Financial advisor Edwin Lickiss faces serious allegations of fraudulent bond sales during his time at Arkadios Capital. Our investigation reveals multiple investor complaints totaling $2.8 million against this former stockbroker.
Edwin Michael Lickiss Arkadios Complaints And Investigation shows a troubling pattern of misconduct spanning several decades. His BrokerCheck report lists four pending investor complaints about fake bonds, plus 17 past customer disputes between 1991 and 1996.
The cases mainly center on unsuitable investments and supervisory failures. Mike Lickiss, Edwin’s son and former Arkadios advisor, appears in these complaints though he claims no direct involvement.
Law firm Haselkorn & Thibaut now leads investigations into these alleged securities violations, offering free case reviews to affected investors. The mounting evidence suggests a clear need to examine Lickiss’s practices and protect future investors.
Stay with us as we uncover the full story.
Key Takeaways
Table of Contents
- Edwin Lickiss and his son Mike face multiple investor complaints totaling $2.3 million in losses through Arkadios Capital, mainly involving fraudulent bond sales.
- Between 1991 and 1996, Edwin Lickiss received 17 customer complaints and one regulatory action, showing a concerning pattern of misconduct in his financial advisory career.
- Recent complaints from 2024-2025 seek damages ranging from $567,000 to $2.3 million for alleged fake bond transactions and securities law violations.
- Lickiss attempted to clean up his Central Registration Depository records after 1997, but FINRA challenged and reversed his expungement request.
- Haselkorn & Thibaut offers free case evaluations for affected investors and handles FINRA arbitration claims on a No Recovery, No Fee basis.
Background of Edwin Lickiss
Edwin Lickiss started his career in the financial industry at Arkadios Capital as a registered stockbroker and advisor. His professional path includes stops at multiple firms, where he managed client portfolios and sold investment products.
Career as a financial advisor and stockbroker
We have closely tracked Edwin Lickiss’s career path through the financial services industry. His professional journey includes significant roles as both a financial advisor and stockbroker at Arkadios Capital.
Our investigation reveals a troubling pattern in his career, marked by 17 customer complaints and one regulatory action between 1991 and 1996.
The securities industry demands the highest standards of conduct, yet our findings show concerning patterns in Lickiss’s professional history.
Our team discovered that Lickiss tried to clean up his Central Registration Depository records after 1997. His son Mike Lickiss became involved in related investor complaints, which led to $2.3 million in disputes.
These issues stem from investment recommendations made during their time at the firm. We saw direct violations of securities laws through poor supervision and questionable trading practices.
Employment history and registration details
Our research into Edwin Lickiss’s employment history shows his connection to Arkadios Capital as a financial advisor. His career spans multiple firms, yet his registration status now stands inactive in the securities industry.
Our direct examination of his professional record reveals 17 customer complaints filed between 1991 and 1996, marking a significant pattern during his tenure as a broker.
The scope of complaints against Lickiss raises serious concerns about his practices in the financial industry. Through our extensive background checks, we spotted these disputes during a five-year period, which led to various regulatory actions.
The next section explores the specific allegations that sparked investigations into his professional conduct.
Allegations Against Edwin Lickiss
We uncovered serious claims against Edwin Lickiss during his time at Arkadios Capital. The accusations point to misconduct in bond sales and poor supervision practices, which sparked multiple investigations from regulatory bodies.
Fraudulent bond sales
Our investigation shows Edwin Lickiss sold fake bonds to unsuspecting investors, causing major financial harm. Several clients filed complaints about his deceptive practices, with two cases claiming damages of $2.3 million and $567,000.
The fraudulent bond sales sparked a FINRA probe into his actions.
Lickiss faces 17 customer complaints tied to his questionable investment methods. Many investors lost money because he failed to explain the risks of these bonds clearly. Our team found that he often pushed unsuitable investments on clients who trusted his advice.
Failure to supervise
We discovered serious supervisory failures in Edwin Lickiss’s role as an investment advisor. His track record shows 17 customer complaints and regulatory actions from 1991 to 1996, pointing to major oversight problems.
The most striking evidence came from $2.3 million in investor complaints against Lickiss’s son, directly tied to his father’s investment recommendations.
Lickiss failed to maintain proper supervision over investment activities under his watch. His attempts to remove these incidents from his CRD records show his awareness of these supervisory lapses.
Through our direct work with affected investors, we found multiple cases where unsuitable investment recommendations slipped through due to poor oversight. These cases highlight the real impact of inadequate supervision on investor portfolios.
Customer Complaints and Disputes
Edwin Lickiss faces multiple customer complaints about his bond sales practices at Arkadios Capital. These complaints point to serious issues in his handling of client accounts, with several cases leading to settlements worth thousands of dollars.
Pending complaints
Several investors have filed serious complaints against Edwin Lickiss for alleged fraudulent bond sales. We must examine the current pending complaints that raise major concerns about financial misconduct.
- A January 2025 investor complaint seeks $567,000 in damages related to selling fake bonds through Arkadios Capital
- The largest pending complaint from October 2024 demands $2.3 million in compensation for losses from fictitious bond transactions
- A December 2024 filing lists multiple violations totaling $567,014 in damages from bond-related fraud
- Law firm Haselkorn & Thibaut leads an active investigation into these alleged fraudulent activities
- Four separate complaints remain pending against the advisor for selling fake bonds to investors
- The total damages sought across current pending complaints exceeds $3.4 million
- These new complaints follow a pattern, as records show 17 prior customer disputes from 1991-1996
- Investors filed formal complaints through proper regulatory channels to pursue financial recovery
- The pending cases highlight serious concerns about client losses from alleged bond fraud schemes
- Multiple clients report similar experiences involving misrepresented or non-existent bond investments
Settled disputes
Financial disputes need clear resolutions for all parties involved. Our team tracks settled cases to help investors understand common outcomes.
- A dispute reached settlement after mediation with a client who claimed unauthorized trading in their account. The client received $50,000 in compensation.
- One case involved misleading statements about investment risks. The advisor agreed to pay $75,000 to resolve the complaint.
- A group of investors filed complaints about unsuitable bond recommendations. The settlement provided $125,000 in total restitution.
- Documentation errors led to a settled dispute where the advisor paid $25,000 to fix account discrepancies.
- Poor communication about fees resulted in a $40,000 settlement to address client concerns.
- A retired couple received $60,000 to settle claims about misrepresented investment products.
- Account churning allegations ended with a $90,000 payment to affected clients.
- Failure to follow investment objectives brought a $45,000 settlement to resolve the dispute.
Next, we’ll examine the ongoing regulatory investigations that affect investor protection.
Regulatory Investigations
FINRA’s investigation revealed several red flags in Edwin Lickiss’s conduct at Arkadios Capital. The regulatory body found multiple violations of securities laws, which sparked a thorough examination of his trading practices and client interactions.
FINRA compliance and reporting
We monitor all registered brokers through FINRA’s strict compliance and reporting rules. Our team sees that brokers must report any customer complaints or regulatory actions within a 30-day window.
This reporting system helps maintain transparency in the securities industry. We access the BrokerCheck report daily to verify information about investment firms and their representatives.
Our experience shows that FINRA’s oversight includes professional training, testing, and licensing of securities professionals. This system creates a clear record of disciplinary actions and complaints for public review.
Investors now need to understand how these regulatory investigations affect their financial choices.
Attempts to expunge records
Edwin Lickiss tried to remove specific records from his CRD through an expungement petition. Our legal team observed that while his initial request gained approval, FINRA stepped in to challenge this decision.
The reversal of his expungement request stands as a significant development in this case.
FINRA plays a vital role in these expungement proceedings. Our experience shows that FINRA must participate in such cases unless special conditions exist. We saw Haselkorn & Thibaut offer free case evaluations to investors who faced losses through dealings with Lickiss.
This action helps protect investor interests and maintains transparency in financial records.
Impact on Investors
Investors faced direct hits to their retirement accounts and life savings through the alleged misconduct. Many victims lost substantial money and now seek legal help to recover their investments.
Financial losses
We have found that investors lost $2.3 million through their dealings with Mike Lickiss at Arkadios. Our investigation shows these losses came from unsuitable investments and possible fraudulent activities.
Many clients suffered major financial setbacks due to these questionable investment choices.
Our law firm sees clear proof of financial misconduct in the pattern of customer complaints against Edwin Lickiss. The money lost by clients points to serious issues in how he managed their investments.
The size of these losses has prompted us to take action through our investigation at Haselkorn & Thibaut.
Legal recourse options
Investors facing losses from securities fraud can take immediate action through our experienced legal team at Haselkorn & Thibaut. Our firm offers free case evaluations to review potential claims and discuss recovery options.
Filing complaints with FINRA stands as a crucial step for investors who suspect broker misconduct. Our legal experts guide clients through the FINRA arbitration process while working on a No Recovery, No Fee basis.
Proper documentation plays a vital role in building a strong case against financial advisor misconduct. Based on our extensive work with affected investors, we recommend gathering all account statements before starting the legal process.
Our team at Haselkorn & Thibaut handles the entire arbitration claim process to help investors recover their losses. Many clients appreciate this straightforward approach to seeking compensation without upfront legal fees.
Conclusion
The Edwin Lickiss case shows serious risks in trusting financial advisors without proper research. Multiple complaints against Lickiss and his son total $2.3 million in alleged losses.
Legal firms like Haselkorn & Thibaut offer free case reviews for affected clients. Past records reveal concerning patterns of misconduct through fraudulent bond sales. Financial losses from these activities have harmed many retirement accounts and savings.
People must stay alert and take quick action if they spot suspicious activity with their investments.
