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Michael Olinde: Baton Rouge Broker Fined Over Outside Business Activity
Louisiana broker Michael Olinde (CRD# 3063204), who was formerly registered with LPL Financial, was recently suspended by the Financial Industry Regulatory Authority in connection to allegations he participated in an undisclosed outside business activity. Currently registered with Calton & Associates in Baton Rouge, Louisiana, Olinde was issued a two-month suspension and a fine of $5,000.
According to a Letter of Acceptance, Waiver and Consent (No. 2017054549201) dated October 2019, Michael Olinde was registered with LPL Financial from September 2009 until May 2017, when he was terminated for allegedly violating firm policy concerning outside business activities. According to the AWC Letter, between September 2012 and April 2016 he participated in an outside business activity which is currently named “Avie Nutraceuticals,” which creates and sells nutritional supplement products. His alleged involvement in the activity included filing its Articles of Organization in Louisiana, obtaining its tax identification number from the Internal Revenue Service, opening its bank account, and managing its expenses. “In addition,” FINRA states, “Olinde owned a percentage interest, contributed working capital, executed its operating agreement, participated in board meetings, and made management decisions for Avie.”
At the time, according to FINRA, LPL policies and procedures stipulated that firm representatives were required to submit written requests and receive firm approval before participating in outside business activities. The AWC Letter states that Olinde “knew he was required to disclose any outside business activities,” but nonetheless did not seek firm approval for the activities in question or disclose them until May 2016. He also allegedly “made false statements” to LPL on three annual compliance questionnaires. FINRA found that these activities constituted violations of FINRA rules. As a result of the foregoing alleged conduct, Olinde was issued a two-month suspension from associating with any FINRA member firm in any capacity. He was also ordered to pay a fine of $5,000.
Michael Olinde is currently registered with as a broker with Calton & Associates in Baton Rouge, Louisiana, where he has been registered since July 2019. His previous registrations include Capital Financial Services, LPL Financial, Mutual Service Corporation, AIG Financial Advisors, American General Securities, and Franklin Financial Services Corporation. He has passed four securities industry qualifying examinations and currently holds ten state securities licenses. (Information current as of April 20, 2020.)