Michael Olinde is facing allegations that he sold nutritional supplements without providing prior written notice to his member firm, LPL Financial.
The Sonn Law Group is investigating allegations that Michael Olinde committed misconduct. Under FINRA Rules, brokerage firms are liable for their brokers’ misconduct or negligence and investors may be able to their investment through FINRA arbitration. Contact Sonn Law Group today or call us at 866–827–3202 for a free consultation.
Michael Olinde (CRD#:3063204), was fined and suspended by FINRA for failing to disclose his involvement in a nutritional supplements business. According to the letter of settlement, Olinde agreed to the two-month suspension and $5,000 fine for allegedly failing to seek approval — between September 2012 and April 2016 — for his involvement in Avie Nutraceuticals (Avie) in violation of LPL Financial’s policies and FINRA Rules governing outside business activities.
Additionally, FINRA alleged that Olinde falsely attested on three annual firm compliance questionnaires that he was not involved in any outside business activities, even though he had filed the articles of incorporation for Avie, opened its bank account, managed its expenses, and owned a stake in the company.
Olinde’s lawyer and brother, Henry Olinde Jr., who is also a partner in Avie, said that Michael failed to report the business activity initially because it was a small venture between close frineds and family. Michael allegedly self-reported his interest in Avie to LPL Financial in May 2016 after it “coalesced into a real business,” Henry stated.
LPL Financial terminated Olinde in May 2017 for violating firm policies on outside business activities.
Olinde is currently an independent broker registered with Calton & Associates, Inc.
Jeffrey R. Sonn is an experienced investor losses attorney. If you suffered losses because a financial professional committed acts in violation of FINRA Rules, Mr. Sonn will protect your rights and interests. Please do not hesitate to contact the Sonn Law Group today for a free review of your claim.