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This article was originally published by InvestmentNews.com
Broker-dealer regulator previously suspended David Warren Olson for promissory note default
Finra barred from the industry a former Morgan Stanley broker who allegedly violated rules governing work brokers do outside their firms.
In a March 28 agreement, David Warren Olson accepted the ban from the Financial Regulatory Authority Inc., which was based on his failure to produce documents and information Finra requested in relation to its investigation of his allegedly undisclosed outside business activities.
The letter of acceptance, waiver and consent states that Mr. Olson did not tell Morgan Stanley about his extra-curricular endeavors and sought a loan from one of his customers to finance them. Mr. Olson worked at Morgan Stanley from July 2010 to December 2016.
Mr. Olson did not admit or deny the allegations. He most recently worked as a broker in St. Petersburg, Fla.
Finra had already suspended Mr. Olson — on March 14 — for his failure to repay Morgan Stanley $403,679 for promissory notes that he received. The firm won compensatory damages totaling the notes’ balance in a Nov. 14 arbitration award.
Morgan Stanley fired Mr. Olson on Dec. 20, 2016, over his alleged outside business activities.
In a 29-year career that spanned seven firms, Mr. Olson had 10 regulatory disclosures, including eight customers disputes, according to his BrokerCheck profile.