Mike Culwell: $444K Complaint Against Irvine Advisor

A recent investor complaint against Irvine, California financial advisor Mike Culwell (CRD# 5989109) alleges that his conduct resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is a broker registered with Emerson Equity and a representative of Irvine Advisors.

Mr. Culwell’s BrokerCheck report discloses two investor complaints. The most recent, filed in January 2024, alleges that as a representative of Emerson Equity, he misrepresented material facts and recommended unsuitable transactions involving a Delaware statutory trust. The pending complaint alleges damages of $444,000.

An earlier investor complaint, filed in 2021, alleged that as an Emerson Equity representative, he failed to perform reasonable due diligence, recommended unsuitable trades, misrepresented material facts, and omitted material facts. The complaint reached a settlement of $130,000.

In a statement included with the 2021 complaint’s disclosure, Mr. Culwell “vehemently” denied the allegations. “The rep believed in the product at the time of recommendation,” he wrote, “to the extent that the rep himself was invested in the product.”

Irvine Advisors’ website includes a profile of Mr. Culwell that describes him as the firm’s Supervising Principal and notes that he specializes in alternative products. “His experience encompasses direct real estate, 1031 exchange, DSTs, TICs, real estate funds, energy funds, life settlements, estate planning, hedge funds, direct private placements, private debt and private equity, among others,” it states. “Mike is part of the Due Diligence team at Emerson Equity, and he also supervises over 15 Registered Representatives. In addition to his Supervisory duties, he runs a strong investment practice.”

According to the Financial Industry Regulatory Authority, Mike Culwell holds 12 years of securities industry experience. Based in Irvine, California, he has been registered as a broker with Emerson Equity since 2013. His registration history includes ARI Financial Services (Overland Park, Kansas; 2013), Xnergy Financial (Los Angeles, California; 2012-2013), Dimirak Securities Corporation (Vista, California; 2011-2012), and Heritage Financial Systems (Malvern, Pennsylvania; 2011). His credentials include the passage of five securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Direct Participation Programs Representative Examination, or Series 22; the Securities Industry Essentials Examination, or SIE; the Limited Representative-Private Securities Offerings, or Series 82TO; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 21 state licenses. (Information current as of March 8, 2024.)

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