Former Edward Jones Broker Steven Olejniczak Discharged, Suspended, and Fined
The West Des Moines broker is under suspicion of elder financial fraud surrounding agreement with 76-year old customer.
According to the Financial Industry Regulatory Authority (FINRA), Steven Anthony Olejniczak was discharged from his employment with Edward Jones in West Des Moines, IA in May 2016 for failing to report to the firm that he was named as a beneficiary of a non-related client’s Transfer on Death account.
More recently, in May 2017, Olejniczak’s BrokerCheck report shows that the broker not only allegedly failed to comply with his member firm’s policies and procedures requiring him to notify the firm of his designation as beneficiary (while he continued to service the account), but that he also failed to notify the firm that the customer had also named Olejniczak’s wife as the beneficiary of 90 percent of the assets in another firm account.
In addition, Olejniczak’s wife was named as a beneficiary of the elderly customer’s estate in his last will and testament. Failure to notify his member firm’s field supervision department of these actions directly violated firm policy. That said, firms have a responsibility to supervise their brokers to make sure they do not violate securities industry rules. Furthermore, the elderly customer also executed a document that gave Olejniczak medical power of attorney over the elderly customer should the customer become unable to make medical decisions for himself.
As a result of its investigation, FINRA suspended Olejniczak from participating in the securities industry for a period of six months (ending in November 2017) and fined him $10,000 in Civil and Administrative Penalties/Fines.
Olejniczak’s securities industry career is only four years old and he has only been employed by Edward Jones in West Des Moines, IA thus far.
If you enlisted the services of Steven Olejniczak or a broker like him, and have suffered financial losses as a result of this relationship, you may be able to recover some or all of your losses through securities arbitration.
The attorneys at the Silver Law Group are leaders in the field of securities arbitration and elder financial fraud. We represent individual and institutional investors across the United States who have lost money at the hands of a trusted financial advisor. Scott Silver is currently the chairman of the American Trial Lawyers Association, Securities, and Financial Fraud Group and routinely represents investors in securities arbitration claims.
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