FINRA Suspends Multiple Advisors for Taking Client Information

Posted on November 30th, 2020 at 3:07 PM
FINRA Suspends Multiple Advisors for Taking Client Information

From the Desk of Jim Eccleston at Eccleston Law LLC:

Daniel Hee, a former advisor at UBS Wealth Management USA, and Joseph D. Olheiser, a former Morgan Stanley advisor, have each been ordered by FINRA to pay a $5,000 fine and serve a ten-day suspension from association with any FINRA member firm in any capacity. According to FINRA Enforcement, both Hee and Olheiser took client information with them when they left one firm to join another firm.

According to a Letter of Acceptance, Waiver and Consent (“AWC”), Hee brought documents for 100 customers with him when he left UBS and joined Wells Fargo in January 2016.  Hee was later terminated from Wells Fargo for providing misinformation to the firm during the firm’s investigation of the source of Hee’s customer documents.

Similarly, according to an AWC signed by Olheiser, he faxed client information for 20 Morgan Stanley clients to Raymond James prior to his move from Morgan Stanley to Raymond James in February 2019. Olheiser was terminated from Raymond James three months later for “improperly sharing customer information from prior employer.”

FINRA found that Hee and Olheiser both violated FINRA Rule 2010 and also caused their firms to violate the SEC’s Regulation S-P. Both Hee and Olheiser consented to the entry of FINRA’s findings without admitting or denying those findings.

Tags: eccelston, eccleston law, finra, suspensions, client data breach

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