According to FINRA, Blair Edwards Olsen was barred from association with any FINRA member in all capacities for willfully failing to make timely disclosures of criminal charges on his Form U4 and for refusing to provide information, documents, and testimony requested by FINRA.
Olsen was indicted on seven felony counts of aggravated assault but failed to amend his Form U4 to disclose the charges as required. When his firm learned of the arrest, it filed an amended Form U4 on his behalf. However, Olsen represented falsely on the form that the indictment consisted of only a single count when it actually contained seven counts. The firm later filed another amendment to accurately reflect all seven counts.
While the first indictment was pending, Olsen was indicted a second time on a single count of felony aggravated harassment. He appeared in court multiple times in connection with this indictment but never amended his Form U4 to disclose it, despite having a continuing obligation to keep his registration information current.
Form U4 is the uniform registration application used by individuals seeking to register with FINRA. Registered persons must promptly amend their Form U4 to disclose criminal charges, regulatory actions, customer complaints, and other material information. These disclosures allow firms to supervise registered persons appropriately and enable investors to make informed decisions about whom to trust with their money. Willfully failing to disclose criminal charges is a serious violation because it conceals information that is material to an individual's fitness to work in the securities industry.
When FINRA investigated these disclosure failures, Olsen initially provided a late and partial response but then failed to fully respond or provide requested testimony. Refusing to cooperate with FINRA's investigation is treated as an independent violation warranting a bar from the industry.
The combination of multiple felony charges, false disclosures minimizing the charges, complete failure to disclose the second indictment, and refusal to cooperate with FINRA's investigation demonstrates a pattern of dishonesty and disregard for regulatory requirements. Seven counts of aggravated assault and one count of aggravated harassment raise serious questions about an individual's character and fitness to handle customer funds and provide financial advice.
Investors can and should check their representative's background through FINRA's BrokerCheck system, which includes disclosures of criminal charges, convictions, regulatory actions, and customer complaints. When representatives fail to disclose criminal charges or are barred for disclosure failures, this raises serious red flags about their honesty and trustworthiness.
