Financial Advisor Michael Lickiss is the Subject of Nine Customer Complaints, including one with Alleged Damages of 11M

• October 10, 2025
• Arkadios Capital

Michael Jerome Lickiss (CRD#: 5135936) is a registered investment advisor with Pacific Wealth Advisory Services, LLC, in Danville, CA.

Broker’s History

He entered the securities industry in 2016 and previously worked with Resource Investment Architects, Inc.; Investment Architects, Inc.; Arkadios Capital; Arkadios Wealth Advisors; and Purshe Kaplan Sterling Investments.

Current and Past Allegations of Conduct Leading to Investment Loss

According to publicly available records released by the U.S Securities and Exchange Commission (SEC), in August 2025, Michael Lickiss became the subject of a customer dispute alleging, “Fraud, sold fictious notes unrelated to Arkadios Capital.” The damage amount requested is $11,000,000.00 and the customer dispute is still pending.

In addition, Michael Lickiss has been the subject of 10 other Disclosures:

• May 2025—“Debt instruments/Fictitious notes.” The damage amount requested is $350,000.00 and the customer dispute is still pending.
• May 2025—“Fraud, sold fictious notes.” The damage amount requested is $10,000.00 and the customer dispute is still pending.
• April 2025—“Bankruptcy.”
• April 2025—“Failure to supervise, breach of fiduciary duty and negligence in the sale of promissory notes.” The customer dispute is still pending.
• March 2025—“Negligence, fraud, breach of fiduciary duty.” The customer dispute is still pending.
• March 2025—“Failure to supervise, breach of fiduciary duty and negligence in the sale of promissory notes.” The damage amount requested is $561,257.00.
• January 2025—Voluntary Resignation from Purshe Kaplan Sterling Investments, “Michael’s father is alleged to have issued promissory notes.”
• December 2024—“From May 15, 1999-January 1, 2021, Mr. [REDACTED] engaged Edwin Emmett Lickiss as their advisor, investing several thousands with Michael Lickiss’s father. The client executed a promissory note with Lickiss Sr. They allege breach of contract, violation of securities laws, breach of fiduciary duty, conversion and unjust enrichment.” The damage amount requested is $567,014.00 and the customer dispute is still pending.
• October 2024—“Alleges fictious bonds during 2013 by father of the registered representative. The registered representative was not in the industry until 2016.” The damage amount requested is $2,300,000.00 and the customer dispute is still pending.
• February 2024—“I was one of a number of named parties in a suit pertaining to alleged actions of my predecessor in interest to my previous firm, Foundation Financial Group, occurring roughly between 2015 and 2022. I did not have knowledge of nor involvement with the alleged actions prior to receiving the concerned lawsuit and was dismissed as a party upon a global settlement being reached after mediation, on or about March 20, 2024.” The customer dispute settled for $1,500,000.00.

For a copy of Michael Kickiss’s SEC AdvisorInfo, click here.

We Help Investors Recover Investment Losses

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

Pursuant to FINRA Rule 3270, outside business activities in which Financial Advisors become involved must be disclosed.  FINRA Rule 3280 prohibits Financial Advisors from engaging in Private Securities Transactions, which are securities transactions that take place away from the employing brokerage firm.  The purpose of these rules is to ensure that Financial Advisors do not engage in selling away.  The Financial Industry Regulatory Authority (FINRA) strictly prohibits financial advisors from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial advisor to recommend or even suggest that a client invest in the financial advisor’s own business or a business operated by his or her friends or family. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.

The purpose behind this prohibition is to ensure that a financial advisor only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial advisor from the approved product list may constitute selling away.

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.