History Of Joseph D. Olheiser
Olheiser entered the securities industry in May 2002 and first registered with FINRA in
December 2010 through another member firm. In April 2016, Olheiser joined Morgan
Stanley Smith Barney LLC as a General Securities Representative (GSR). In February
2019, he voluntarily terminated his association with Morgan Stanley and joined Raymond
James Financial Services, Inc. as a GSR. Raymond James discharged Olheiser in May
2019 for improperly sharing Morgan Stanley customer information. Since September
2019, Olheiser has been registered as a GSR through an association with another FINRA
Respondent does not have any relevant disciplinary history.
Joseph D. Olheiser Report
Regulation S-P generally prohibits financial institutions from disclosing “nonpublic
personal information” about a customer unless the customer receives proper notice and an
opportunity to opt out of disclosure. “Nonpublic personal information” includes
personally identifiable financial information (1) that a consumer provides to a brokerdealer to obtain a financial product or service; (2) about a consumer resulting from any
transaction involving a financial product or service between a broker-dealer and a
consumer; or (3) that a broker-dealer otherwise obtains about a consumer in connection
with providing a fmancial product or service to that consumer.
A registered individual who improperly discloses nonpublic personal information about a
customer, thereby causing his FINRA member firm to violate Regulation S-P, violates
FINRA Rule 2010, which requires registered persons to observe high standards of
commercial honor and just and equitable principles of trade in the conduct of their
In February 2019, in anticipation of joining Raymond James, Olheiser improperly
removed from Morgan Stanley his customers’ nonpublic personal information, which he
had received from Morgan Stanley as part of his employment as a registered
representative. Olheiser faxed to Raymond James the client profile information for
twenty Morgan Stanley customers, without their knowledge or consent, in order to open
accounts at Raymond James. The Morgan Stanley client profiles included detailed
information that is covered by Regulation S-P, such as account numbers, account
objectives, investment time horizons, risk tolerances, and account balances. Olheiser
improperly possessed this information after leaving Morgan Stanley. At all relevant
times, Morgan Stanley’s policies and procedures required representatives like Olheiser to
use customers’ nonpublic information only in their capacity as a representative and
prohibited the use or disclosure of nonpublic confidential customer information for the
representative’s own personal benefit or for the benefit of a new or prospective employer.
Therefore, Olheiser violated FINRA Rule 2010 by causing Morgan Stanley to violate
Penalties, Punishments & Sanctions
■ A suspension from association with any FINRA member firm in all capacities for
10 business days; and
■ A fine of $5,000.
Respondent agrees to pay the monetary sanction upon notice that this AWC has been
accepted and that such payment is due and payable. Respondent has submitted an
Election of Payment form showing the method by which he proposes to pay the fine
Respondent specifically and voluntarily waives any right to claim an inability to pay, now
or at any time after the execution of this AWC, the monetary sanction imposed in this
Respondent understands that if he is barred or suspended from associating with any
FINRA member, he becomes subject to a statutory disqualification as that term is defined
in Article III, Section 4 of FINRA’ s By-Laws, incorporating Section 3(a)(39) of the
Securities Exchange Act of 1934. Accordingly, he may not be associated with any
FINRA member in any capacity, including clerical or ministerial functions, during the
period of the bar or suspension. See FINRA Rules 8310 and 8311.
The sanctions imposed in this AWC shall be effective on a date set by FINRA
Joseph D. Olheiser Review
In anticipation of joining Raymond James, Olheiser improperly removed nonpublic
personal customer information from Morgan Stanley without the customers’ knowledge
or consent. As a result, Olheiser violated FINRA Rule 2010 by causing Morgan Stanley
to violate the Securities and Exchange Commission’s Regulation S-P.
How To Spot A Fraud Finance Advisor (Infographic)
Help For Victims Of Joseph D. Olheiser
If you have lost funds because of misrepresentation, unsuitable investment, or unsuitable investment strategy from Joseph D. Olheiser. Then you can take legal action and get justice. Fraud, Malpractice & dereliction of duty should not be taken lightly, especially in this industry. We highly suggest that you notify authorities or seek legal action if your financial advisor or brokerage firm fails to abide by FINRA’s rules are regulations.
Financial advisors are regulatory & legally obligated to suggest (recommend) the most suitable investments/investment strategies to their clients. Their suggestions should have their client’s best interests and should be appropriate for their client’s goals and needs. Similarly, the brokerage firm which hires financial advisors also has a regulatory & legal obligation to keep a close watch and supervise their Financial Advisors’ practices & behavior. They need to make sure that the financial advisor is not being manipulative or having an unreasonable bias towards certain investments. If the financial advisor and/or the brokerage firm breaches these duties, then the client/customer may be entitled to a full or partial recovery of their losses.
Financial advisors need to have the interest of their clients when giving suggestions related to investments and investment strategies. Reasonable basis suitability requires the advisor to do their best to analyze & identify the risks and rewards associated with their suggested investment and/or investment strategy.
NAME has been involved in fraudulent activities and is an unsafe professional entity. We strongly recommend you avoid any association with such a shady figure.
- Shady Activity
- Swindling Activity Reported By Clients
- Under Govt. Organization's Radar
- High Risk of Fraud