Last Updated: February 2025 (Brooklyn, NY)
National securities fraud lawyers at Patil Law, P.C are investigating current LPL Financial LLC broker Michael P. McNicholas (CRD #4199745) regarding allegations of failing to notify clients about misappropriated funds. The investigation stems from a customer complaint filed in December 2024 alleging serious misconduct in the handling of mutual fund accounts.
Critical Insights About Brooklyn Financial Advisor Michael McNicholas:
- Advisor Name: Michael P. McNicholas
- CRD: 4199745
- Location: Brooklyn, NY
- Current Employer: LPL Financial LLC
- Classification: Registered Representative & Investment Adviser Representative
- Primary Location: Brooklyn, NY
- Can Michael McNicholas be sued in FINRA arbitration: Yes
- Customer Disputes: One pending complaint
- Current Registrations: Licensed in 13 states
- Years of Experience: Since 2001
- Previous Employers: Securities America Advisors Inc. (2013-2021), Securities America Inc. (2007-2021), Brookstreet Securities Corporation (2004-2007)
- Professional Qualifications: Series 7, 63, 65, and SIE licenses
- Business Name: Financial Landscaping (DBA for LPL business)
- Current Status: Active with LPL Financial
Details Of Current Investigation
A customer complaint filed in December 2024 alleges:
- Failure to notify about misappropriated funds
- Violations involving mutual fund accounts
- Issues with marital separation agreement compliance
- Breach of fiduciary duty concerns
- Account handling irregularities
- Transaction reporting deficiencies
- Client communication failures
Analysis Of Alleged Misconduct
The allegations raise serious concerns about:
- Client fund protection
- Communication protocols
- Account monitoring procedures
- Fiduciary responsibilities
- Regulatory compliance
- Client interest protection
- Reporting obligations
Regulatory Framework And Investor Protection
SEC Regulation Best Interest (Reg BI) requires:
- Protection of client interests
- Proper account monitoring
- Accurate reporting
- Clear communication
- Complete documentation
- Appropriate disclosures
FINRA Rules And Their Significance
FINRA Rule 2010 mandates:
- High standards of commercial honor
- Ethical business practices
- Proper client communication
- Account monitoring
- Accurate recordkeeping
- Client protection measures
Professional Background
Mr. McNicholas’s career includes:
- Entry into securities industry in 2001
- Multiple firm associations
- Extensive state licensing
- Investment adviser registration
- Mutual fund experience
- Various securities licenses
Red Flags For Investors
- Current pending complaint
- Fund misappropriation allegations
- Communication failure claims
- Client notification issues
- Account handling concerns
- Fiduciary duty questions
- Regulatory compliance matters
- Documentation problems
Implications For Current And Former Clients
Current and former clients should:
- Review all account documentation
- Verify transaction histories
- Examine account statements
- Monitor fund movements
- Document communications
- Check account activity
- Verify authorizations
- Consider independent review
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have concerns about your accounts handled by Mr. McNicholas or suspect irregularities in your mutual fund transactions, 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.
