Published on:

Steven Olejniczak: Sanctioned For Failing to Comply With His Member Firm’s Policies


Steven OlejniczakPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on May 18, 2017 indicate that former Iowa-based Edward Jones broker/adviser Steven Olejniczak has been sanctioned by FINRA and suspended from acting as a broker. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Olejniczak (CRD# 6023114).

Steven Olejniczak has spent four years in the securities industry and was most recently registered with West Des Moines, Iowa (2012-2016). He has no previous registrations. He has passed two securities industry examinations: Series 66 (Uniform Combined State Law Examination) and Series 7 (General Securities Representative Examination). He is currently not registered with any state or firm.

According to his BrokerCheck report, he has received one FINRA sanction and one customer complaint, and was discharged from his former employer.

In May 2017 FINRA sanctioned him following allegations he “failed to comply with his member firm’s policies and procedures that required him to notify the firm of beneficiary designation in a customer’s account while continuing to service the customer’s account, that required him to notify the firm upon learning that the customer named the registered representative’s family member as a beneficiary, and that required him to obtain the firm’s approval for medical power of attorney appointment by the customer.” FINRA’s findings state further: “Olejniczak was designated as the beneficiary of 90 percent of the assets in a firm account held by his 76-year-old firm customer. Olejniczak was the firm’s registered representative assigned to service the customer’s account. Olejniczak was aware, while he was associated with the firm, that he had been named as the customer’s beneficiary. However, Olejnizcak failed to notify the firm’s compliance service department and continued to service the customer’s account. Likewise, the customer replaced Olejniczak with Olejniczak’s wife as the beneficiary of 90 percent of the assets in the customer’s firm account. Also, the customer named Olejniczak’s wife as a beneficiary of his estate in his last will and testament. Olejniczak was aware, while he was associated with the firm, that his wife had been named as a beneficiary of the customer’s firm account and the customer’s estate. Nonetheless, Olejniczak failed to notify the firm’s field supervision department.” He was issued a 5-month suspension and a fine of $10,000.

In May 2016 he was terminated from Edward Jones following allegations he “failed to report to the Firm that he was named as a beneficiary of a non-related client’s Transfer on Death account.”

In 2015 a customer alleged Steven Olejniczak, while employed at Edward Jones, provided poor advice concerning a variable annuity. The complaint settled for more than $5,000.

If you or someone you know has a complaint regarding Steven Olejniczak, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recover lost funds. Fitapelli Kurta accepts all cases on contingency: we only get paid if and when you collect money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.