Last Updated: April 2024 (Newport Beach, CA)
Mike Depaul Investigation Summary
Here’s what you need to know about Newport Beach, CA, stockbroker Mike Depaul:
- Name: Mr. Lawence Michael Depaul, Jr.
- Current Employer: Centaurus Financial
- DBA: Newport Wealth Advisors (RIA), Virtual Retirement Academy
- Previous Firms: Capital Growth Resources
- Function: Stock Broker/ Financial Advisor/ Registered Investment Advisor
- Aliases: Mike Depaul
- Primary Location: Newport Beach, CA
- CRD 4540570
- Can Mike Depaul be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: No
- Pending Customer Dispute Seeks Damages of $100,001
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Mike Depaul As Your Stockbroker?
A customer of Centaurus Finanical filed a FINRA arbitration in 2/2024 alleging that from 2019-2021 Mike Depaul recommended unsuitable, high-risk, illiquid investments and breached his fiduciary duty. Damages of $100,001 are sought in this currently pending matter.
[LEARN MORE]: See this for more information on REITs and Other Alternative Investments
Allegations of Broker Misconduct Against Mike Depaul
A customer of Mike Depaul has alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Recommendation to invest in high-risk, illiquid investments
- Breach of Fiduciary Duty
[LEARN MORE]: Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090)
Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer.
[LEARN MORE]: FINRA Rule 2111- suitability -Regulation Best Interest
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Recover Your Investment Losses Now With Rex Securities Law
[LEARN MORE]: Other investigations of Centaurus Financial brokers
Alternative Investments: These are assets that are not stocks, bonds or cash. Alternative investments generally fall within five categories: hedge funds, private capital, natural resources (oil and gas, energy), real estate (REITs) and infrastructure. They are typically less liquid that conventional investments, less regulated with higher fees and generally higher risk.
If you have suffered investment losses in an account handled by Mike Depaul, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
