Last Updated: February 2025 (Danville, CA)
National securities fraud lawyers at Patil Law P.C. are investigating former Purshe Kaplan Sterling Investments broker Michael Jerome Lickiss (CRD #5135936) regarding multiple allegations of fraudulent bond sales and securities law violations. The investigation stems from several customer complaints alleging serious misconduct involving fictitious bonds and promissory notes.
Critical Insights About Danville Financial Advisor Michael Lickiss
- Advisor Name: Michael Jerome Lickiss
- CRD: 5135936
- Location: Danville, CA
- Current Status: Not Currently Registered
- Most Recent Employer: Purshe Kaplan Sterling Investments (07/2024 – 01/2025)
- Customer Disputes: 4 (3 pending, 1 settled)
- Years of Experience: Since 2006
- Previous Employers: Arkadios Capital (2021-2024), Investment Architects Inc. (2006-2022)
- Professional Qualifications: Series 7, 24, 66 licenses
Details Of Current Investigation
Multiple customer complaints have been filed alleging:
- Fraudulent bond sales spanning from 1999 to 2021
- Sale of fictitious investment products
- Violations of securities laws
- Breach of fiduciary duty
- Conversion of client funds
- Damages alleged exceeding $3.3 million across all claims
Recently Settled Matter
A significant customer complaint was settled in April 2024 for $1.5 million, with Mr. Lickiss contributing $700,000 to the settlement. This case involved:
- Corporate debt securities
- Allegations of misconduct
- Settlement without admission of wrongdoing
- Mr. Lickiss serving as guarantor for obligations
Analysis Of Alleged Misconduct
The allegations raise serious concerns about:
- Investment product verification
- Client fund handling
- Documentation practices
- Regulatory compliance
- Supervision adequacy
- Client protection measures
- Securities law adherence
Regulatory Framework And Investor Protection
FINRA Rules Violations
- Rule 2010: High standards of commercial honor
- Rule 2020: Fraudulent and manipulative practices
- Rule 3110: Supervision requirements
- Rule 4511: Books and records requirements
SEC Regulations
- Securities Act Section 10(b): Fraud prevention
- Rule 10b-5: Anti-fraud provisions
- Regulation Best Interest compliance
- Investment Adviser fiduciary duties
Red Flags For Investors
- Multiple pending customer disputes
- Large settlement amounts
- Allegations spanning decades
- Fictitious investment products
- Recent registration termination
- Multiple firm transitions
- Significant customer losses
- Complex product sales
Implications For Current And Former Clients
If you were a client of Michael Lickiss, you should:
- Review all investment documentation
- Verify investment ownership
- Check account statements
- Document all communications
- Secure transaction records
- Monitor account activity
- Consider independent review
- Evaluate portfolio holdings
Patil Law P.C. Will Help You Recover Your Investment Losses
If you invested money through Michael Lickiss and have concerns about your investments, please contact Attorney Patil online or call (800) 950-6553 for a free initial consultation. Our securities fraud attorneys work on a contingency fee basis, meaning we only get paid if we help you recover money.
