Last Updated: July 2025
Maxim Tulupnikoff Investigation Summary
Here’s what you need to know about Westport, CT, financial advisor Maxim Tulupnikoff:
- Name: Maxim Tulupnikoff
- Current Employers: David Lerner Associates, Inc. & Spirit of America Management Corp.
- Primary Location: Westport, CT
- CRD Number:6188857
- Alias: Maxim Patvonymic Dmitrievi Tulupnikov
- Can he be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: Yes, suspension
Did You Lose Money With Maxim Tulupnikoff As Your Stockbroker?
According to FINRA, Maxim Tulupnikoff was sanctioned in May 2025 by FINRA for recommending illiquid, proprietary limited partnerships that were not suitable for a retired couple based on their conservative investment profile. These investments totaled $147,946 and were made across their joint account and IRAs.
FINRA found that Tulupnikoff lacked a reasonable basis for making these recommendations and suspended him for two months (6/16/2025-8/15/2025).
Allegations of Broker Misconduct Against Maxim Tulupnikoff
The FINRA regulatory action revealed that Maxim Tulupnikoff:
- Recommended unsuitable proprietary limited partnerships
- Targeted investors with moderately conservative risk tolerance
Recover Your Investment Losses Now With Rex Securities Law
Our Investigations of other David Lerner Associates brokers
If you believe that Maxim Tulupnikoff mismanaged your investments, you may be entitled to pursue recovery through FINRA arbitration. Unsuitable recommendations and illiquid investment products often trigger legal claims for damages.
Attorney Bob Rex of Rex Securities Law, with offices in Boca Raton, FL, and Austin, TX, provides experienced legal representation to investors across the U.S.
📞 Call (877) 224-3199 now for a free consultation. Most cases are handled on a contingent fee basis, meaning you pay nothing unless compensation is recovered on your behalf.