Securities Arbitration Lawyers BlogMichael Inderlied Refuses to Testify for FINRA, is Barred Permanently
The broker had been accused of making unsuitable recommendations
Michael Inderlied is no longer allowed to work in any capacity as a broker that sells securities to the public. This order came down from the Financial Industry Regulatory Authority (FINRA) in September of 2016 after Inderlied failed to appear for an on-the-record testimony regarding allegations of unsuitable recommendations.
Inderlied began his career in 1991 and worked for 10 firms over a 24-year span, including and most recently:
- Adirondack Trading Group LLC – New Woodstock, NY
- Investors Capital Corp. – Frisco, TX
- SagePoint Financial, Inc. – Oklahoma City, OK
- Wilbanks Securities, Inc. – Oklahoma City, OK
- Mimlic Sales Corporation – St. Paul, MN
At two firms, Inderlied was permitted to resign. While with Wilbanks, he was accused of making improper recommendations to his clients about variable annuities. The firm conducted an investigation that revealed Inderlied “encouraged clients to prematurely surrender variable annuities early in the surrender period for a-shares in various mutual fund shares to significant client harm.”
Inderlied also conducted business as IP Financial Advisors in Frisco, TX and Your Family Business, LLC in Oklahoma City, TX.
A broker is obligated to know their clients and only recommend suitable investments. If they make improper or unsuitable recommendations, they are in violation of FINRA Rule 2090 and 2111.
Inderlied’s time at Adirondack was also short lived. Again, he was permitted to resign after being censured by the State of Missouri. According to the consent order, Inderlied and a broker named Timothy Payne “engaged in dishonest and unethical practices in violation of Section 409.4-412 by making unsuitable investment recommendations, making misleading representations, and engaging in unfair sales practices.”
In addition to a $20,000 fine, Inderlied was prohibited from acting as trustee, estate administrator, or anything similar for anyone except an immediate family member.
More information about Michael Inderlied and the regulatory actions against him can be found on FINRA’s BrokerCheck report.
If you lost money due to possible mismanagement by Michael Inderlied, contact the Silver Law Group. Scott Silver is the current chair of the American Trial Lawyers Association Securities and Financial Fraud Group, and our attorneys specialize in fighting for clients who have lost money at the hands of brokers and financial advisors who have taken advantage of their positions.
Our securities arbitration attorneys will determine if there was any fraud or mismanagement involved and if so, attempt to get you the compensation you deserve. And we only work on contingency, which means we don’t get paid unless you reclaim money. Get in touch for a free consultation.