FINRA fined securities broker Maxim Patvonimic Tulupnikoff (also known as Maxim Dmitrievi Tulupnikov and as Maxim Tulupnikov) [CRD: 6188857, Westport, Connecticut], according to disclosures on FINRA BrokerCheck. It appears that Tulupnikoff joined David Lerner Associates Inc. on June 24, 2013, and Spirit of America Management Corp on March 29, 2018. Below, you can find out more about Tulupnikoff’s regulatory history and investor-related disputes.
FINRA Sanctioned Tulupnikoff For Unsuitable Trading
Evidently, on May 20, 2025, FINRA issued Case: 2019063686214 sanctioning Maxim Tulupnikoff. Specifically, Tulupnikoff was suspended in all capacities for two months and fined $5,000. Specifically, FINRA alleged that Tulupnikoff recommended investments to two clients without having a legitimate basis to believe those investments were suitable.
FINRA found that from 2015 through 2019, Tulupnikoff recommended that two clients invest in proprietary limited partnerships focused on hydrocarbon properties. These were described as high-risk, long-term, and speculative investments. Despite this, the clients had moderately conservative risk tolerances and were saving for retirement. Tulupnikoff advised them to invest nearly $148,000 in these illiquid products, which FINRA found inappropriate given the clients’ profiles. His actions violated FINRA Rules 2111 (suitability) and 2010 (standards of commercial honor).
David Lerner Associates Investor Accused Maxim Tulupnikoff Of Unsuitable Advice
Particularly, on September 19, 2016, a David Lerner Associates Inc. client filed a complaint about Maxim Tulupnikoff. Mainly, the client alleged that Tulupnikoff recommended illiquid investments. Because of this, the client allegedly experienced damages relating to oil and gas investments and mutual funds. Therefore, the client requested compensation from David Lerner Associates or Tulupnikoff. However, the firm denied this complaint.
Did You Invest Through Securities Broker Tulupnikoff?
Did you experience losses because of Maxim Tulupnikoff? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities lawyer. Soreide Law Group has recouped losses for investors throughout the USA. Also, the firm works on a contingency fee arrangement and advances all costs. Tulupnikoff and brokerage firms Tulupnikoff worked for deny allegations of sales practice violations.
