O
saic has paid $17.2 million to settle claims from former clients of Jim Walesa, a broker who worked at Triad Advisors before it was acquired by Osaic in 2020. The settlements stem from lawsuits filed by clients over illiquid investments that failed to perform and were allegedly unsuitable.

    Walesa, a longtime broker with 39 years of experience, is now facing regulatory action after being sued by FINRA last month. He had previously worked at Triad Advisors from 2000 to 2019 and then Arkadios Capital for two years before leaving the industry in 2021.

    The latest settlement was $9.75 million, nearly twice the original amount investors sought ($5 million). According to Walesa's BrokerCheck profile, clients alleged that he made problematic decisions while at Triad, including selling them illiquid alternative investments, such as real estate deals, where he also had a personal stake.

    "We are pleased to reach a resolution in this case," said Adam Gana, the attorney who represented investors. "Mr. Walesa made some very, very problematic decisions while employed at Triad." Gana noted that there may be more cases involving Walesa, and Osaic could face additional settlement costs.

    Osaic's ownership of Triad Advisors has resulted in $17.2 million in settlements so far, with potentially millions more to come. One investor lawsuit seeking $34 million in damages is still pending against Walesa.