Securities Lawyers Blog
The law offices of Gana Weinstein LLP are currently investigating claims that Broker Louis Olave (Olave) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Olave was employed by Lincoln Investment at the time of the activity. If you have been a victim of Olave’s alleged misconduct our firm may be able to assist you in recovering funds.
FINRA BrokerCheck shows a final customer complaint on April 30, 2021.
Without admitting or denying the findings, Olave consented to the sanctions and to the entry of findings that he participated in private securities transactions totaling $217,477 without prior disclosure to, or approval from, his member firm. The findings stated that Olave solicited investors to purchase securities of a company that represented itself as a structured cash flow investment that purchased pensions at a discount from pensioners and then sold a portion of those pensions as a pension stream to investors. The company generally promised investors a seven to eight percent rate of return on their investment. Olave received a total of $3,795 in commissions in connection with his sales of the securities.