Joseph D. Olheiser’s History
Joseph D. Olheiser started working in the securities business in May 2002. He first signed up with FINRA through another member firm in December 2010. Olheiser became a General Securities Representative (GSR) at Morgan Stanley Smith Barney LLC in April 2016. In February 2019, he left Morgan Stanley on his own and went to work as a GSR for Raymond James Financial Services, Inc.
Joseph D. Olheiser was fired by Raymond James in May 2019 because he shared Morgan Stanley customer information without permission. Joseph D. Olheiser has been registered as a GSR since September 2019 through an affiliation with another FINRA member company.
respondent has never been in trouble with the law before.
Joseph D. Olheiser Report
Regulation S-P usually says that financial institutions can’t share a customer’s “nonpublic personal information” unless the customer is given proper notice and the chance to choose not to share. “Nonpublic personal information” includes personally identifiable financial information:
(1) that a consumer gives to a broker-dealer in order to get a financial product or service; (2) about a consumer that comes from any transaction between a broker-dealer and a consumer that involves a financial product or service; or (3) that a broker-dealer gets about a consumer in another way in order to give that consumer a financial product or service.
A registered person who gives out nonpublic personal information about a customer in a way that breaks Regulation S-P and causes his FINRA member firm to do so also breaks FINRA Rule 2010. This rule says that registered people must follow high standards of commercial honor and fair and equitable trade principles when doing business.
In February 2019, when Joseph D. Olheiser was getting ready to join Raymond James, he took nonpublic personal information about his customers from Morgan Stanley that he had gotten as part of his job as a registered agent. Olheiser sent Raymond James the client profiles of twenty Morgan Stanley clients without their knowledge or permission so that they could open accounts with Raymond James.
The Morgan Stanley client profiles had detailed information that is covered by Regulation S-P, such as account numbers, account goals, investing time horizons, risk tolerances, and account balances. Olheiser had this information in the wrong way after he left Morgan Stanley. At all times that mattered, Morgan Stanley’s policies and procedures said that representatives like Olheiser could only use non-public information about customers in their role as representatives.
They also said that representatives couldn’t use or share non-public information about customers for their own benefit or for the benefit of a new or potential employer.
Since Morgan Stanley broke Regulation S-P because of Olheiser, Olheiser broke FINRA Rule 2010.
Penalties, Punishments & Sanctions
Respondent promises to pay the monetary sanction once they are told that this AWC has been accepted and that the payment is due. The respondent has turned in a form called an “Election of Payment” that shows how he plans to pay the fine.
Respondent specifically and freely gives up any right to say that he or she can’t pay the monetary sanction in this case, either now or at any time after this AWC is signed.
Respondent knows that he will be subject to a statutory disqualification if he is barred or suspended from working with any FINRA member. This term is described in Article III, Section 4 of FINRA’s By-Laws, which uses Section 3(a)(39) of the Securities Exchange Act of 1934.
During the time he is barred or suspended, he can’t work for or with any FINRA member in any way, even in a clerical or religious position. See Rules 8310 and 8311 of the FINRA.
FINRA will set a date when the penalties in this AWC will go into action.
Joseph D. Olheiser Review
In order to join Raymond James, Olheiser took private, non-public information about users from Morgan Stanley without their knowledge or permission. So, Olheiser broke FINRA Rule 2010 when he caused Morgan Stanley to break Regulation S-P of the Securities and Exchange Commission.
Help For Victims Of Joseph D. Olheiser
If you lost money because Joseph D. Olheiser lied to you, sold you bad investments, or gave you bad advice about how to spend, you can sue him. Then you can go to court and get what’s right. Fraud, bad behavior, and not doing what you’re supposed to do should not be taken easily, especially in this business. If your financial advisor or brokerage company doesn’t follow FINRA’s rules and regulations, you should tell the authorities or go to court.
Financial advisors are required by law and regulation to suggest to their clients the best investments and investment plans. Their suggestions should be in the best interest of their clients and fit with their goals and wants. In the same way, the brokerage company that hires financial advisors has a legal and regulatory duty to keep a close eye on and oversee their practices and behavior. They need to make sure that the financial expert isn’t trying to trick them or isn’t favoring certain investments for no good reason. If the financial advisor or brokerage company doesn’t do these things, the client or customer may be able to get all or some of their money back.
When they give advice about investments and investment plans, financial advisors need to think about what is best for their clients. Reasonable basis suitability means that the advisor should do their best to analyze and point out the risks and benefits of the investment or investment plan they recommend.
