Securities Lawyers Blog
The law offices of Gana Weinstein LLP are currently investigating claims that Broker Michael Lickiss (Lickiss) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Lickiss was employed by Purshe Kaplan Sterling Investments at the time of the activity. If you have been a victim of Lickiss’s alleged misconduct our firm may be able to assist you in recovering funds.
FINRA BrokerCheck shows a pending customer complaint on April 04, 2025.
Failure to Supervise, Breach of Fiduciary Duty and Negligence in the sale of promissory notes.
FINRA BrokerCheck shows a pending customer complaint on March 24, 2025.
Negligence, Fraud, Breach of Fiduciary Duty
We specialize in representing victims of fraud when financial advisors take loans from clients or facilitate securities transactions through OBAs. The practice of selling unapproved investments, promoting fraudulent schemes to hide misused funds, and engaging in other deceptive acts is known in the industry as “selling away,” a major infraction of securities laws. “Selling away” is the term used in the industry when a financial advisor solicits investments in companies, promissory notes, or securities without obtaining approval from their affiliated brokerage firm. While some of these investments may have a degree of legitimacy, they often turn out to be Ponzi schemes or involve advisors misappropriating funds.
However, federal securities laws and the FINRA rules require firms to monitor and supervise its employees in order to detect and prevent brokers from offering investments in this fashion. To effectively supervise their brokers, each firm must implement procedures to monitor advisors’ activities and interactions with the public. Selling away misconduct often occurs where brokerage firms either fail to put in place a reasonable supervisory system or fail to actually implement that system. Supervisory failures allow brokers to engage in unsupervised misconduct that can include all manner improper conduct including selling away.
In cases of selling away the investor is unaware that the advisor’s investments are improper. In many of these cases the investor will not learn that the broker’s activities were wrongful until after the investment scheme is publicized, the broker is fired or charged by law enforcement, or stops returning client calls altogether.
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.