Investors have raised serious concerns about financial advisor Michael Jerome Lickiss, who is the subject of multiple customer disputes, including a pending $11 million claim alleging he sold “fictitious notes”. The allegations of fraud, negligence, and breach of fiduciary duty paint a troubling picture for clients who entrusted him with their funds. These disputes show the significant risks investors face when advisors recommend unsuitable or fraudulent products.
If you or someone you know has suffered investment losses working with Michael Lickiss or another financial advisor, don’t hesitate to reach out to Meyer Wilson Werning today. Our attorneys are experienced in broker misconduct cases and will help guide you through the process with a free consultation to determine whether your losses are the result of actionable misconduct.
Who Is Michael Lickiss?
Michael Jerome Lickiss (CRD#: 5135936) is a registered investment advisor currently with Pacific Wealth Advisory Services, LLC, based in Danville, California. He entered the securities industry in 2016 and has previously been affiliated with Resource Investment Architects, Inc., Investment Architects, Inc., Arkadios Capital, Arkadios Wealth Advisors, and Purshe Kaplan Sterling Investments.
Despite his relatively recent entry into the industry, Lickiss’s record is marked by a series of serious customer complaints, many of which are still pending.
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A Pattern of Serious Allegations
According to FINRA and SEC records, Michael Lickiss has been named in nine customer disputes, with allegations escalating throughout 2025. These complaints include claims of fraud, fictitious note sales, and supervisory failures. Some of the most notable disputes include:
- August 2025: A customer filed a dispute alleging fraud and the sale of “fictitious notes unrelated to Arkadios Capital.” The damages requested total $11 million, and the matter is pending.
- May 2025: Two complaints were filed alleging misconduct involving “debt instruments/fictitious notes” and fraud. The requested damages were $350,000 and $10,000, respectively.
- April 2025: A pending dispute alleged failure to supervise, breach of fiduciary duty, and negligence in the sale of promissory notes.
- March 2025: Two pending complaints alleged negligence, fraud, and breach of fiduciary duty, as well as failure to supervise and negligence related to promissory notes, with one claim seeking $561,257 in damages.
- December 2024: A customer alleged breach of contract, violation of securities laws, and breach of fiduciary duty tied to investments made with Lickiss’s father, Edwin Emmett Lickiss, seeking $567,014 in damages. The case remains pending.
- February 2024: A dispute tied to alleged actions of a predecessor at Foundation Financial Group resulted in a $1.5 million global settlement. Lickiss was dismissed from the case as part of that agreement.
Many of these allegations center on the sale of “fictitious” or unapproved promissory notes, some of which appear connected to his father. This pattern suggests potential “selling away,” in which an advisor recommends investments not approved or vetted by their employing firm.
What This Means for Investors
The allegations against Michael Lickiss underscore the risks of unsuitable investment recommendations and the dangers of “selling away.” When an advisor promotes unapproved or fraudulent products such as “fictitious notes,” it may signal both advisor misconduct and firm-level supervisory failures.
Under FINRA Rules 3270 and 3280, brokers are prohibited from engaging in private securities transactions — a violation commonly known as “selling away.” These regulations exist to ensure that all investments offered by a financial advisor are properly vetted and monitored by their brokerage firm.
Investors who were sold these unapproved or fictitious products may have claims for:
- Negligence: The advisor failed to act with reasonable care.
- Breach of Fiduciary Duty: The advisor placed personal gain ahead of the client’s interests.
- Misrepresentation: The advisor withheld or distorted key information about an investment’s risk.
- Failure to Supervise: The brokerage firm (such as Arkadios Capital or Purshe Kaplan Sterling Investments) failed to oversee the advisor’s conduct.
Victims of such misconduct can seek recovery of their losses through arbitration, the primary dispute resolution forum for claims against financial advisors and brokerage firms.
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How Meyer Wilson Werning Helps Lickiss Investors
The history of complaints against Michael Lickiss demonstrates the serious financial harm investors can suffer when advisors and firms fail in their responsibilities. At Meyer Wilson Werning, we represent investors who have been harmed by broker misconduct, unsuitable recommendations, or fraudulent investments.
Our firm exclusively represents investors, not brokerage firms. We have decades of experience uncovering advisor misconduct, unsuitable recommendations, and selling away cases — and we know how to hold negligent firms accountable.
If you suffered losses tied to Michael Lickiss or were sold fictitious or promissory notes, contact us today for a free, confidential consultation. Our attorneys can review your case and help you pursue recovery through arbitration or other legal avenues.
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Frequently Asked Questions
Who is Michael Lickiss and what are the allegations against him?
Michael Lickiss is a financial advisor currently with Pacific Wealth Advisory Services who has been accused of fraud, negligence, and selling “fictitious notes” to clients. The most significant claim against him seeks $11 million in damages.
What are “fictitious notes” in an investment context?
Fictitious notes are fraudulent investments that do not actually exist. An advisor sells these “notes” and often misappropriates the investor’s money for personal use or other unauthorized purposes, leading to a total loss for the client.
What does it mean if a broker is “selling away”?
“Selling away” occurs when a financial advisor sells securities to a client that are not offered or approved by the brokerage firm they work for. This is a violation of industry rules because it bypasses the firm’s due diligence process, exposing investors to unvetted and often fraudulent products.
Can the brokerage firm be held responsible for an advisor’s misconduct?
Yes. Brokerage firms have a regulatory duty to supervise their advisors’ activities. If a firm like Arkadios Capital or Purshe Kaplan Sterling Investments failed to prevent an advisor from selling away or engaging in fraud, it may be held liable for the investor’s losses.
What should I do if I lost money investing with Michael Lickiss?
If you believe you lost money due to the actions of Michael Lickiss, you should immediately gather all your account statements and communications. Contact an experienced securities fraud attorney to discuss your legal options for recovering your losses through FINRA arbitration.
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