Released: April 12, 2010

A West Monroe agent was served by Department of Insurance Fraud Section Investigators today with a cease and desist order and fine notice for alleged misappropriation, misrepresentation and forgery.

Michael Chad Olinde, 37, was served by the Department of Insurance Fraud Section Investigators today with a cease and desist order and $5,000 fine notice.

Olinde allegedly forged signatures on applications for insurance while working as a commissioned agent between January 2006 and April 2008. Through these fraudulent practices, Olinde is also alleged to have submitted applications with invalid bank accounts wherein he secured approximately $4,428 in advance commission payments.
Department records show that Olinde held a Life, Health and Accident license from March 2000 through April 2008.

Olinde has 30 days from the time of notice to file a written demand for an administrative hearing to contest the regulatory action taken against him by the Department of Insurance.

Commissioner Donelon urges consumers who feel uneasy about any insurance related transaction to call the Department of Insurance Fraud Section at 225-342-4956 or 1-800-259-5300. If callers do not want their names used, they can request that their involvement be kept confidential.