numerous customer documents. According to FINRA, Mr. Olinghouse cut and pasted or taped customers’ signatures in some instances and, in other instances, used white-out to alter information on forms previously signed by customers. Further, FINRA found that Mr. Olinghouse privately settled a customer complaint which alleged improper financial advice without notifying his member firm of the complaint, which is required under FINRA Rule 2010.
Mr. Olinghouse was assessed a deferred fine of $15,000 and suspended from association with any FINRA member in any capacity for one year. The suspension is in effect from April 17, 2017 through April 16, 2018.
Stockbrokers, registered representatives, and other financial professionals have been known to engage in many types of fraudulent and prohibited behavior which violate industry rules and procedures. In order to protect investors from such misconduct, FINRA rules require broker-dealers to establish and implement a supervisory system in order to safeguard customer assets. If broker-dealers and their supervisors do not establish and implement these protective measures, they may be liable to account holders for investment losses. As a result, account holders who have suffered losses stemming from a registered representative’s misconduct can file a claim to recover damages against broker-dealers, like HD Vest Investment Services, which have a duty to supervise its employees in order to prevent the above-described misconduct.
Have you suffered losses in your HD Vest Investment Services account due to altered account documents or other stockbroker 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 HD Vest Investment Services stockbrokers who may have engaged in 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 40 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 visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at firstname.lastname@example.org for answers to any of your questions about this blog post and/or any related matter.