FINRA sanctions former bank rep in fraudulent credit card case
A former JPMorgan rep who claimed that certain charges on his personal Chase credit card were fraudulent was suspended last week for six months and fined $10,000, according to a settlement with FINRA.
William Olsen at first asserted that the charges were fraudulent because he lost his wallet when the charges were incurred, FINRA claimed. However, after being informed the signatures on the credit card receipts matched his bank signature card, Olsen surmised his signature had been forged, according to FINRA.
Olsen, who worked for both JPMorgan Securities and JPMorgan Chase Bank in Westlake Village, California, later abandoned his stolen-wallet and forgery claims when JPMorgan launched an internal investigation. He stated someone must have drugged him because "he had no memory of the 15-hour period during which the charges were incurred," FINRA said.
The regulator was not persuaded, saying "Olsen had no plausible basis for claiming that someone had drugged him."
Olsen could not be reached for comment. His attorney, Scott Rahn of Los Angeles law firm Rahn Muntz O'Grady, did not respond to email and voice messages. In his settlement with FINRA, Olsen neither admitted nor denied the charges but consented to an entry of FINRA's findings.
The broker allegedly sold $285,250 worth of shares to four investors.March 14
The firm was also ordered to pay $62,807 in restitution to affected customers, plus interest.March 14
Olsen worked for JPMorgan Securities from October 2012 to December 2015, when he was discharged for filing false claims on his personal Chase credit cards, according to BrokerCheck records. He simultaneously worked for JPMorgan Chase Bank, which he joined in January 2010. Chase Wealth Management spokesman Michael Fusco declined to comment on the case.
Olsen is the second bank rep to be suspended and fined in the past week for violating FINRA rules. Mark Schklar, a former broker with BB&T Securities, was suspended for eight months and fined $10,000 for allegedly selling shares in a marijuana-growing equipment manufacturer without BB&T's knowledge and consent.