According to FINRA, Michael Louis Miro has been fined $5,000 and suspended for three months for engaging in an outside business activity (OBA) without providing prior written notice to his member firm.

Before registering with his firm in April 2022, Miro began consulting full-time for a financial technology provider. Under his consulting contract, he agreed to provide approximately 40 hours of operational support each week to assist with a trading data migration project.

After registering with his firm, Miro continued to provide full-time operational support to the financial technology provider until at least May 2023. During this period, he received at least $160,000 in compensation for his consulting services.

Miro did not notify or seek approval from his firm before engaging in these activities. In his onboarding questionnaire, he falsely stated that he was not currently engaged in any other business. In an annual compliance certification, he falsely attested that he was not engaged in any undisclosed outside business activities.

FINRA rules require registered representatives to disclose outside business activities so firms can evaluate potential conflicts of interest and ensure proper supervision. A 40-hour per week outside commitment is particularly significant as it could affect the representative's ability to serve customers.

The suspension runs from March 17, 2025, through June 16, 2025.

What Investors Can Learn: When selecting a financial professional, consider how much of their time and attention is dedicated to serving clients. Outside business activities, while not prohibited, should be disclosed so investors can make informed decisions.