Centaurus Financial, Inc. broker Mike Kilpatrick (CRD# 1278618) is accused of unsuitable investment recommendations. He has been registered with Centaurus Financial, Inc. in Camarillo, California, since 2011, and was registered with Centaurus Financial, Inc. in Camarillo, California, from 2007 to 2010. He was registered with Linsco/Private Ledger Corp. in Camarillo, California, from 2002 t0 2007, when he was terminated regarding, “Michael Kilpatrick admitted to placing customer signatures on forms. Mr. Kilpatrick failed initially to cooperate fully with compliance staff and auditor. Mr. Kilpatrick failed to inform LPL of a tax lien.”
In July 2010, FINRA sanctioned him to pay a $7,500 civil and administrative penalty and suspended him for six months after the regulatory agency found that “Kilpatrick signed his member firm customers’ names to various documents when the firm’s procedures prohibited him from signing customers’ names on the documents regardless of whether the customers had authorized kilpatrick to sign their names. Kilpatrick failed to amend his form u4 to disclose material information.”
Mike Kilpatrick Customer Complaints
He has been the subject of three customer complaints between 2003 and 2024, according to his CRD report. The most recent complaints were regarding:
June 2024. “The customer alleges that the Registered Representative recommended unsuitable, high-risk, illiquid investments and breached his fiduciary duty. No specific dates for the alleged activity were identified in the Statement of Claim.” The customer is seeking $150,000 in damages, and the case is currently pending. The complaint was regarding corporate debt, and it took place while he was registered with Centaurus Financial, Inc.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Centaurus Financial, Inc. may be liable for investment or other losses suffered by Mike Kilpatrick’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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