- February 3, 2019
- Valmark Securities
The Wolper Law Firm, P.A. is currently investigating claims against Thomas Olexa, a Financial Advisor at Valmark Securities in Shaumburg, Illinois. Thomas Olexa has been in the securities industry since 1987 and previously worked for Woodbury Financial Services.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on August 20, 2018, a customer filed a complaint against Thomas Olexa, alleging:
“Client alleges that registered representative did not specifically inform client and her husband (the insured) of a life insurance policy’s suicide exclusion when the registered representative recommended new life insurance coverage to update and consolidate existing coverage on client’s husband. Within the 2-year suicide exclusion period, it was alleged by the insurance carrier that client’s husband committed suicide and accordingly the insurance carrier refused to pay the death benefit of the policy.”
The damages alleged are $2.2 million and the matter remains pending.
In addition to the 2018 customer complaint, Thomas Olexa has had three other complaints filed against him during his career, including the following:
- September 2004—” CLIENT’S ATTORNEY CLAIMS RESPONDENTS CONCENTRATED HER INHERITANCE AND THE BULK OF HER LIFE SAVINGS INTO AGGRESSIVE, UNSUITABLE INVESTMENTS THAT WERE COMPLETELY INAPPROPRIATE GIVEN HER RISK TOLERANCE, NEEDS, AND INVESTMENT OBJECTIVES.” The matter was settled for $132,000.
- April 2004—”CLIENT ALLEGES THAT MR. OLEXA INVESTED HER MONEY IN A VARIETY OF “A” SHARES, “B” SHARES AND “C” SHARES WITHIN SEVERAL MUTUAL FUND FAMILIES AND SHE DID NOT RECEIVE THE BENEFIT OF BREAKPOINT DISCOUNTS. SHE ALSO ALLEGES THAT HER SONS’ INVESTMENTS WERE NOT LINKED WITH HER INVESTMENTS FOR ANY DISCOUNT. DAMAGES ARE NOT SPECIFIED.” The matter was settled for $93,610.
- November 2002—”AGENT OLEXA PROPOSED A NUMBER OF LIFE INSURANCE POLICIES AND INVESTMENT PRODUCTS (VARIABLE ANNUITIES & MUTUAL FUNDS) TO THE CLIENTS DURING THE PERIOD NOVEMBER 1992 TO MAY 1993 WHICH THEY PURCHASED. THE CLIENTS NOW ALLEGE THAT THE INVESTMENTS RECOMMENDED TO THEM WERE UNSUITABLE FOR THEM IN THAT THEIR INVESTMENTS WERE TRANSFERRED FROM SAFE TO RISKY INVESTMENTS AND THAT AGENT OLEXA MISREPRESENTED THE RISKS ASSOCIATED WITH THESE INVESTMENTS. CLIENTS ALSO ALLEGE BREACH OF FIDUCIARY DUTY.” The matter was settled for $600,000.
For a copy of the Thomas Olexa’s CRD, click https://brokercheck.finra.org/individual/summary/1726384#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 800.931.8452 or by email at email@example.com.