Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Michael Lickiss (Lickiss), previously associated with Purshe Kaplan Sterling Investments, has at least 5 disclosable events. These events include 5 customer complaints, alleging that Lickiss recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $561,257.00 on March 04, 2025.
Breach of Fiduciary Duty From 2006 to 2023
FINRA BrokerCheck shows a pending customer complaint with a damage request of $567,000.00 on January 06, 2025.
Alleges fictious bonds from May 1999 to January of 2021 by father of the registered representative. The registered representative was not in the industry until 2016.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $567,014.00 on December 30, 2024.
From May 15, 1999-January 1, 2021, Mr. [REDACTED] engaged Edwin Emmett Lickiss as their advisor, investing several thousands with Michael Lickiss’s father. The client executed a promissory note with Lickiss Sr. They allege breach of contract, violation of securities laws, breach of fiduciary duty, conversion and unjust enrichment.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $2,300,000.00 on October 24, 2024.
Alleges fictious bonds during 2013 by father of the registered representative. The registered representative was not in the industry until 2016.
FINRA BrokerCheck shows a settled customer complaint on February 05, 2024.
I was one of a number of named parties in a suit pertaining to alleged actions of my predecessor in interest to my previous firm, Foundation Financial Group, occurring roughly between 2015 and 2022. I did not have knowledge of nor involvement with the alleged actions prior to receiving the concerned lawsuit and was dismissed as a party upon a global settlement being reached after mediation, on or about March 20, 2024.
Brokers are required to adhere to the SEC’s Regulation Best Interest (Reg BI) standard of care under the Securities Exchange Act of 1934 which establishes a ‘best interest’ standard for broker-dealers and associated persons. This Reg BI standard of care applies to registered representatives making recommendations to customers in the purchase, sale, or exchange of securities or the implementation of investment strategies involving securities and non-securities. The rule also applies to the handling of opening accounts such as account transfers and types of accounts being recommended to be opened. Reg BI is drawn from fiduciary principles that include an obligation to act in the retail investor’s best interest and the broker is prohibited from placing their own interests ahead of the investor’s interest.
There are several different aspects of the rule that brokers must comply with. One of which is the care obligations which requires brokers to form a reasonable belief that their investment advice and recommendations are in the retail investor’s best interest. The care obligations includes three components. First, the advisor must have an understanding of the potential risks, rewards, and costs associated with a product, investment strategy, account type, or series of transactions. Next, the advisor must have a reasonable understanding of the specific retail investor’s investment profile. The customer’s profile information generally includes an investor’s financial situation and needs; investments; assets and debts; marital status; tax status; age; investment time horizon; liquidity needs; risk tolerance; investment experience; investment objectives and financial goals; and any other information the retail investor may disclose in connection with the recommendation or advice. The associated person must then apply both their reasonable diligence into various investment options as well as the information gathered as to the investor’s specific needs when considering the investment recommendation. The broker must explore various alternative investment options available to address these needs and determine that there is a reasonable basis to believe that the recommendation or service being recommended is in the retail investor’s best interest.
In addition to specific investments being recommended, under Reg BI, a broker must also understand the type of account that their client would need in order to meet their care obligations. The SEC has stated that the type of securities account an investor has can greatly affect a customers’ costs and overall investment returns. Further, different account types can offer and support different features, products, securities, or services, and account type would not be appropriately applied in a one size fits all manner.
Lickiss has been in the securities industry for more than 18 years. Lickiss has been registered as a Broker with Purshe Kaplan Sterling Investments since 2024.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.
