Nick Olivas: Why Did LPL Fire Prospera, Bregma Advisor?

Irvine, California financial advisor Nick Olivas (CRD# 6803146) was recently terminated from his former member firm in connection with alleged rule violations. Financial Industry Regulatory Authority records show that the former LPL Financial representative is registered as a broker and an investment advisor with Prospera Financial Services, doing business as Bregma Private Wealth.

Mr. Olivas’ brokerCheck report discloses his termination from LPL Financial Services. Filed in November 2025, it states that the firm fired him in connection with allegations that he “unapproved e-mail address to transmit business-related communications.”

A second disclosure on his BrokerCheck report concerns an investor complaint regarding his conduct. Filed in August 2025, it alleged that as a representative of LPL Financial, he did not follow all trade instructions, resulting in a loss. The complaint alleged damages of $12,130 and was withdrawn.

An earlier investor complaint, filed in 2023, alleged that as a representative of Raymond James & Associates, he mismanaged the account and made unauthorized trades. The complaint alleged damages of $117,949.20 and was denied by the firm.

FINRA Rule 2010 requires FINRA-associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” Many types of unethical conduct, including unauthorized trading or the failure to follow a customer’s instructions, may be found to constitute violations of FINRA Rule 2010, provided the alleged activities occur “in the conduct of [the member’s] business.” Brokers who fail to uphold FINRA Rule 2010 may be held liable in the event of losses.

According to the Financial Industry Regulatory Authority, Nick Olivas holds eight years of securities industry experience. Based in Irvine, California, he has been registered as a broker and an investment advisor with Prospera Financial Services since 2025, doing business as Bregma Private Wealth. His past registrations include LPL Financial, Raymond James & Associates, Oppenheimer & Company, and Merrill Lynch. His credentials include the passage of three securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Combined State Law Examination, or Series 66; and the General Securities Representative Examination, or Series 7. He is licensed in Arizona, California, Colorado, Connecticut, Florida, Nevada, New York, Tennessee, Texas, and Washington. (Information current as of November 30, 2025.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.