Mike Kilpatrick Allegedly Recommended High-Risk Investments

Mike Kilpatrick (CRD #: 1278618), a broker registered with Centaurus Financial, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on August 30, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Allegations 

On June 11, 2024, an investor alleged that Mike Kilpatrick recommended unsuitable, high-risk, illiquid investments and breached his fiduciary duty. The investor is seeking $150,000. 

Investors should know that this is the third investor dispute on his record. 

Illiquid Investments

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Brokers must also consider the investment time horizon and the investor’s liquidity needs – illiquid, long-term investments often do not suit a client’s best interests. 

Investors who rely on brokers for recommendations may be able to recover losses from unsuitable investment recommendations by pursuing FINRA arbitration.

Background Information 

Mike Kilpatrick 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
• Series 22 Direct Participation Programs Representative Examination 
• Series 6 Investment Company Products/ Variable Contracts Representative Examination 
• Series 24 General Securities Representative Examination 

He is a registered broker in five states and is a registered investment adviser in California, Colorado, and Oregon. 

Mike Kilpatrick has registered with five firms: 

• Centaurus Financial (CRD #: 30833) 
• Linsco/Private Ledger Corp. (CRD #: 6413) 
• IDS Life Insurance Company (CRD #: 6321) 
• American Express Financial Advisors (CRD #: 6364) 
• IDS Financial Services (CRD #: 6320) 

Kurta Law Can Help 

If you worked with Mike Kilpatrick and you have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors 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. Do not let securities fraud go unchecked. Start your recovery process today.