HD Vest Investment Services - Law Offices of Robert Wayne Pearce

Jul 5, 2017

HD Vest Broker Suspended by FINRA for Altering Customer Documents

John Olinghouse, a formerly registered broker with the Sparks, Nevada branch of HD Vest Investment Services, Inc. (HD Vest), submitted a Letter of Acceptance, Waiver, and Consent in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he falsified customer documents and failed to notify his member firm of a customer complaint alleging improper financial advice. FINRA’s findings state that John Edward Olinghouse, of Sparks, Nevada, falsified numerous customer documents. According to FINRA, Mr. Olinghouse cut and pasted or taped customers’ signatures in some instances and, in other instances, used white-out to alter information on forms previously signed by customers. Further, FINRA found that Mr. Olinghouse privately settled a customer complaint which alleged improper financial advice without notifying his member firm of the complaint, which is required under FINRA Rule 2010.

Sep 19, 2016

H.D. Vest Investment Services Fined for Failing to Report Customer Complaints

H.D. Vest Investment Securities, Inc. dba H.D. Vest Investment Services (H.D. Vest) of Irving, Texas submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly failing to timely and/or accurately report customer complaints, and failing to adequately supervise variable annuity transactions to be sure the products were suitable for customers. FINRA alleges that during the period September 2012 through July 2015, H.D. Vest failed to accurately and/or timely report seven customer complaints in FINRA’s 4530 Complaint Reporting System. According to FINRA, H.D. Vest failed to accurately report three customer complaints by failing to select the most egregious problem code; identifying the wrong registered representative in its reporting of another customer complaint; and failing to timely report an initial customer complaint.