Michael Lapushner (CRD #2192494) Has Customer Dispute Disclosures on FINRA BrokerCheck

Michael Lapushner (CRD #2192494) is a broker with customer disputes on FINRA BrokerCheck. We reviewed his BrokerCheck report on January 28, 2026. It reflects two customer disputes. If you invested with Michael Lapushner and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Michael Lapushner’s FINRA BrokerCheck Report reflects two customer dispute disclosures. Summaries are below:

On November 5, 2025, a claimant alleged unsuitable investments. The claim also asserts breach of fiduciary duty and breach of contract. It alleges misrepresentations and omissions. It also alleges overconcentration. Michael Lapushner’s FINRA BrokerCheck report lists the product type as Other: Private Placement. The report says damages were unspecified. The matter is pending in FINRA arbitration in New York, New York (Case No. 25-02426).

A customer complaint received on June 23, 1998 states the client alleged misrepresentations. The client said it led to a large position in Molton Metal Technology. Michael Lapushner’s FINRA BrokerCheck report lists the product as equity listed (common & preferred stock). The matter was closed with no action. The status date is October 27, 2023. Alleged damages were unspecified. Mr. Lapushner said he learned of the complaint after FINRA sent a disclosure letter. He said he was not notified by PaineWebber and did not receive a copy.

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 (Suitability) requires a reasonable basis for each recommendation. Claims about unsuitable investments or overconcentration often ask whether the strategy fit the investor’s profile and risk tolerance.

Rule Summary #2: FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade)

FINRA Rule 2010 requires members to observe high standards of commercial honor and just and equitable principles of trade. Customer complaints that involve misrepresentations or omissions can raise questions about whether communications were fair and accurate.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on His FINRA BrokerCheck report, Michael Lapushner:

Is currently registered with Aegis Capital Corp.

Has passed the Securities Industry Essentials (SIE) exam. Michael Lapushner has passed Series 7 and Series 7TO. He has also passed Series 63.

Was previously registered with firms that include PaineWebber Incorporated and Oppenheimer & Co., Inc.

Kurta Law Can Help

If you have worked with Michael Lapushner and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Unsuitable Investments | Overconcentration (Failure to Diversify)

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.