Mike Kilpatrick: 150K Complaint Against Kilpatrick Financial Advisor

Camarillo, California financial advisor Mike Kilpatrick (CRD# 1278618) recently received an investor complaint alleging that his advice resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Centaurus Financial, doing business as Kilpatrick Financial Group.

Mr. Kilpatrick’s BrokerCheck report discloses three investor complaints. The most recent, filed in June 2024, alleges that as a representative of Centaurus Financial, he “recommended unsuitable, high-risk, illiquid investments and breached his fiduciary duty” in connection with a corporate bond investment. The pending complaint, which he “vehemently” denies in a statement included with the disclosure, alleges damages of $150,000.

An earlier investor complaint, filed in in 2008, alleged that as a representative of LPL Financial, he recommended unsuitable annuities and signed the customer’s name on an authorization form. The complaint reached a settlement of $40,000.

A third investor complaint, filed in 2003, alleged that as a representative of American Express Financial Advisors, he recommended unsuitable investments, executed unauthorized trades, breached his fiduciary duty, and committed elder abuse. In 2004 the complaint reached a settlement of $73,807.

Kilpatrick Financial Group’s website include a profile of Mr. Kilpatrick that describes his background and experience. “Mike is dependable, hard working, great with numbers, loves conversing with friends and clients, and always has a smile,” it states. “He is licensed to consult on a variety of investment and insurance related products, and specializes in helping clients develop comprehensive financial plans.”

According to the Financial Industry Regulatory Authority, Mike Kilpatrick holds 39 years of securities industry experience. Based in Camarillo, California, he has been registered as a broker and an investment advisor with Centaurus Financial since 2011, doing business as Kilpatrick Financial Group. His past registrations include Linsco/Private Ledger Corporation, IDS Life Insurance Company, and American Express Financial Advisors. His credentials include the passage of seven securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Direct Participation Programs Representative Examination, or Series 22; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in California, Colorado, Oregon, and Tennessee. (Information current as of July 14, 2024.)

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