Our firm is investigating Prospera Financial Services, Inc. broker and investment adviser Nicholas David Olivas (CRD# 6803146) of Irvine, California for potential investment-related misconduct.
Financial Advisor’s Career History
According to FINRA BrokerCheck, Nicholas David Olivas (CRD# 6803146) has been licensed in the securities industry since 2017 and has worked as both a broker and investment adviser in California and Texas. His registration and employment history includes:
- 10/2025 – Present: Prospera Financial Services, Inc. – Registered Representative / Investment Adviser Representative, Dallas, TX (branch office Irvine, CA)
- 11/2024 – 11/2025: LPL Financial LLC – Registered Representative / Investment Adviser Representative, Irvine / Newport Beach, CA
- 03/2022 – 11/2024: Raymond James & Associates, Inc. – Registered Representative / Financial Advisor, Newport Beach, CA
- 08/2020 – 03/2022: Oppenheimer & Co. Inc. – Financial Advisor, Newport Beach, CA
- 05/2017 – 08/2020: Merrill Lynch, Pierce, Fenner & Smith Incorporated – Financial Advisor, Brea, CA
- 01/2018 – 02/2020: Bank of America, N.A. – Financial Advisor, Brea, CA (bank affiliate role)
In addition to his brokerage and advisory roles, Mr. Olivas has disclosed an outside business activity doing business as Bregma Private Wealth, an Irvine, California–based wealth management practice where he serves as owner and advisor.
Nicholas David Olivas Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck for Nicholas David Olivas reports two customer disputes and one employment separation after allegations. While these matters were ultimately either withdrawn or denied and there has been no regulatory finding of fraud, they provide important context for investors evaluating how their accounts may have been handled.
2025 LPL Financial Customer Complaint – Alleged Failure to Follow Trade Instructions
In August 2025, a customer submitted a written complaint related to Mr. Olivas’s conduct while he was registered with LPL Financial LLC:
- Firm at issue: LPL Financial LLC
- Date complaint received: August 5, 2025
- Allegations: Customer alleges that the advisor did not follow all trade instructions, resulting in a loss in the account.
- Product involved: Listed equity securities (common and preferred stock)
- Alleged damages: $12,130.00
- Case status: Complaint withdrawn
- Status date: September 5, 2025
- Resolution: Closed with no action; no settlement is reported and no individual contribution is listed.
This complaint, if proven, would be consistent with allegations that a broker failed to execute a customer’s orders as directed, which can raise concerns regarding adherence to customer instructions and standards of fair dealing, even when the matter is later withdrawn.
2023 Raymond James Customer Complaint – Alleged Unauthorized Options Trading and Mismanagement
FINRA BrokerCheck also discloses a 2023 written customer complaint involving options trading while Mr. Olivas was registered with Raymond James & Associates, Inc.:
- Firm at issue: Raymond James & Associates, Inc.
- Allegation activity date: November 21, 2022
- Date complaint received: January 28, 2023
- Products involved: Options
- Allegations: The client alleged unauthorized trades and mismanagement in the account. Many investors facing similar claims seek help from firms experienced with unauthorized trading and broker misconduct.
- Alleged damages: $117,949.30
- Case status: Complaint denied
- Status date: February 10, 2023
- Broker’s statement: Mr. Olivas denies the allegations in their entirety.
Although this complaint was denied by the firm and closed with no payment, the allegations of unauthorized options trading and account mismanagement are serious, particularly given the complexity and risk of options strategies.
2025 Termination from LPL Financial – Use of Unapproved Email
BrokerCheck further reports that LPL Financial LLC discharged Mr. Olivas in November 2025 following internal allegations related to firm policy violations:
- Firm: LPL Financial LLC
- Termination type: Discharged
- Termination date: November 3, 2025
- Allegations by firm: Use of an unapproved email address to transmit business-related communications.
- Product type: No specific product involved (classified as “No Product”).
While this termination disclosure does not itself allege customer harm or trading losses, it indicates that the firm believed Mr. Olivas was conducting business communications outside of its approved systems—conduct that can raise concerns about supervision, recordkeeping, and transparency.
Summary of Disclosed Events
Taken together, the BrokerCheck report for Nicholas David Olivas lists:
- Two customer disputes, both closed with no payment to the customer
- 2025 complaint at LPL Financial alleging failure to follow trade instructions (withdrawn)
- 2023 complaint at Raymond James alleging unauthorized options trades and mismanagement (denied)
- One employment separation after allegations, involving discharge from LPL Financial for using an unapproved email address for business communications
Investors should understand that these are allegations, not findings of liability; however, multiple disclosures of unauthorized trading, mismanagement, and failure to follow customer instructions may indicate patterns that merit further investigation on behalf of investors who experienced similar losses.
To obtain a copy of Nicholas David Olivas’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
In cases where customers allege that a broker ignored explicit trading instructions or executed unauthorized options trades, FINRA Rule 2010—Standards of Commercial Honor and Principles of Trade—is often central. This rule requires brokers to observe “high standards of commercial honor and just and equitable principles of trade” in all their business conduct. When a customer claims that an advisor failed to follow their trade instructions or entered transactions without authorization, regulators and arbitrators frequently evaluate whether that conduct falls below the professional standards embodied in FINRA Rule 2010, even if a firm has not admitted wrongdoing or the complaint was withdrawn or denied.
In addition, allegations of unauthorized options trades and mismanagement often implicate FINRA Rule 3260, which governs discretionary accounts and the authorization of transactions by customers. Rule 3260, together with related supervisory rules, requires that brokers obtain proper written authority and, where appropriate, firm approval for discretionary trading. Even in non-discretionary accounts, a broker must have the customer’s prior consent for each transaction. When a customer asserts that options trades were made without authorization—as in the complaint reported against Mr. Olivas—counsel will typically investigate whether there was any true discretionary authority, whether the trades matched the customer’s instructions, and whether the firm adequately supervised the account to prevent unauthorized activity.
Finally, customer allegations of “mismanagement” and substantial losses in an options strategy can raise issues under FINRA Rule 2111, the Suitability rule. Rule 2111 requires that brokers have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer based on that customer’s investment profile—including factors such as age, financial situation, risk tolerance, and investment objectives. Concentrated options positions, frequent trading, or complex strategies can be unsuitable for many conservative or income-oriented investors. Even where a complaint is ultimately denied or withdrawn, attorneys evaluating potential claims will consider whether the options trading at issue was appropriate for the client’s profile and whether it may have violated suitability obligations under FINRA Rule 2111.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.
