Maxim Tulupnikov Faces FINRA Investigation

Maxim Tulupnikov (CRD #: 6188857), a broker registered with David Lerner Associates, is the subject of a FINRA investigation. This is according to his BrokerCheck record, accessed on June 22, 2022.

On April 11, 2022, FINRA made a preliminary determination to recommend disciplinary action for Maxim Tulupnikov following allegations that he violated FINRA Rule 2111 and FINRA Rule 2010.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investors’ profiles include information concerning their financial goals, other investments, and personal information like their age.

Some common violations of this rule include:

• Recommendations of high-risk investments, which are more likely to lose money.
• Recommendations of illiquid securities that, since they are meant to be held long-term, can incur high fees for investors who attempt to cash out early.
• A broker executing an excessive number of trades violates the requirement for quantitative suitability.

These requirements also apply to the overall investment strategy a broker recommends or enacts. For instance, an investment strategy that over-concentrates the investor’s account in one stock or sector is likely unsuitable.

FINRA Rule 2010

FINRA Rule 2010 requires investors to uphold high standards of commercial honor.

Background Information

Maxim Tulupnikov has passed the following exams:

• Series 65 Uniform Investment Adviser Law Examination
• Series 63 Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 General Securities Representative Examination

He is a registered broker in 14 states and is a registered investment adviser in Connecticut.

Maxim Tulupnikov is registered with David Lerner Associates (CRD #: 5397) and Spirit of America Management (CRD #: 110023).

Kurta Law Can Help

If you worked with Maxim Tulupnikov and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.