Irvine, CA – December 6, 2025 – Patil Law, P.C. provides information about Nicholas David Olivas (CRD# 6803146), a registered representative with Prospera Financial Services, Inc. According to FINRA BrokerCheck records, Mr. Olivas has two customer complaints on file alleging unauthorized trades and failure to follow client instructions, with combined alleged damages totaling $130,079. Additionally, Mr. Olivas was discharged from LPL Financial in November 2025 for using an unapproved email address to transmit business-related communications. This post presents factual information from publicly available FINRA records to help investors make informed decisions.
BrokerCheck Snapshot
Name: Nicholas David Olivas
CRD #: 6803146
Firm: Prospera Financial Services, Inc.
Location: Irvine, CA
Years in Industry: 8
Number of Disclosures: 3 (2 Customer Disputes, 1 Termination)
Customer Complaints Against Nicholas Olivas
Complaint 1: LPL Financial – Failure to Follow Instructions (2025)
On August 5, 2025, LPL Financial received a written customer complaint against Nicholas Olivas. The client alleged that Mr. Olivas did not follow all trade instructions, resulting in losses. The product involved was equity listed securities, including common and preferred stock. The client sought $12,130 in compensatory damages.
On September 5, 2025, the complaint was withdrawn. According to FINRA records, no settlement was paid, and Mr. Olivas did not personally contribute to any resolution. The complaint remains on his BrokerCheck record as a withdrawn customer dispute.
Complaint 2: Raymond James – Unauthorized Trades and Mismanagement (2023)
On January 28, 2023, Raymond James & Associates received a written customer complaint against Nicholas Olivas related to activity that allegedly occurred on November 21, 2022. The client alleged unauthorized trades and mismanagement involving options. The client sought $117,949 in compensatory damages.
On February 10, 2023, Raymond James denied the complaint. According to FINRA records, no settlement was paid, and Mr. Olivas did not personally contribute to any resolution. In his broker statement, Mr. Olivas stated: “I deny these allegations in their entirety.” The complaint remains on his BrokerCheck record as a denied customer dispute.
Employment Termination: LPL Financial (2025)
On November 3, 2025, Nicholas Olivas was discharged from LPL Financial. According to FINRA records, the termination occurred after Mr. Olivas was accused of using an unapproved email address to transmit business-related communications. This type of disclosure involves situations where a broker was discharged after being accused of violating investment-related statutes, regulations, rules, or industry standards of conduct.
Employment terminations for compliance violations raise concerns about a broker’s adherence to industry regulations designed to protect investors. FINRA requires firms to maintain comprehensive supervision and recordkeeping systems, and the use of unapproved communication channels can circumvent these protections.
Pattern of Complaints / Risk Factors
While each case is unique, complaints of this type may indicate concerns related to unauthorized trading, failure to follow client instructions, or inadequate supervision. Options trading complaints often involve allegations of excessive risk, unsuitable investment recommendations, or trades executed without proper authorization. Combined with an employment termination for compliance violations, these disclosures may suggest broader concerns about adherence to industry standards. Investors should carefully review account statements and seek legal guidance if similar issues occurred.
Can Investors Recover Losses?
Investors who experienced unauthorized trades may be entitled to recover losses through FINRA arbitration. FINRA arbitration is the industry-standard dispute resolution process for claims against registered brokers and brokerage firms. Unlike traditional litigation, arbitration proceedings are designed to be faster and less costly while still providing investors an opportunity to recover damages.
Patil Law, P.C. has over 15 years of experience representing investors in FINRA arbitration and securities litigation, with more than $25 million recovered for clients across 1,000+ cases. We provide a free, confidential consultation to review your potential claim. Our firm works on a contingency fee basis, meaning you pay no attorney fees unless we successfully recover money for you.
Contact Patil Law, P.C. today at 800-950-6553 or email info@patillaw.com for a free case evaluation.
About FINRA Arbitration
FINRA arbitration is a streamlined dispute resolution process for securities-related claims. It offers a faster, more cost-effective alternative to traditional court litigation. Most cases are resolved within 12-16 months through either settlement negotiations or a hearing before a neutral arbitration panel. Claims generally must be filed within six years of the incident or discovery of the loss.
Professional Background
Nicholas David Olivas has been registered with Prospera Financial Services since October 2025, working out of the firm’s Irvine, California office. He holds securities licenses in ten states: Arizona, California, Colorado, Connecticut, Florida, Nevada, New York, Tennessee, Texas, and Washington. Mr. Olivas passed the Series 7 (General Securities Representative) examination in August 2017, the Series 66 (Uniform Combined State Law) examination in November 2017, and the SIE (Securities Industry Essentials) examination in October 2018.
Mr. Olivas has worked for several major brokerage firms during his eight-year career in the securities industry. Prior to joining Prospera Financial, he worked at LPL Financial from November 2024 to October 2025. Before that, he was with Raymond James & Associates from March 2022 to November 2024, Oppenheimer & Co. Inc. from August 2020 to March 2022, and Merrill Lynch, Pierce, Fenner & Smith Incorporated from May 2017 to August 2020.
According to his BrokerCheck record, Mr. Olivas operates Bregma Private Wealth, a DBA offering wealth management services in Irvine, California, where he serves as owner and advisor. Prior to entering the securities industry, Mr. Olivas worked as a postdoctoral fellow at UCLA from June 2013 to May 2017.
Related Brokers and Firms
Investors researching complaints at Prospera Financial, LPL Financial, or Raymond James may find these resources helpful:
- Prospera Financial Services Advisors – Complaints & Disclosures
- LPL Financial Advisors – Complaints & Disclosures
- Raymond James Advisors – Complaints & Disclosures
- Unauthorized Trading Claims
- Unsuitable Investment Claims
- Options Trading Fraud
- FINRA Arbitration Process
Frequently Asked Questions
What are the complaints against Nicholas Olivas?
Nicholas Olivas has two customer complaints on his FINRA record. The first, filed in August 2025 at LPL Financial, alleged he failed to follow trade instructions, resulting in $12,130 in alleged damages. The complaint was later withdrawn. The second, filed in January 2023 at Raymond James, alleged unauthorized trades and mismanagement involving options, with $117,949 in alleged damages. Raymond James denied the complaint, and Mr. Olivas stated he denies the allegations in their entirety.
Can investors recover losses involving Prospera Financial Services?
Yes. Investors who have suffered losses due to broker misconduct at Prospera Financial or any other brokerage firm have legal rights under securities laws. The primary avenue for recovery is through FINRA arbitration, a dispute resolution process specifically designed for investor-broker disputes. Successful claims can result in compensatory damages, interest, and in some cases, attorney fees.
What is FINRA arbitration?
FINRA arbitration is a forum for resolving disputes between investors and registered brokers or brokerage firms. The process is administered by the Financial Industry Regulatory Authority and typically involves a panel of one to three arbitrators who review evidence and issue a binding decision. It is generally faster and less expensive than court litigation, with most cases concluding within 12-16 months.
What does “unauthorized trading” mean?
Unauthorized trading occurs when a broker executes trades in a client’s account without the client’s knowledge or permission. This is a serious violation of securities regulations and fiduciary duties. Brokers must obtain explicit authorization before executing any trades, and clients have the right to approve all investment decisions unless they have granted discretionary authority in writing.
How do I look up a broker on BrokerCheck?
Visit FINRA’s BrokerCheck website at brokercheck.finra.org and enter the broker’s name or CRD number. The system will display the broker’s employment history, licensing information, professional qualifications, and any disclosure events such as customer complaints, regulatory actions, or criminal matters. BrokerCheck is a free public resource updated regularly.
What should I do if I suspect broker misconduct?
First, gather all documentation related to your account, including statements, trade confirmations, and communications with your broker. Review these materials for unauthorized trades, excessive fees, or investments that don’t match your stated objectives. Next, consider filing a complaint with FINRA or your state securities regulator. Finally, consult with a securities attorney experienced in FINRA arbitration to evaluate whether you have a viable claim for recovery.
About Patil Law, P.C.
Patil Law, P.C. is a securities litigation firm dedicated to representing investors who have suffered losses due to broker misconduct, unsuitable recommendations, and securities fraud. Founded in 2018 by attorney Chetan Patil, the firm focuses exclusively on FINRA arbitration and investment loss recovery.
With over 15 years of combined experience in securities law, Patil Law has successfully recovered more than $25 million for clients across 1,000+ cases. Attorney Chetan Patil earned his law degree from Case Western Reserve University School of Law. Attorneys Gabriela Dubrocq and Patricia Herrera earned their law degrees from University of Miami. The firm handles cases nationwide involving unauthorized trading, churning, unsuitable investments, breach of fiduciary duty, and failure to supervise.
Patil Law works on a contingency fee basis, meaning clients pay no attorney fees unless the firm successfully recovers money on their behalf. All consultations are free and confidential.
Contact Patil Law, P.C.
If you have questions about a potential securities claim or have experienced losses similar to those described in this post, contact Patil Law, P.C. for a free, no-obligation consultation.
Phone: 800-950-6553
Email: info@patillaw.com
Address: 300 South Doheny Drive, Suite 200, Los Angeles, CA 90048
Website: investmentlosslawyer.com
Our experienced securities attorneys can review your situation, explain your legal rights, and help you understand your options for recovering investment losses through FINRA arbitration.
Disclaimer
The information in this post is based on FINRA BrokerCheck records and public filings. Allegations described are pending or unproven and may be contested. All investors are entitled to fair treatment under securities laws. This is attorney advertising. Prior results do not guarantee a similar outcome. This communication is for informational purposes only and does not create an attorney-client relationship.
