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Russell Paul Olsen

Russell Paul Olsen is currently employed as a Broker and/or Investment Adviser at EDWARD JONES located at 1114 NORTH SEMINARY AVENUE, WOODSTOCK, IL, 60098.

Russell Paul Olsen has worked at EDWARD JONES since April 20, 1999

Disclosure History

Russell Paul Olsen has 2 Disclosure Event(s).

Date: March 20, 2012
Category: Customer Dispute
Allegations: THE TRUSTEE CLAIMS HE INSTRUCTED THE FINANCIAL ADVISOR NOT TO SELL ANYTHING ON MORE THAN ONE OCCASION; THAT THEY WOULD TRANSFER ASSETS AND THEN EACH BENEFICIARY OF THE TRUST COULD ELECT WHAT TO DO AT THAT TIME . THE TRUSTEE CLAIMS THE FINANCIAL ADVISOR LIQUIDATED $250,000 OF ASSETS WITHOUT HIS AUTHORIZATION IN THE TRUST ACCOUNT.
Damage Amount Requested: $5,000.00
Broker Comment: WHILE TRUSTEE HAS MADE NO SPECIFIC CLAIM, EDWARD JONES WOULD RESPECTFULLY DENY A REQUEST FOR THE CANCELLATION AND/OR ADJUSTMENTS ASSOCIATED WITH LIQUIDATIONS AFFECTED IN THE TRUST ACCOUNT (S) IN NOVEMBER 2011. IT IS OUR UNDERSTANDING THERE WERE MULTIPLE CONVERSATIONS WITH FINANCIAL ADVISOR IN WHICH THE DISTRIBUTION OF ASSETS, BOTH IN-KIND AND IN CASH WOULD BE HANDLED. TRUSTEE WAS INFORMED DURING THESE CONVERSATIONS THAT ANY ASSETS WHICH COULD BE TRANSFERRED IN -KIND WOULD BE; HOWEVER, ASSETSHELD IN THE ADVISORY SOLUTIONS ACCOUNT(S) WOULD HAVE TO BE LIQUIDATED AS THESE ARE STRUCTURED PORTFOLIOS AND TRUSTEE DOES NOT HAVE THE OPTION TO PICK AND CHOOSE ASSETS TO RETAIN. AS A RESULT, THE LIQUIDATIONS WERE PROCESSED WITH TRUSTEE'S KNOWLEDGE AND AUTHORIZATION. TRUSTEE WOULD HAVE BEEN PROVIDED WITH TRADE CONFIRMATIONS AND ALL ACTIVITY WOULD HAVE BEEN REFLECTED ON THE ACCOUNT STATEMENTS. FINANCIAL ADVISOR INDICATED HE DID MEET WITH TRUSTEE AFTER RECEIPT OF THE MARCH 2012 E-MAIL TO ADDRESS THE CONCERNSTRUSTEE SET OUT. IT IS UNDERSTOOD THE NOVEMBER 2011 CONVERSATIONS AND ACCOUNT ACTIVITY WERE REVIEWED AND TRUSTEE DID INDICATE RECALLING SOME OF THESE MEETINGS AND DISCUSSIONS.

Date: March 23, 2001
Category: Customer Dispute
Allegations: CLIENTS PURCHASED MUTUAL FUNDS IN THEIR IRA ACCOUNTS IN MARCH 2000. THE CLIENTSSTATE THEY ARE UNHAPPY WITH THE PERFORMANCE OF THE FUNDS. THE CLIENTS HAVEAN UNREALIZED LOSS IN EXCESS OF $5,000.
Damage Amount Requested: $5,000.00
Broker Comment: IR STATED HE DISCUSSED THE RISKS ASSOCIATED WITH THE MUTUAL FUND INVESTMENTS.THE IR STATED THE CLIENTS WISHED TO BE MORE AGGRESSIVE, HOWEVER, HE STRESSED THEIMPORTANCE OF DIVERSIFICATION. TRADE CONFIRMATIONS AND PROSPECTUSES WEREPROVIDED TO THE CLIENTS AND THE INVESTMENTS WERE IN LINE WITH THE STATEDINVESTMENT OBJECTIVES OF THE ACCOUNTS; THE UNREALIZED LOSSES APPEAR TO BEATTRIBUTED TO MARKET FLUCUATION.

More Information

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BrokerCheck is the source of the data included in this Report. The data was compiled on June 29, 2018.

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