Investors Seek Over $3.7 Million in Disputes with Michael Lickiss

Michael Lickiss (CRD #: 5135936), a broker formerly registered with Purshe Kaplan Sterling Investments, is involved in several investor disputes, according to his BrokerCheck record, accessed on July 6, 2025. Keep reading if you want to know more about his alleged conduct as a broker.

Investor Disputes

On May 15, 2025, an investor named Michael Lickiss in allegations involving debt instruments and/or fictitious notes. They seek $350,000 in damages in this pending dispute.

Pending disputes filed on March 4 and April 4, 2025, named Michael Lickiss in allegations of failure to supervise, breach of fiduciary duty, and negligence with regard to the sale of promissory notes. The March dispute seeks $561,257 in damages.

Another pending dispute, filed on March 24, 2025, named Michael Lickiss in allegations of fraud, negligence, and breach of fiduciary duty.

In a pending dispute filed on October 24, 2024, an investor named Michael Lickiss in allegations involving fictitious bonds. They seek $2.3 million in damages.

On December 30, 2024, an investor named Michael Lickiss in allegations of breach of contract, conversion and unjust enrichment, and violation of securities laws in connection with a promissory note. The client seeks $567,014.

A dispute filed on February 5, 2024, named Michael Lickiss in allegations concerning Foundation Financial Group. This dispute was settled for $1.5 million.

Failure to Supervise

FINRA Rule 3110 requires that firms establish supervisory systems to ensure their compliance with securities regulations. This includes appointing supervisors and providing them with Written Supervisory Procedures (WSPs).

Fiduciary duties

A fiduciary duty is a duty to work in a client’s best interest. Brokers are not fiduciaries, but they must follow the rules set forth by FINRA Rule 2111 and Regulation Best Interest. Registered Investment Advisers (RIAs) are fiduciaries, and brokers are often dually registered as RIAs.

High Standards of Commercial Honor

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Improper Use of Investors’ Funds

FINRA Rule 2150 prohibits the improper use of investors’ funds, including misappropriation or conversion.

Resignation from Purshe Kaplan Sterling Investments

On January 13, 2025, Michael Lickiss resigned from Purshe Kaplan Sterling Investments following allegations involving promissory notes.

Background Information

Michael Lickiss has passed the following exams:

• General Securities Principal Examination – Series 24

• Securities Industry Essentials Examination – SIE

• General Securities Representative Examination – Series 7

• Uniform Combined State Law Examination – Series 66

He has also worked for the following firms:

• Purshe Kaplan Sterling Investments (CRD#:35747)

• Arkadios Capital (CRD#:282710)

• Investment Architects (CRD#:17774)

Kurta Law Can Help

If you worked with Michael Lickiss 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 that 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.