Erez Law is currently investigating former Independent Financial Group, LLC broker Scott Olson (CRD# 711256). He has been registered with Innovation Partners LLC in Charlotte, North Carolina, since 2021, and IP Financial Advisory Services LLC in Melbourne, Florida, since 2021.
He was previously registered with the following brokerage firms:
- Atlantic Financial Advisors, LLC in Melbourne, Florida, from 2011 to 2023
- Independent Financial Group, LLC in Melbourne, Florida, from 2017 to 2021
- Financial West Group in Melbourne, Florida, from 2016 to 2017
In December 2008, the Florida Department of Financial Services sanctioned him to a cease and desist and a $500 civil and administrative penalty following allegations that he “ran insurance ads which used a font size smaller than statute requires, even though larger than his broker/dealer firm instructed him to use, and larger than hundreds of other ads.”
In April 2013, FINRA sanctioned him to a 20 business day suspension and a $10,000 civil and administrative penalty following allegations that he engaged in “outside business activities through which he offered estate planning, investment advice and investment products such as annuities and life insurance and in connection with these activities, olson publicly distributed advertisements on a website, at seminars and in newspapers to promote his investment strategy.” FINRA found that the website and ads failed to “identify and to explain and provide a sound basis for the products being promoted; failed to provide a balanced discussion of the risks associated with such products; made baseless claims; and failed to prominently disclose the firm’s name as required. The ads also contained numerous misleading, exaggerated or unwarranted statements.” FINRA further found that he continued to promote the outside business activities as he changed registrations to two additional firms, and he failed to notify the new firms of the previous notices. “By disregarding the notices and continuing to submit for firm approval and/or publicly distribute violative advertisements; concealing the existence or contents of the first notice from two firms; and misrepresenting to the third firm that his advertisements had been remedied, Olson failed to observe high standards of commercial honor and equitable principles of trade,” according to FINRA.
Scott Olson Customer Complaints
He has been the subject of four customer complaints between 1999 and 2024, one of which was denied, according to his CRD report. The most recent complaint was regarding:
March 2024. “Allege investments were not suitable and were not in line with his stated investment objectives and risk tolerance.” The customer is seeking $500,000 in damages, and the case is currently pending. The complaint took place while he was registered with Independent Financial Group, LLC, and it was regarding direct investments and non-traded REITs.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Independent Financial Group, LLC may be liable for investment or other losses suffered by Scott Olson’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
"*" indicates required fields
