According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA), in November 2016, Thomas Oliphint (Oliphint) was discharged and terminated by LPL Financial LLC (LPL) over allegations that Oliphint violated firm policy regarding outside business activities. Oliphint has two other customer complaints on his record. In the industry all such activities must be disclosed and approved by the firm before the broker can engage in them.
According to Oliphint’s disclosures his outside business activities include Oliphint Associates, LLC d/b/a One Advocate Group and Grand Purpose Advocate. At this time it is unclear what outside business activity Oliphint was engaged in that led to his termination. However, the risk to investors is that the broker will use such businesses to engage in unauthorized securities activities. The providing of loans or selling of notes and other investments outside of a brokerage firm constitutes impermissible private securities transactions – a practice known in the industry as “selling away”. Brokerage firms are responsible for supervising and preventing such activities.