According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Olivier Gillier (Gillier), previously associated with Tigress Financial Partners, LLC, has been subject to at least 2 disclosable events. These events include one customer complaint, one regulatory event. Several of those complaints against Gillier concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $3,100,000.00 on July 02, 2025.
Claimant alleges misconduct from 12/2017 to 8/2022 for Suitability, Excessive Trading, Unauthorized Trading, Churning and Failure to Supervise.
FINRA BrokerCheck shows a final customer complaint on March 29, 2023.
Without admitting or denying the findings, Gillier consented to the sanctions and to the entry of findings that he participated in a private securities transaction without providing prior written notice to his member firm. The findings stated that Gillier made a capital contribution of $300,000 in exchange for Class A membership interests in a limited liability company (LLC) formed for the purpose of purchasing and managing a building in New York. Gillier also facilitated the investments of three individuals, one of whom was a firm customer, who invested a total of more than $2 million in Class B membership interests in the LLC. The right to manage and control the business of the LLC was vested exclusively in a managing member. Neither Gillier nor the Class B investors had any role in the operation or management of the building. Class A and Class B members expected to share in the potential profits of the LLC according to their membership percentages as defined in the LLC’s operating agreement. These Class A and Class B membership interests in the LLC were investment contracts that were securities. Gillier’s involvement in the LLC was outside the scope of his employment with the firm, and he did not provide prior written notice to the firm before investing in the LLC or facilitating the investments of the Class B investors. Gillier also falsely certified on the firm’s annual compliance attestations that he had not engaged in any private securities transactions that had not been previously disclosed to the firm.
Should a broker participate in excessive trading, or churning, they may repeatedly buy and sell securities, occasionally even the same stock, within a short span of time. Frequently, the broker flips the account entirely with different securities. The only purpose of this kind of investment in the client’s account is to generate commissions, which benefit the broker, but not the investor. Churning is considered a species of securities fraud. The claim is based on excessive securities trading, the broker’s control over the account, and a fraudulent scheme to extract unlawful commissions from the investor. A similar claim, excessive trading, under FINRA’s suitability rule involves just the first two elements. Certain commonly used measures and ratios used to determine churning help evaluate a churning claim. These ratios look at how frequently the account is turned over plus whether or not the expenses incurred in the account made it unreasonable that the investor could reasonably profit from the activity.
According to newsources, a study revealed that 7.3% of financial advisors had a customer complaint on their record when records from 2005 to 2015 were examined. Brokers must publicly disclose reportable events on their BrokerCheck reports that include customer complaints, IRS tax liens, judgments, investigations, terminations, and criminal cases. In addition, research has shown a disturbing pattern with troublesome brokers where brokers with high numbers of customer complaints are not kicked out of the industry but instead these brokers are sifted to lower quality brokerage firms with loose hiring practices and higher rates of customer complaints. These lower quality firms may average brokers with five times as many complaints as the industry average.
Gillier has been in the securities industry for more than 21 years. Gillier has been registered as a Broker with Tigress Financial Partners, LLC since 2013.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.